7th Apr 2016 07:52
LONDON (Alliance News) - Victoria Oil & Gas PLC on Thursday said it has secured government approval in Cameroon for the assignment of a 75% participating interest in the Matanda block.
In February, Victoria said it has acquired a 75% stake in the Matanda licence from Glencore PLC, the FTSE 100-listed miner and commodities trader.
Glencore Exploration Cameroon Ltd agreed to sell its 75% stake in the production sharing contract covering the 1,235 square kilometre Matanda block to Victoria Oil & Gas for an undisclosed amount.
Victoria said the Cameroon government has now approved the assignment of that 75% stake to its Gaz du Cameroun Matanda SA subsidiary. The other 25% is held by Afex Global Ltd.
Victoria Oil & Gas shares were up 2.6% to 40.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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