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Victoria Awarded Exploitation Licence for Logbaba Field

Source: www.gulfoilandgas.com 5/6/2011, Location: Africa

Victoria Oil & Gas Plc, (VOG) the AIM quoted oil and gas company is pleased to announce the award, by Presidential Decree, of an Exploitation Licence for development of the Logbaba gas and gas condensate field in Douala, Cameroon.

Following extensive due diligence carried out by the State oil and gas company, Societe National des Hydrocarbures, (SNH), the Ministry of Industry, Mines & Technology and the Offices of the President of Cameroon, Rodeo Development Limited, (RDL) a wholly owned subsidiary of VOG, has received official confirmation that Decree No 2011/112 was signed by President Paul Biya of the Republic of Cameroon, dated 29th April 2011, awarding exploitation rights to and appointing RDL operator of the Logbaba Concession.

The exploitation rights cover the entire 20 sq km development area applied for by VOG and extend for 25 years with an option to add a further 10 years.

In addition, under the terms of the Logbaba Concession Agreement signed on the 31st May 2001, SNH will exercise its right to participate in the Logbaba Concession, and will pay its share of development costs, under the following revised ownership structure:
Victoria Oil and Gas 57%
RSM Production Corporation 38%
SNH 5%

Kevin Foo, Chairman of VOG commented, “This is the news we have been waiting for. We have worked intensely and productively over many months with the Ministry of Industry, Mines & Technology, SNH and the offices of the President of Cameroon to make this happen. We welcome SNH as our partner and are pleased with its endorsement of the project. We now intend to deliver first gas to industrial customers in Douala in Q4 2011 and to build on our customer base.”

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