Temu, nowadays.... Surely Temu .... folk like TW & Temu ..... Temu used to....Temu is
Still obsessed with me Lawrence Thought you'd had counselling for that and the fantasy world you live in.
As for VOG, well what's to say, it started to go wrong when the drilling went from bad to worse, $40m to $90m, and a stuck gun to boot.
ENEO pulling the plug (no pun) was an unexpected kick in the revenues. Both of those have cost the company $10's of millions in a single year. It's almost a surprise the SP has held up so well. All is far from lost with VOG, but the grand plans have taken a severe knock.
I still have an investment in VOG, but it's 4th biggest now not 1st, but even if I sold all my shares here, I've enough respect to existing holders, or new ones, not to Tr0ll the board. It's called having class, something I doubt you'll ever understand, or have
The VOG Debt lays with Cam Gov NOT ENEO albeit that ENEO owe the Debt which they can't Pay because the Cam Gov are not paying them.
Therefore any Arragements/Communication between VOG and ENEO are irrelevant.
Have you ever tried to get any Government to make a Payment Decision? Well if one is Lucky it takes ages, and we all fully well know that the Cam Gov is one of the most corrupt Govs in the whole World.
BTW, nice to hear from you Mike El 21, I hope your investments are doing well. Mine? well reasonable but so much better than when I took a Profit out of VOG a couple of years ago.
Poor Mel, he thought that the 'Break thru' would be in 2015, nevertheless I wish him well and hope his other investments are doing better than VOG.
However where is Temu, nowadays?. It seems that Totally Wired has taken over from his Role of announcing RNS's. Surely Temu hasn't changed names???????
Why do folk like TW & Temu keep on posting, early morning, any RNS published which we can all read for ourselves. Just a waste of their time, the RNS is already on the board, but coincidently that's what Temu used to to do. A coincidence far to familiar to be viewed any other way.
Temu is very silent nowadays, why? Nothing to say or just lost so much 'Paper Money' that he is lost for words, hmm????
seem's to me that we need this contract as a matter of urgency.(eneo)
good that they the board have tried to find new customers and that eneo was only 50% of gas sales (imagine if it had been more-seen that a few times with aim co's).
has anyone any idea why cameroon government is not signing new deal...?
More dilution I fear, same old story every year now. One to store away and forget. Hopefully break even at some point but doubt it. Sadly it appears government interference will always dictate this business success. GLA
Surprised that SP went down so much on not much news. Very little detail in this RNS. They mention ING but as usual no information on how it's progressing, when it might be operational, the costs, the hurdles yet to overcome, etc.
Also very little detail on the Grenor, Atlaaqa, etc. Final timeline is 2020 but I thought there were also startup dates that were earlier? Does this mean these are also delayed?
Insurance claim still ongoing, I'd actually already written that off in my mind.
My impression is that it's still a great opportunity but everything is now massively delayed. I guess that's the reason for the SP.
Victoria Oil & Gas
It has not been the best few months for VOG and their Q1 operations and outlook report today reflects that situation. With gas sales at Logbaba unsurprisingly down significantly after the non-renewal of the ENEO grid power GSA there was little that the company could do immediately although signs are clear that remedial action is being taken. The company is confident that a resolution can be found to the problem which should be in all partys interests but probably best to take the believe it when you see it approach for the time being.
In the meantime there are actions that can be taken that will at least in part make up for the loss of the ENEO contract such as getting one new client online and three more now commissioning gas fired gensets. (Its not just VOG who suffer at times like this, business and the community suffer power blackouts as well and have to make alternative arrangements) New clients at higher margins will take time to recover anything like the volumes but start chipping away at the gas sales shortfall. In addition there is potential for non-grid revenue generating business and other grid power customers are in discussions with the company.
There is no way of gilding this particular lily much, the company states that y/e production targets will be 11.3 MMscfd with ENEO or 7.8 MMscfd without it but clearly actions are being taken to remedy the situation in both the ENEO case where discussions are continuing and for alternative sources of gas sales. The company are aware that even with a resumption of the contract it can never be allowed to be as significant a part of the business again, the future is good as the demand will always be there and VOG are the only onshore suppliers of gas in Cameroon but a lesson has been learned here.
Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide an update on the Group's operations for the three months ended 31 March 2018 ("Q1 18" or "the Quarter").
Q1 18 saw a decrease in gas consumption levels from Gaz du Cameroun SA's ("GDC") Logbaba Project in Douala, Cameroon, due to the non-renewal of the ENEO Cameroon SA ("ENEO") grid power gas sale agreement at the end of December 2017. ENEO has not recommenced consumption to date but management is confident of a resolution.
Q1 2018 Overview
· Q1 18 Gross Gas Sold of 330mmscf (54% decrease on Q4 17, 71% decrease on Q1 17)
· Average daily gas production for Q1 18 of 3.50mmscf/d (Q4 17: 7.94mmscf/d, Q1 17: 14.57mmscf/d)
· One more thermal customer, Panzani, came on-line post quarter end and three more, a Nestle subsidiary, Camlait and Agrocam, are commissioning their gas fired gensets
· Well La-107 flow line tie in complete and La-108 perforation gun recovery scoped
· Cash and cash equivalents at end of Q1 18 was $6.0 million (Q4 17: $11.4 million), trade receivables were $4.3 million (Q4 17: $6.2m), trade payables $9.1 million (Q4 17: $8.8 million) and borrowings were $23.4 million (Q4 17: $24.5 million). Net debt was $17.4 million (Q4 17: $13.1 million).
· The revised year end production targets are 11.3mmscf/d if ENEO is back online by 1 July 2018 and 7.8mmscf/d if they remain offline.
· Non-grid revenue generating business such as dedicated gas to power solutions for customers and the Compressed Natural Gas (CNG) project are two initiatives that should enable increased revenue to the Company.
· Discussions with three prospective large volume grid-power customers continue for power stations to produce 150MW, 140MW and 150MW respectively with the potential to consume 78mmscf/d of gas in aggregate when operational.
Ahmet D, CEO said,
"Despite the suspension of the ENEO supply, I believe that the Company will actually grow stronger and create a more diverse product base in 2018 and continue to build the outstanding business we have created in Cameroon. We have developed gas reserves to meet industrial and grid power demand for large quantities of gas and power that is required by groups other than ENEO.
GDC is the only onshore gas producer in Cameroon; management estimates that with Logbaba and Matanda, GDC has recoverable gas resources of at least 1.5 TCF. Our 50km of gas pipeline and support infrastructure is delivering gas to over 30 customer sites.
We are actively working on non-grid solutions such as customer gas to power units and CNG supply for customers who are away from our pipeline but want gas. In parallel with this we are in discussions with large gas volume consumers and independent power producers who are developing large power stations with potential consumption of approximately 78mmscf/d of gas when operational in 2020."
Wasn't 100% sure if the SABC plant in Koumassi was the same (there could be a few) supplied by VOG/GDC but pretty sure it is:
Additional Large Customer Online (08 November 2013)
The Company is pleased to announce that Rodeo Development Limited (RDL), the Companys subsidiary has completed the connection and delivery of gas to the Koumassi plant of Societe Anonyme des Brasseries du Cameroun (SABC). This addition of approximately 0.5mmscf/d increases RDLs production from 2.4mmscf/d to 2.9mmscf/d and brings the total number of customer sites with completed thermal conversion to twenty.
Koumassi, the largest of SABCs sites in Cameroon, is the second SABC plant to receive natural gas from RDL. SABC, a subsidiary of Groupe Castel and the largest brewing company in Cameroon with 82% market share and $640 million in sales, is scheduled to convert a second boiler at the Koumassi site to gas by the end of the year.
Brasseries of Cameroon invest 4 billion FCFA in a new bottling line in Douala
Tuesday, May 15, 2018
The Société Anonyme des breweries du Cameroun (SABC), a subsidiary of the Castel Group, has just enriched its production facilities. To this end, the governor of the Littoral region, Samuel Ivaha Diboua, inaugurated on May 9, the new PET bottling line of the SABC plant in Koumassi, Douala.
