More gas underneath Douala!
Douala
Fox Davies Capital today published a report on Victoria Oil & Gas (VOG.L, LSE:VOG) entitled “More Gas Underneath Douala!”. In summary, the report says:
“Event
Victoria Oil & Gas Plc announced an update on the passive seismic spectroscopy survey at its Logbaba gas and condensate project (“Logbaba”) in Douala, Cameroon. The data is the first new geophysical information to be acquired over Logbaba since the discovery was made in the 1950s. The survey findings are in line with the geological understanding of the Logbaba reservoir sands and correlate well with data from the four old wells and the newly drilled well La-105.
The analysis of the survey indicates a major potential hydrocarbon accumulation around two kilometres from the current drilling location. The accumulation, which lies entirely within VOG’s licence block, appears to be substantially larger than the existing discovery and has not been seen in any previous subsurface studies due to the lack of geophysical data.
The survey also suggests that the most prospective area at the existing discovery lies around 300 metres from Well La-104, between that well and La-101. The well design team are considering this data and its impact on the design of the next well, La106, which is due to be spudded on 6 February 2010.
This is exciting news and will undoubtedly be taken into account in the design of La-106 as the Company needs to test the sweet spot of the anomaly, equidistant and slightly to the North of La-101 and 104/05.Passive seismic works best with good well control and in this case provides a good evidence for the field to be possibly larger than anticipated.
The positive anomaly further to the North is very encouraging and is likely to become the target of further exploration drilling by Victoria Oil&Gas in the licence; it could provide further material upside if tested successfully given its size relative to Logbaba.
Assuming a similar size to Logbaba and a 30% Probability of success, which are conservative, the value of this Northern anomaly is about 1-2p per share after taking into account exploration costs.”
So what? Who really cares? More money into Biya’s overfilled coffers!
But I love the picture of the road to the airport in Douala
That overpass linking the airport to the city was completed a few years ago by a Cameroonian civil engineering firm.
Hey Massa Yallow,
We need to not only care but start a movement amongst youth to Nationalise all Natural Resource producing companies in Cameroon.
Cameroon like most developing Countries only gets $2.50 per barrel of sweet crude oil irrespective of the price of crude oil in the world market. For example today Cameroon made $2.50 per barrel of oil even though the price in the world market is $73.00 per barrel.
The price of Natural gas is $5.54 per million Btu (MMBtu) today, and I don’t see why Cameroon will get any more than 5% of this amount given what we make from crude oil.
Biya is a problem but we have a bigger problem than Biya which we need to divert our attention to esle we are doomed forever. Our main problem is scientifically applied modern capitalistic exploitation.
Where are the revolutionalists in this generation of youth? Na di kind story wey young people get to di shout over for mimbo house them for Malingo junction and Bonamousadi.
For once it is good to see a picture of Cameroon that one can be proud of. The question is whether these roads and infrastructure will be maintained or not.
The prophesy below extracted from the Book “The Black Man’s Burden” written by Ed Morel in 1920 (prominent British politician) is evidence.
I quote in his words:
“In the process of imposing his political dominion over the African, the white man has massacred the African in heaps and carved broad and bloody avenues from one end of Africa to the other.
The African has resisted, and persisted.
For three centuries the white man seized and enslaved millions of Africans and transported them, with every circumstance of ferocious cruelty, across the seas. Still the African survived and, in his land of exile, multiplied exceedingly.
But what the partial occupation of his soil by the white man failed to do;
What the mapping out of European political “spheres of influence” failed to do;
What imported measles, smallpox and syphilis failed to do;
And what even the overseas slave trade failed to do;
The power of modern capitalistic exploitation, scientifically applied and enforced, assisted by modern engines of destruction, will succeed in accomplishing. Its destructive effects, are not spasmodic, they are permanent;
In its permanence, reside its fatal consequences; It kills not only the body, but also the soul. It destroys the spirit;
It will attack the African at every turn, from every point of vantage;
It will wreck his polity, uproot him from his land, and invade his family life;
It will destroy his natural pursuits and occupations, claims his whole time, and enslave him in his own home.
The Africans chances of effective resistance, will steadily dwindle with the increasing perfectibility in the killing power of modern capitalistic exploitation.”
ED Morel, The Black mans Burden.
This is a prophecy that was made about a century ago. Think about it! Biya is not our biggest problem.
The picture exhibited for this article (why? since with no true connection to the story except the word Douala) is certainly an old picture. I visited 6 years ago and lived not too far from this airport exchanger, thus, was driven a minimum of 2X daily through the place. It was falling apart with overgrown grass and bushes, huge potholes and small sandbanks from rain overruns due to nonexistent sewage, etc. Furthermore, several homeless people lived (or slept at night) under the overpasses and lit fires (I guess for cooking and/or keeping warm) that progressively were disfiguring the place. Amazingly, there were few if any graffiti at all. But my cousin (an engineer who worked back then at ASSECNA) said that it was only so because paint was too expensive and the price of a cane could feed a family for at least 2 days!
