(Business in Cameroon) - British oil firm Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), announces that it recently raised $7.5 million (over XAF4 billion) thanks to a facility agreement with Meridian Capital. The funds will finance drilling operations on the Matanda license, adjoining the Logbaba gas fields GDC is currently exploiting in the Littoral region, in Cameroon.
"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.
VOG and its subsidiary announced exploration works on this license in 2020. In July 2020, the gas potential of the 1,235 km2 Matanda block was upgraded to 1,196 billion metric cubes.
In November 2020, it obtained a 1-year extension of its license on this block. This license is 75% owned by GDC and 25% by Afex Global Limited. According to the production-sharing contract, National Hydrocarbons Corporation (SNH) will receive a 25% stake in the project once a production license is issued.