Victoria Oil & Gas, has signed a deal with Glencore Cameroon and Afex Global regarding the Matanda Block in Cameroon.

Under the deal Glencore Cameroon will assign 75% of its participating interest in the Matanda Production Sharing Contract (PSC) to Victoria. This allows the latter to take over the operatorship of the block from Glencore Cameroon, through its subsidiary Gaz Du Cameroun Matanda while AFEX will maintain its 25% participating interest.

Upon considering the allocation, Victoria Oil will take up the obligation of performing a Work Programme which will be approved by the Government of Cameroon.

Matanda covers an area of about 1,235km² and is highly prospective for substantial natural gas and gas condensate resources.

GDC Matanda and AFEX are to first focus on prospects in the onshore licence area situated a few kilometres of the nearby Logbaba area and its current pipeline network, currently operated by GDC.

GDC Matanda and AFEX are to also present a new work programme to the Government of Cameroon for approval and begin the Phase 1 seismic data acquisition in Q4 2016.

“Development of Matanda will be built on the excellent foundation established by Glencore Cameroon and AFEX. We believe that the three wells drilled in the North Matanda Field and the extensive 2D and 3D seismic data shows a strong geological continuation between the Logbaba and North Matanda Fields. Tests from the NM-1x, 2x and 3x wells proved a rich condensate yield varying from 30 bbl/mmscf to more than 70bbl/mmscf. The assignment and development of Matanda is consistent with our strategy to provide clean and reliable energy to industrial users in Cameroon,” Kevin Foo, Chairman of Victoria Oil and Gas told the London Stock Exchange.

Anita Fatunji