Douala, Cameroon Africa, October 2010 (news.cameroon-today.com)  -   Victoria Oil and Gas told the press today that the oil reserves that it owns in Cameroon have multiplied five-fold.

Oil and gas Plant

Victoria Oil & Gas one of the biggest investors in oil in Africa told the press on Wednesday that their proved oil reserves in Cameroon have multiplied by five times.

The Logbaba Gas Project in Cameroon which is one of their biggest in the area indicated proved reserves on 49 bcf when inspectors conducted a detailed exploration in the area as part of a field review process which is five times what it was in the previous review. The results of the review also indicated that the 2 P reserves have also become almost double amounting to almost 212 bcf.

Victoria Oil and Gas though has focused its operations primarily in Africa also has reserves in Kazakhstan and Russia. The oil major stated to the oppress on Wednesday that the latest set of finding from Logbaba in Cameroon which is proving to be one of its best yielding and robust reserves has taken it proved reserves to 49 billion cubic feet (bcf), while its proved and probable (2P) reserves more than doubled to 212 bcf.

The company, which had been in the news during the recent past for having inked some major deals pertaining to gas sales and has been in the business for over two decades now, are also very optimistic about the future and stated that their prospective reserves are estimated to be worth more than 1 tcf.[ID:nSGE67H09X]
The oil and gas major holds up to 60 percent operative shares and is the major operator in the Logbaba block.

The company’s shares however have come down by about 16 percent in value since the representatives of the company spoke to the press about the first sales from the Logbaba reserve being late and expected to be delivered only by the end of 2010.

The stocks had closed at 3.11 pence on Tuesday on the London Stock Exchange.