Cameroon Producer Breaks Even
UK-based gas producer in Cameroon, Victoria Oil & Gas (VOG), in final results on May 31 reported a $157,000 profit for the seven months ending December 2015, which compares with a $50.8mn loss in the 12-month period ending May 2015.
Average production from the onshore Logbaba field doubled to 8.57mn ft3/d, compared with 3.95mn ft3/d in the seven months to December 2014, and in the latest period both power plants belonging to local utility Eneo were consuming gas. Gas is sold in a contract price bracket of $9 to $16/mn Btu.
Gas sales agreements were signed with 11 new customers ahead of the 13-km expansion (Phase II) of its Bonaberi pipeline, with customers expected to come online during 3Q 2016. VOG says it has been preparing to drill two wells onshore at the Logbaba field, at a budgeted cost of $40mn, to supplement the two existing production wells there.
Also in Cameroon, VOG on 75%, together with Bahrain-based AFEX (25%), has filed a new work programme to the Cameroon government for the new 1,235km2 Matanda licence; they expect to commence the first phase of seismic data acquisition in 4Q 2016. The licence includes the North Matanda Field which holds an estimated P50 'gas-in-place' volume of 1.8 trillion ft³ and 'condensate-in-place' of 136mn barrels, said VOG.
Andrew Diamond, VOG’s financial controller, has been promoted to finance director from June 30 2016, replacing Robert Palmer who has held the role since 2004 on a part-time basis.
Mark Smedley