Logbaba field:VOG gears up for drilling of 2 wells

The British oil and gas operator Victoria Oil & Gas (VOG), parent company of Gaz du Cameroun (GDC), a company operating the Logbaba gas field; announced having unloaded the at the Douala port a platform of over 2,500 tons.

This equipment, we learn, will be assembled on the Logbaba site, in the suburbs of the economic capital of Cameroon, to drill two new gas production wells.

These wells, which will bring to four the number of wells in operation on the Logbaba gas field, will be drilled starting from this 3rd quarter 2016. The works will be completed toward the end of the year, based on the work planning of the operator.

According to VOG, these new wells “are necessary to meet the even increasing demand on the market for the Logbaba gas and to develop the reserves” on this gas field.

In order to complete this expansion project for its activities on the Logbaba field, VOG obtained, in April, a credit facility (FCfa 14.3 billion) from the Cameroonian subsidiary of the Gabonese banking group BGFI.

“This financing will supplement another funding, generated by the activities of GDC, and the 40% brought by our partner (RSM).

This should enable us to finance our expansion programme”, Kevin Foo, President of VOG, announced in a letter addressed to the investors.

As a reminder, according to the unaudited financial results as at end November 2015, GDC’s production increased by 126% between November 2014 (3.91 mmscf per day) and November 2016 (8.85 mmscf per day), thanks to the ever increasing demand from about twenty companies already connected to the pipeline used to distribute the gas produced at Logbaba.