1st Aug 2014 09:01
LONDON (Alliance News) - Victoria Oil & Gas PLC Friday said it has completed drilling a borehole under the Wouri River in Cameroon, potentially opening up a new market for its Gaz du Cameroun subsidiary.
Victoria said the drilling of the 678 metres single short pilot borehole marked the first time a horizontal borehole has been drilled for this purpose under a river in Cameroon. It was carried out by Britanica HDD International.
Once it has been reamed out and all pipework has been connected and tested, the extension will allow the connection of the existing Douala gas market with the new Bonaberi network. So far, 11 gas supply agreements have been signed with Bonaberi customers, with others under consideration, according to Victoria.
"The completion of the pilot borehole under the Wouri River is a major milestone for the company," said Victoria Chairman Kevin Foo. "Once drilling is completed and the pipeline hooked up we can then deliver first gas to Bonaberi customers."
Victoria shares were up 4.7% to 1.418 pence on Friday, sneaking it into the top risers on AIM.
By Sam Unsted; [email protected]; @SamUAtAlliance
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