Oil & Gas Corporate News
Victoria Oil & Gas PLC (BUY, 13p) (VOG LN, 3.86p, ? 3.57%) provided an operational update on the Logbaba project in Cameroon. Highlights: The Company remains on schedule for first gas sales by the end of the year; Production Facilities mechanically complete and pre-commissioning substantially completed; and completion of pipeline installation to first customer hub on the Magzi Industrial Estate. The Logbaba gas and condensate field has proven and probable reserves of 212 billion cubic feet of gas (35.3 million barrels of oil equivalent ('boe')) and 4.2 million barrels of condensate. The Company has a 95% interest in and is operator of the Logbaba field. VOG anticipates gross gas sales of 8 million standard cubic feet per day ('mmscf/d') by the end of the first year of operations, rising to 44 mmscf/d (7,300 boe) by the end of 2014. The pipeline has a capacity of 60 mmscf/d, which the Directors anticipate to be of sufficient size to satisfy the Douala industrial market over the medium term. Condensate separated from the gas at the process plant will be stabilised and trucked to the Sonara refinery at Limbe, located 60km away. Condensate sales are anticipated to be 160 barrels of condensate per day by the end of 2012, rising to 880 barrels by the end of 2014.
Argos Resources (LON:ARG) Limited (ARG LN, 17.75p, ? 5.96%) announced that it has decided not to participate in the current drilling campaign in the area with the Ocean Guardian rig, which is now likely to end in December 2011. The weak capital markets combined with the planned departure of the rig will not allow a meaningful multi-well exploration drilling programme within the Company's licence area to be undertaken at the present time.
Roxi Petroleum (LON:RXP) PLC (RXP LN, 3.75p, ? 3.23%) today announced that, following the successful drilling of the NK-9 well, the NK-10 well spudded on 28 November 2011. The well is planned to drill to a total depth of 1500 metres to appraise the Arskum discovery and the Upper Jurassic formation in the south channel of the Galaz block. Drilling operations are being coordinated by operating partners LGI and are expected to take approximately 30 days, after which a further announcement will be made. This is the next planned appraisal well on NW Konys that…
