08:00 Mon 04 Jun 2018
Victoria Oil & Gas - Logbaba Field Reserves Update
("VOG" or "the Company")
Logbaba Field Reserves Update
Highlights
· Subsurface reinterpretation complete and new subsurface model developed integrating re-processed seismic and new well data with historic field mapping
· Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba revised to 69bcf, an increase of 29bcf (73%)
· Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%)
· Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the
· Full field reservoir development plan in preparation to locate future development wells
A full subsurface reinterpretation of the Logbaba Field has been completed following conclusion of the 2017 drilling campaign. This incorporates the reprocessed historic seismic data and the new well data as a basis for ongoing reservoir development. This leads to a material upgrade in the reserves of the Logbaba Field, Table 1.
Basis |
Field Position at |
Field Position at |
|||||
|
Initial Reserves |
Cum Prod'n |
Remaining reserves |
Initial Reserves |
Cum Prod'n |
Remaining Reserves |
VOG Net Reserves |
Proved (1P) |
49 |
9 |
40 |
82 |
13 |
69 |
40 |
Proved+ Probable (2P) |
212 |
9 |
203 |
322 |
13 |
309 |
176 |
Proved+ Probable+ Possible (3P) |
350 |
9 |
341 |
548 |
13 |
535 |
305 |
|
|
|
|
|
|
|
|
All volumes are bcf and do not include condensate volumes Position at Position at |
Table 1 - Logbaba field reserves update
The new proven + probable (2P) reserves level will support a production rate of 90mmscfd for 10 years; thereby enabling significant expansion of the business in support of the growing domestic gas market in
This evaluation supersedes the Blackwatch Report of
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com or contact:
Rory Murphy / Angela Hallett / Ritchie Balmer Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
Jonathan Wright / David van Erp Tel: +44 (0) 20 7448 0200
Camarco (Financial PR)
Billy Clegg Tel: +44 (0) 20 3757 4983
Nick Hennis Tel: +44 (0) 20 3781 8330
NOTES TO EDITORS:
Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC is partnered on this project with
Subject to government approval VOG will extend it acreage over the highly prospective
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