UPDATE 1-Victoria Oil & Gas finds gas sands in Cameroon

* To apply for 35-year exploitation, production licence

* Gas sands may result in new reserves for field

* Shares rise as much as 13.8 pct

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Nov 16 (Reuters) - Victoria Oil & Gas Plc (VOG.L) said on Monday it found gas sands at its Logbaba project in Cameroon, sending its shares up as much as 13.8 percent

Shares of the company were up 0.3 pence at 5.80 pence at 0818 GMT on the London Stock Exchange. They touched a market high of 6.26 pence earlier in the session.

The AIM-listed oil and gas explorer plans to apply for a 35-year exploitation and production licence, following the discovery, it said in a statement.

The company's said its Well La-105 in Logbaba had encountered about 90 feet of gas sands at a depth of 6,030 feet.

The gas sands could result in new reserves for the field, Victoria Oil & Gas said. (Reporting by Shivani Singh in Bangalore; Editing by Aradhana Aravindan)