Victoria Oil & Gas PLC Logbaba Drilling Update (3538J)
June 28 2017 - 2:00AM
UK Regulatory
TIDMVOG
RNS Number : 3538J
Victoria Oil & Gas PLC
28 June 2017
28 June 2017
Victoria Oil & Gas Plc
Logbaba Drilling Update
Victoria Oil & Gas Plc ("VOG" or "the Company") is pleased
to provide an update on the two well drilling programme at the
Company's Logbaba gas production site, located in the industrial
port city of Douala, Cameroon.
Highlights
-- Net sands encountered so far of 100m in La-108 and 35m in La-107 have exceeded expectations
-- Drilling to continue and is expected to increase net pays of both wells
-- 300m high-pressure flowline from the La-107 well head to the
gas processing plant has been installed
-- Flow testing and production from La-107 is expected in Q3 2017
The programme consists of well La-107, a twin of La-104, which
was originally drilled in 1957; and a step out development well,
La-108, both of which will be production wells.
In well La-108, approximately 100m of net gas-bearing sands have
been encountered between the top of the Logbaba Formation at 1,670m
TVD (true vertical depth) and 2,702m TVD. La-108 has 95/8" casing
set to 1,597m TVD. The La-108 8 1/2 " side-track was deferred until
an in-depth engineering review of the plan was completed and the
rig was therefore skidded to drill well La-107. The La-108
side-track plan is now ready to implement.
On La-107, the 8 1/2 " hole section has been drilled to 2,445m
TVD, wireline logs have been run and the 7" production liner has
been run and cemented at 2,426m TVD. Well logs to this depth so far
indicate net 35m of high permeability, high porosity gas bearing
sands in the Upper Logbaba Formation.
Drilling on La-107 will continue, with a 6" hole targeting the
base of the Lower Logbaba sands. On reaching this target, the well
will be logged prior to running a 4 1/2 " liner, and, when
completed can be put directly into production. A 300m high-pressure
flowline from the well head to the gas processing plant has been
installed. Production from La-107 is expected in Q3 2017.
It is then planned to skid the rig back to sidetrack and
complete well La-108.
Net sands encountered so far of 100m in La-108 and 35m in La-107
have exceeded expectations and compare favourably to net sands of
54m encountered in primary production well La-105.
Planned completion of both wells is now in Q3 2017. The Company
anticipates that GDC's share of well costs will be covered by cash
generation and existing credit facilities.
The Company, which is the only gas producer in the Douala region
believes there is current demand for 150 mmscf per day in
Douala.
Ahmet Dik, CEO, said; "Our success so far on La-107 in securing
35m of gas-bearing reservoir sands in the Upper Logbaba is very
positive news. We shall continue drilling and completion work on
La-107 through to production, before moving back to drilling and
completing La-108.
The net sands encountered so far of 135m in both wells is very
encouraging, especially when compared to the 54m of net sands
encountered in our primary production well La-105, so our focus is
getting all gas "behind pipe" and into production within Q3.
This is a challenging drilling program, with two deep,
high-pressure, high-temperature wells that have been slow and
expensive to drill. Our drilling team have worked tirelessly to
drill below 2,000m, a depth where only a handful of wells have been
successfully drilled in the Douala Basin."
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com
or contact:
Victoria Oil & Gas Plc
Kevin Foo/Ahmet Dik/Laurence Read Tel: +44 (0) 20 7921 8820
Strand Hanson Limited
Rory Murphy/Stuart Faulkner/James Dance Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited (Joint Broker)
Mark Percy/Toby Gibbs (corporate finance) Tel: +44 (0) 20 7408 4090
Jerry Keen (corporate broking)
FirstEnergy Capital LLP (Joint Broker)
Jonathan Wright/David van Erp Tel: +44 (0) 20 7448 0200
Camarco
Billy Clegg/Nick Hennis Tel: +44 (0) 20 3757 4983
This information is provided by RNS
The company news service from the London Stock Exchange
END
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