Posted by OilVoice Press - OilVoice
Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide the following update, based on internal estimates, on the reserves position for the 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.
Kevin Foo, VOG Chairman said, “The results of this reserves update are a major advance to our business in Cameroon. They provide a significant value upgrade to the Logbaba Project and confirm that the field reserves will meet the growing demand in the Douala market for the foreseeable future. Importantly, this will now enable us to market larger volumes of natural gas on a longer term contractual basis to buyers, providing them with the security of supply they require. We are actively negotiating Gas Sales Agreements for these projects and we will provide updates when appropriate.”
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.
Field Position at 1/1/17
Field Position at 1/1/18
VOG Net Reserves
Proved+ Probable (2P)
Proved+ Probable+ Possible (3P)
All volumes are bcf and do not include condensate volumes
Position at 1/1/17 based on Blackwatch report from August 2016
Position at 1/1/18 based on integrated reservoir study post La-107 and La-108 development drilling
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 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 the 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.
Visit source siteVictoria Oil & GasCameroonLogbaba FieldReservesVOGProven Reserves