PS: To my knowledge, there aren’t any WC facilities (or any still functioning) at the National Assembly, airports or any of the multilevel (or 1 level for that matter) public buildings in the Biya Cameroun in Yaoundé, the capital, let alone elsewhere. For relieving themselves, officials and clerks either drive back home or at any nearby friends, or do as best they can behind bushes, semi-isolated spaces, roadways, railroads… If it’s so about resident workers, then imagine what’s like for the rest of Cameroonians visiting for public services. Good luck in a case of impromptus diarrhea…
The French firms which built all several of these buildings implemented European cold countries’ features (such as sealed picturesque glass windows, few air intrusions for proper tropical aeration, etc…) with little modifications and, worse yet, plenty of corner-cuts (such as large buildings with only few and, YES, sometime NO bathrooms, multilevel buildings with no elevators, rolling carpets that never were meant to work like at Douala airport, etc.)
This is not to denigrate Cameroun. It’s simply the TRUTH!
Sean, i was in Cameroon in december, and yes this picture is recent, i was please to see it with my own eyes, this exchanger was inaugurated less than 2 years ago and is really beautiful. as per the oil or gas, i am happy for the good news, Biya will not be someday and we will need such as a backbone for economic rebirth.
Great stuff Sala!
But very ery depressing to read. What that tells me is that we have in-housing reconstruction to do, by first rooting out those that cannot guide us to suppressing the evil imposed on us from outside. If our own house has got a good leadership, we will be deceiving ourselves that we can make change from pressure from the outside, because we are powerless.
That is, if the youth are not empowered in their own land by their own leaders, there is no way they can stem an external force that their own leaders willfully tolerate to villify the society.
The question is what can one really do? I have thought about this over and over. But an insightful leader may come only once or twice per generation. Lets wait and see!
That picture to me is very symbolic. It says this is what the as money should do and not swindled into private pockets.
I agree with you Sala (100%), but I ardently believe that we have a piece of responsibility in all this absurd theatre. It is true the capitalist will apply all his power and possibilities to obliterate the African continent after it has been stripped of all its wealth and riches. I am not going to quote at this moment in time, but I can recommend Franz Fanon’s “The wretched of the earth”, “Black skin, White masks”, and/or WEB Du Bois’s “The Souls of black Folk” or “The Negro”
We need to mirror ourselves and realise that we are the only ones responsible for our own destinies, if we want to change the status quo. I also think this stance should be Sine qua non. Once we have understood that, the rest will no longer be difficult. It makes no sense, if you consider how rich we are, to always think that our messiahs will come from the West whereas we have all the necessary ingredients that could help uplift us from our abyss.
Look at the Asians, most of them had their independence along side African countries, but what’s going on today ? Asia is the HOPE of the future, why ?They stopped dreaming long ago that their manner will fall from the West.
Coming back to the bridge or gas issue, we have and can have more than that a million times if we are prepared to sacrafice for future generations (sacrifice in terms of putting the general good of our fatherland in the 1st position).
Est -ce que cette decouverte va profiter aux Camerounais? Le pays est dirige par des voleurs. Paul Biya, Ses ministres et jusqu’au dernier employe de l’etat sont tous des voleurs. C’est tres honteux pour le Cameroun.
whatever…na cameroon….
This is good news, just unfortunate to be bad news because it is this kind of information that helps to feed Biya`s selfish dreams, and individualism. He hears this and can not stand the picture of another person running such a wealthy country. How unfortunate that there `s no other way. And about the picture, it sure does not reflect the reality. I was home last month, you will not find a good road the entire city. The stretch to and from the airport is punctuated by potholes, some times filled with garbage, dangerous speed breaks that seem to be disappearing but still signal their existence. But I take solace in the fact that we still have so much resources.
Good debate guys! You all may be interested in two sizzling hot debates that are strikingly in line with this one. Check out the sister forum, Cameroon post online and follow these two debates; 1- The Chinese province of Cameroon
2- The ideology of racial hierachy and the construction of the European slave trade.
Sala, i agree with you that Biya will not always be there, but the woes plaguing our nation shall stay. So the time for revolution is at hand, and there are plenty of revolutionary minds that you need to get to know of.
nothing to comment on
Overall, i consider this piece of information good news. Paul Biya is not a factor as far as rating this piece of information is concerned.
And speaking of Paul Biya, I think it is time we realize that he is not gonna last for ever; even if it’ll take nature to root him out of his current position.
What I strongly recommend now is that we focus more on the future of Cameroon and that of our children; including other generations yet to come.
If a drill process is initiated in that newly discovered region, Mr. Paul can only swindle the little his miserable life can allow him to. After all, most oil wells last for generations and I don’t think he has more than a few years to live.
What we should be worried about now is the way forward. I mean the first years after the Biya era. What kind of individual are we aspiring to take the office of leadership in this great nation? I think we should continue to work with this idea in our minds. We actually do not know when Paul will leave that place, but one thing is for sure, he will leave and sooner than later.
Now, if we start focusing on the future and laying the ground work for the future (i.e after Biya is gone), I think we will be much more prepared to hit the ground running than if we focus our energy on rooting him out or pointing accusing fingers here and there.
Just my opinion.
i love the picture that is pasted on this page.Therefore the revenue gotten from the expiotation of this mineral resources should be used to make everywhere in Cameroon to be as beautiful as the picture on this page