The company acquired the royalty interest from PR Marriott Drilling (PRM), by the purchase of their one third interest in Cameroon Holdings (CHL), the firm entitled to the royalty.
VOG acquired 58% of PRM’s shares in CHL for $2.5m in cash and drilling equipment with an estimated value of $1m.
The company has now completed the acquisition of the remaining 42% of PRM’s interest in CHL for $2.5m.
VOG is an oil and gas exploration and development firm and its principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye project in Siberia, Russia.
