Victoria Shares Rise on Logbaba Test

8 March 2010 (Last Updated March 8th, 2010 18:30)

Victoria Oil & Gas said that test results of its La-105 well in Cameroon has exceeded its expectations, sending the price of shares up. The AIM-listed company said the exploration permit for its Logbaba project in Cameroon had been extended for a further six months until 20 August 2

Victoria Oil & Gas said that test results of its La-105 well in Cameroon has exceeded its expectations, sending the price of shares up.

The AIM-listed company said the exploration permit for its Logbaba project in Cameroon had been extended for a further six months until 20 August 2010.

The tests also confirmed that production rates from the gas sands were sufficient to satisfy industrial demand in Douala, the company said in a statement.

Various zones of the well flowed at 11 million to 56 million cubic feet per day of natural gas and 210 barrels to 1,000bpd of condensate, Victoria said.

Shares in the company shot up by 6.9% yesterday.