By Sabela Ojea

 

Victoria Oil & Gas PLC said Thursday it has received approval as operator from Cameroon's minister of mines, industry and technological development for the extension of the Matanda Block license.

The London-listed, Cameroon-focused energy company said the exploration phase of the license has been extended by one year from Dec. 17.

"The first well will be in the highly prospective onshore area where nearby wells in a similar play (in the contiguous Bomono license) underwent extended well tests and have significantly derisked these shallower plays," Chief Executive Roy Kelly said.

Shares at 0830 GMT were up 0.25 pence, or 7.9%, at 3.40 pence.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

December 23, 2021 03:56 ET (08:56 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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