Victoria Oil & Gas has purchased the Logbaba gas processing plant from Expro for $2.5million.
The company said its wholly owned subsidiary, Gaz Du Cameroun (GDC), has made the payment in full for the purchase of the plant from Expro worldwide.
The plant currently processes gas extracted from the GDC wells and produces condensate which is sold to a local refinery, and clean gas which is distributed to customers through the 33km pipeline network in Douala, Cameroon.
Kevin Foo, executive chairman of GDC, said: “The purchase of the Logbaba plant is a key milestone for GDC, bringing with it significant cost savings which will enable us to continue to grow the business and increase shareholder value.
“We are now evaluating options for the Plant expansion and look forward to providing an update in due course.”
The plant has purchase the plant using cash generated from GDC operations and the board believes the purchase will deliver significant saving costs.
GDC is evaluating proposals for a long-term contract for the operation and maintenance of the plant.