logoBC
Yaoundé - 28 May 2022 -
Energy

Cameroon: Victoria Oil & Gas secures 2nd extension of the Matanda exploration license

Cameroon: Victoria Oil & Gas secures 2nd extension of the Matanda exploration license
  • Comments   -   Wednesday, 12 January 2022 11:28

(Business in Cameroon) - British gas producer and distributor Victoria Oil & Gas (VOG), parent company of Gaz du Cameroun (GDC), announced last December 23, it has secured a new 1-year extension of its Matanda exploration license.

The new extension, which became effective on December 17, 2021, is the second secured by the oil and gas firm after the one it was granted in November 2020. It will allow VOG and GDC to finally drill the exploration and appraisal well announced since 2020.  

In June 2021, VOG announced it had secured a US$7.5 million (over XAF4 billion) financing through an agreement with US dealmaker Meridian Capital.  “We are delighted and appreciative that our major shareholder is backing our efforts to resolve legacy issues and increase our working capital. The use of such funds includes helping us progress our very prospective Matanda license,” commented Roy Kelly, CEO of VOG.

The Matanda block concerned by the license extension covers a 1,235 square kilometer area close to the Logbaba gas fields operated by GDC in Littoral Cameroon.  In July 2020, its gas potential was upgraded from 903 billion cubic feet to 1,196 billion cubic feet. The license is 75% owned by GDC and 25% by Afex Global Limited. According to the production-sharing contract, the National Hydrocarbons Corporation (SNH) will receive a 25% stake in the project once a production license is issued. 

BRM

international-air-traffic-drops-by-62-in-cameroon-due-to-covid-19
The international air traffic in Cameroon fell by 62.04% from 868,788 to 357,564 passengers between 2019 and 2020. Domestic traffic also followed the same...
emile-parfait-simb-promoter-of-liyeplimal-arrested-for-cryptocurrency-scam
Emile Parfait Simb, the promoter of Global Investment Trading (better known as Liyeplimal), which specializes in cryptocurrency investments, was arrested...
cameroon-govt-completes-fundraising-for-automatic-toll-booth-project-launches-work
The Cameroonian government announced, via its Ministry of public work, (Mintp) that it has finally completed the fundraising for the construction of 14...
british-epc-joins-the-kribi-bitumen-plant-project
The British consulting firm Euro Petroleum Consultants (EPC), which specializes in petroleum and petrochemical projects, has just signed a "Project...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »