Victoria Oil & Gas increases reserves estimates for Logbaba field in Cameroon

LONDON -- Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, has provided the following update, based on internal estimates, on the reserves position for Logbaba field in Cameroon. This follows evaluation of the results obtained from seismic reprocessing, incorporation of the production history from existing wells and completion of the 2017 development drilling campaign to deliver Logbaba La-107 and La-108.

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 69 Bcf, an increase of 29 Bcf(73%)
•Field remaining 2P reserves revised to 309 Bcf, an increase of 106 Bcf (52%)
•Reserves/production ratio (2P) increased to 10 years at 90 MMscfd, which supports growth in the Douala market and will underpin new long-term gas contracts
•Full field reservoir development plan in preparation to locate future development wells

A full subsurface reinterpretation of 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 Logbaba field.

The new proven + probable (2P) reserves level will support a production rate of 90 MMscfd for 10 years; thereby, enabling significant expansion of the business in support of the growing domestic gas market in Cameroon.

This evaluation supersedes the Blackwatch Report of August 2016 and is based on a new full field subsurface model incorporating interpretations from the reprocessed seismic together with the well data from La-107 and La-108. The work has been managed by VOG supported by external consultants who have provided subsurface expertise and modelling capability to produce the updated development plan for the field. This work will now enable selection of locations for future development wells, commencing with La-109, to continue development of Logbaba field in line with demand growth in Douala, Cameroon.

Sam Metcalfe, the company's subsurface manager has reviewed and approved the technical information contained in this announcement in his capacity as a qualified person under the AIM Rules.