n"> Victoria Oil & Gas (VOG.L: Quote) said on Wednesday that proved reserves at its key Logbaba gas project in Cameroon increased about five-fold after the explorer completed a review at the field.
Victoria, which operates in Africa, Kazakhstan and Russia, said its proved reserves stood at 49 billion cubic feet (bcf), while its proved and probable (2P) reserves more than doubled to 212 bcf.
The company, which recently signed gas sales pacts for 20 years, also said prospective reserves are evaluated to be more than 1 tcf.[ID:nSGE67H09X]
The oil and gas explorer holds a 60 percent working interest and is operator in the Logbaba block.
Victoria's shares, which have shed about 16 percent in value since the company said in April first sales from Logbaba would be delayed towards the end of 2010, closed at 3.11 pence on Tuesday on the London Stock Exchange. (Reporting by Anirban Sen in Bangalore; Editing by Prem Udayabhanu)
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