Victoria Oil & Gas Updates Cameroon Ops for Q4 2020
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. (“GDC”), the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders with an operations update for the fourth quarter of 2020.
The flowrate of the La-108 well obtained on short-term test was excellent, but such short-term deliverability is no measure of either long-term deliverability, or the ultimate reserves that may be recovered by the well, as the variations in the performance of the other wells has illustrated. We therefore require a period of sustained production from La-108 to determine how we can best use the well to serve the growing demand in the area.
Finally, we are also pleased to have received an extension to the Matanda license for which we thank the relevant Government of Cameroon departments and we have started the well planning process for a shallow well to target one of the many Tertiary prospects, most of which are within a few kilometres of existing GDC infrastructure.
GDC continues to safely produce and sell natural gas to a variety of customers in the Douala area, most of whom would have previously burned diesel or fuel oil, with liquid fuels. At the time of writing, diesel is currently selling for more than twice the average cost of gas, and the difference in emissions is well documented. Quarterly gross and net gas and condensate sales at Logbaba are as follows (amounts in bold are net gas and condensate sales attributable to GDC (57%)):
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