The Matanda block is located adjacent to GDC’s Logbaba concession, offering an easy monetisation route for gas discoveries
Gaz du Cameroun (GDC), a wholly owned subsidiary of Victoria Oil & Gas, has secured ministerial approval for the extension of the Matanda block licence in Cameroon.
The Minister of Mines, Industry and Technological Development of Cameroon has approved one year extension from 17 December this year for the exploration phase of the licence.
Located adjacent to GDC’s Logbaba concession, the 1,235km2 Matanda block is said to offer an easy monetisation route for gas discoveries.
The block is situated in the northern part of the Douala Basin, with approximately 30% of it located in shallow water, whilst the remainder is onshore.
In 2018, GDC secured a 75% stake in the block and became its operator. Afex Global, an independent oil exploration and production (E&P) company, holds the remaining 25% interest.
Prospective Resources of Matanda Bbock increased to 1,196 Bcf
In July this year, GDC reported a material increase in management’s estimate of prospective resources, onshore Matanda.
Prospective resources on the Matanda Block increased to 1,196 billion cubic feet (Bcf) from the previously reported 903 Bcf.
The increase in estimates was due to a detailed internal prospect evaluation that found 19 gas prospects in shallower Tertiary-aged reservoirs, as well as seven prospects in deeper, Cretaceous-aged prospects.
Victoria Oil & Gas CEO Roy Kelly said: “We are extremely pleased to have received this extension for one year.
“The first well will undoubtedly be in the onshore area where nearby wells in the Bomono license have derisked the shallower plays, and proximity to the GDC-operated gas distribution infrastructure allows easier monetisation of discoveries.
“We are further encouraged by the ESIA that will soon be completed.”