VICTORIA Oil & Gas has provided updates on its operations in Cameroon, Kazakhstan and Russia.
La-105, the first new appraisal well to be drilled at Logbaba in Cameroon since the field was discovered by Elf SEREPCA, was spudded on schedule on August 31, 2009.
The well will have a total depth of 10,000 feet (just over 3,000 meters) and will twin Well La_103. The primary target horizon will be the Campanian gas_bearing sands of the Logbaba formation around 6,500 feet. Well La-103 was drilled in 1956 and encountered gross sandstone pay of 56 meters and flowed at approximately 40 million cubic feet of gas per day, which is around 7,000 barrels of oil equivalent per day.
Drilling to total depth is expected to take 60 days, after which the well will be completed and then tested. While testing is on_going at Well La_105, the drilling rig will be moved off the well ready for spudding of the second appraisal well, La_106, from the same location.
In Kazakhstan, the review panel of the Kazakh Supreme Court decided on August 27, 2009 that there was currently no new evidence on which to reconsider the case, but advised VOG to elicit the support of the Kazakh General Prosecutor to advance the Companyâ€™s appeal. The General Prosecutor has previously supported VOGâ€™s protest to the Atyrau Supervisory Court. Further information on the case will be provided to shareholders in due course.
At VOGâ€™s West Med field, planning has commenced for a second passive seismic survey to be undertaken at the end of this year. The survey is currently planned to cover a large area of the eastern section of the license, where the main Medvezhye structure continues into the West Med license. Earlier this year, the Russian Ministry of Natural Resources identified over 30 potential structures in West Med and approved recoverable Russian classification C3 resources in excess of 170 million barrels of oil equivalent to just three of them.
Kevin Foo, Chairman of Victoria Oil & Gas, said today, â€œThe speed and efficiency that our team has displayed in spudding the first well at Logbaba less than 9 months after acquiring the field is exceptional. We should have preliminary results during November and our second well, La_106 is also scheduled for spudding in the final quarter of 2009. We will be shooting more passive seismic at West Med and intend to complete a survey at Logbaba too, as this technology is proving to be a very useful tool for the direct identification of hydrocarbons. With the additional Â£6 million of funding that was raised last week, VOG is in an excellent position as we enter one of the most exciting periods in our companyâ€™s history.â€