Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.

Company Overview

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Victoria has built a combined portfolio of proven and probable reserves and prospective resources in prolific hydrocarbon producing regions of West Africa and the FSU.

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The Company’s assets are the Logbaba gas and condensate field in Cameroon and the West Medvezhye oil and gas project in Siberia. Both assets are operated by Victoria. The Company’s producing asset is Logbaba, located in the eastern suburbs of Douala, the economic capital of Cameroon.

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Victoria commenced continuous gas production operations to industrial customers in Central Douala in July 2012. The company’s near term strategy (1 to 3 years) is to satisfy three markets with the sale of sale of natural gas.

  • Substitution of HFO, LPGs and waste oil used by industrial customers for their heat requirements;
  • Gas sales to industrial customers to supply their own gas fired generators;
  • Near-site power generation to a group of customers outside of the grid system.

Condensate is trucked to the Limbe refinery located approximately 60km from Douala.

 

As Victoria’s demand outlook increases over time through increased conversion of industrial customers, the Company will undertake further step out drilling to increase its proved reserves to satisfy demand. At present, Logbaba’s gross proved and probable reserves are sufficient to satisfy an average of 30 mmscf/d for the next 20 years.

In 2015, Victoria anticipates its next drilling campaign with a four well programme. The gas processing facilities has two x 20 mmscf/d trains and the pipeline has been sized to 30 mmscf/d at its current pressure of 5.5 barg. Production, processing and pipeline capacity can all be increased at relatively low cost as demand increases.

Read more about Logbaba >>

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The West Medvezhye (‘West Med’) block is located near the Yamal Peninsula, North West Siberia, in one of the most prolific gas producing areas in the world, adjacent to the giant Medvezhye and Urengoy fields. The Company holds an exploitation licence for West Medvezhye covering 1,224 km2, and has a discovery well, Well 103, with ‘C1 plus C2’ reserves of 14.4 million billion barrels of oil equivalent (‘boe’) under the Russian classification system.

Over the course of the last three years, we have been pursuing an integrated exploration and appraisal work programme incorporating seismic and advanced direct hydrocarbon technologies. As a result, last year we were able to announce an increase in best estimate prospective resources from 1.1 billion boe to 1.4 billion boe from the work carried out by Mineral LLC, (‘Mineral’,) independent reserve auditors.

Read more about West Medvezhye >>

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Victoria also has strategic relationships with Blackwatch Petroleum Services, an international geoscience consultancy, and Geodynamics Research, developers of IPDS passive seismic technology.

 

Read more about our Strategic Relations >>