LA-108 drill programme exceeds expectations for Victoria Oil and Gas

London-based gas utility company Victoria Oil and Gas successfully reached target depth of 2,865m measured depth (MD) at well LA-108 at its Logbaba project in Cameroon, encountering a net pay of 84.5m in the process.

Victoria said the net gas sand found in both the upper and lower Logbaba formations exceeded pre-drill expectations and were "significantly more" than discovered at the neighbouring LA-107 drill site.

Flow tests had been scheduled to begin shortly after lining and cement had been run to case off the well at a depth of 2,859m and before making it a fully producing well by the end of November.

Ahmet Dik, chief executive of Victoria Oil and Gas, said, "LA-108 has now successfully reached target depth, which is an excellent result for the company with over 84.5m of net gas sands encountered. This net pay exceeds those of the successful LA-107 well, brought into production during September."

"Our objective is to build scale from our gas production, to be in a position to deliver gas to high usage customers. We estimate that there is demand for over 150 million cubic feet per day of gas in the Douala Basin and GDC is presently the sole provider to the region," he added.

As of 1130 GMT, shares had gained 3.57% to 58.00p.