VOG Victoria Oil & Gas Plc

   By Ian Walker 
 

Victoria Oil & Gas PLC (VOG.LN) said Wednesday that Cameroon President Paul Biya on Dec. 17 approved the transfer of an interest in the Matanda production-sharing agreement license assigned from Glencore PLC (GLEN.LN) in early 2016.

The Cameroon-based gas and condensate producer and distributor said it now has 75% ownership, and is operator, of the Matanda PSC.

"Matanda, which is primarily onshore and on the western side of Douala, provides an opportunity to develop an independent gas field to feed the growing industrial and domestic markets in the Bonaberi areas and beyond," the company said, adding the field has considerable potential in the longer term.

The North Matanda field was originally discovered in 1980 and to date three offshore wells on the block have tested gas and condensate from the Logbaba formation of the North Matanda field.

Victoria Oil shares at 0850 GMT were up 0.43 pence, or 1.9%, at 23.30 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

January 02, 2019 04:12 ET (09:12 GMT)

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