The Cameroon government has approved Victoria Oil & Gas taking the controlling interest in the Matanda production sharing contract.
The interest transfers from Glencore to Victoria’s subsidiary company to Gaz Du Cameroun Matanda. The remaining 25% stake is held by Afex Global.
Victoria will become Matanda’s operator through GDC Matanda. Victoria said details of the work programme will be announced following a forthcoming operating committee meeting between GDC Matanda, AFEX and Société Nationale des Hydrocarbures du Cameroun, the Cameroon national oil company.
Matanda covers an area of approximately 1,235 square kilometres and is highly prospective for significant natural gas and gas condensate resources.
GDC Matanda will concentrate on the onshore areas of Matanda near the existing Logbaba field with the aim of increasing reserves of gas to be sold into existing and new markets within Cameroon.
Work is expected to commence at Matanda during the fourth quarter of 2016 and will initially involve interpretation of the very large databank of 2D and 3D seismic information with the aim of identifying a drill target.
Victoria chairman Kevin Foo, said: “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”.