Explorer Victoria Oil & Gas put in solid gains on the AIM market after releasing an update on its West Medvezhye (West Med) gas and condensate project in Russia
VOG said the independent estimate of West Med’s resources carried out by local geological institute SibNats has been approved by the Russian Ministry of Natural Resources (MNR), putting the resources of 3 structures within West Med at 170 million barrels of oil equivalent. More than 30 other structures have been identified and received MNR’s approval.
West Med’s recoverable C1 + C2 resources of 14.4 million barrels from the first discovery well were approved by the MNR last year.
“The West Med project continues to gain momentum. We have worked closely with the Russian authorities on our strategy of thorough delineation of the subsurface potential and these results are very satisfying. West Med remains one of our brightest prospects and we are planning further subsurface work in the winter,” said VOG Chairman Kevin Foo.
West Med is one of VOG’s two major project, the other one being the Logbaba gas project in Cameroon. Independent auditor DeGolyer and MacNaughton’s estimate in 2006 put the prospective recoverable resources for the entire field at 1.1 billion barrels of oil equivalent.
Victoria has recently raised over £2 million through placing to fund the development of its two major projects and secured drilling equipment and funding for the Logbaba project.