Cameroon Extends Victoria's Gas Block Licence
London-listed condensate and gas explorer Victoria Oil and Gas has got approval from the Cameroon government to extend Matanda block licence, it said on November 24.
The exploration phase of the licence has been extended by one year from December 17. This has been approved by the minister of mines, industry and technological development and a presidential decree will follow in accordance with the regulations in due course, the company said.
Gaz du Cameroun (GDC), a subsidiary of the company, was assigned 75% ownership and operatorship of the Matanda block in December 2018 with Afex Global holding the remaining 25%. State-owned Societe Nationale Des Hydrocarbures has a 25% back-in right after an exploitation license is granted.
Victoria reported an increase in the estimate of prospective resources, onshore Matanda in July this year. Gross unrisked, mean prospective resources increased to 1,196bn ft3 from the previously reported 903bn ft3.
“This increase was the result of a detailed internal prospect evaluation which identified 19 gas prospects in shallower Tertiary-aged reservoirs, plus seven prospects in deeper, Cretaceous-aged prospects,” Victoria said. “The company believes the larger of these prospects has mean unrisked, prospective resources of over 65bn ft3, with a geological chance of success estimated at better than 40%.”