Victoria Oil & Gas Plc, on Thursday revealed that the Government of Cameroon has approved the assignment of a 75% participating interest in the Matanda Production Sharing Contract (PSC) in the Matanda block from Glencore Exploration Cameroon Limited to Gaz Du Cameroun Matanda S.A.

The remaining 25% participating interest in the PSC is being held by Afex Global Limited.

As announced on the 18th of February 2016, Victoria is to become the operator of the Matanda block through its subsidiary.

Matanda encompasses an area of about 1,235 km² and is extremely prospective for significant natural gas and gas condensate resources. Gaz Du Cameroun Matanda is to focus on the onshore areas of Matanda close to the current Logbaba field with the purpose of boosting gas reserves to be sold into current and new markets in Cameroon.

Work is to begin at Matanda in Q4 of 2016 and will at first consist of the analysis of the huge databank of 2D and 3D seismic data with the intention of pointing out a drill target, Oil Voice reports.

“We are pleased with the approval of our 75% assignment over the Matanda PSC and are keen to begin our work programme. The large Matanda license area provides the Company with an area over 60 times our existing concession at Logbaba and a critical strategic and geological connection between the two. Upon completion of the current Logbaba two well programme for the second half of this year, we shall turn our attention to development of Matanda,” Kevin Foo, Chairman of Victoria Oil and Gas said.

Anita Fatunji