During this ceremony, Emmanuel De Tailly, CEO of Brasseries, said that this investment cost 4 billion FCFA. The work lasted 5 months. " The PET line we are inaugurating today is always the guarantee that Cameroon's industrial know-how and excellence are still at work so that this country does not become an industrial desert ," said Mr. De Tailly .
Before Koumassi, in February 2018 the SABC Group inaugurated the new box chain in Ndokoti (Douala) and the PET chain at the Bafoussam plant.
For the Brasseries of Cameroon, these major investments reflect the group's desire to maintain the rank of leader and continue to be a competitive industrial player. In this vein, SABC is pleased to have invested 45 billion FCFA in its agro-industrial ecosystem where more than 10 000 tonnes of maize and 30 000 tonnes of Cameroonian sugar have been valued.
yes it's Kribi and was we not wanting to supply power station there? I wonder if Vog can take advantage at all?
Given we was first major player to put in infrastructure in Cameroon you would have thought that the government would be interested in working with us on more projects would you not, I get the feeling though that we are not seeing that.
Lots of positive things appear to be happening in Cameroon but then Governments always try to put a good slant on things. I've sold a few more shares yesterday and am down to a 1/5 of my original holding. A shame because baring the Governments inability to pay the bill it was looking good. So based on the fact that I often make bad decision you should probably all buy now as there is bound to be good news around the corner.
However I'm afraid I need to see some more concrete evidence of a BOD that is making things happen. Unfortunately I think the main game (ENEO) was what they were holding out for and all other games take time to develop. Talk about CNG etc are great but they all come with more investment. I've lost track of where we are with debts, loans, break even points and so on and therefore I'm going in search of profits elsewhere. I don't think i'll sell my last 1/5 as it's not worth much now and I still live in hope.
As I said if I've sold so a rebound is round the corner. Happens all too often to me.
This is still the best board I've been on as generally the posts are measured and insightful and we have generally respected other opinions even where they are contrary to ourselves.
1.2 million tons of LNG per year for export (that is export, which means not Cameroon)
30,000 tons of domestic gas for Cameroonian households (As in filling bottled gas bottles for individual household use)
There is no threat to VOG's business which is the supply of natural gas to industries (not household) along their gas main or indeed the future supply for gas to power as Cameroon start to export electricity to other parts of Africa!
I mean I used to be very bad in my younger days but have learnt over the years it's not the way, I can be as nasty as you want, but will it get me anywhere, not very likely.
So years & years ago I learnt to wind my neck in and melow out, being insulting to others is not the way forwards.
The other thing is the other member does not know me personally so you can't judge someone can you, so he's just showing childish way's of thinking, I'm surprised the people who are responsible for looking after the site don't either block the post's when they insult or even ban the members.
at this point I dunno what to make of it, first reaction would normally be to look at any competitor negativley as they could have the potential to sell gas to any of our customers once contracts expire assuming they are watertight contracts that can't be got out of.
So the report suggest's the sales of the gas is to be sold to Gazprom, again I'm not that well versed on what position Gazprom have in Cameroon and withing the areas and target markets that Vog operate in.
There is also another post on the site regarding Bowleven, not sure if it's of interest to us or not but I thought I would post it.
I can see now that Kribi is a very long way from BVLN and VOG's blocks, but the principle applies - why not a second LNG ship closer to Douala or a land based one which VOG and BLVN (and partners) can feed?
It's not at all clear to me whose gas will feed this, but I would have thought VOG would want to extend their pipes to the LNG ship too and I can't see why the Cameroon government would discourage this given the extra production should see the average cost of gas diminish and an increase in the volume of oil produced...
VOG certainly need the extra demand...
Of course, this could also be put in place for BLVN and its partners to exploit the Etinde gas - which is still a year off at least; and VOG's probable gas nearer the coast - otherwise why would VOG invest to bring in more gas from the blocks they did take over from BLVN.
This could be a smart move by the Cameroon government, especially if VOG is heavily involved; which they surely ought to be given their investment so far and the good services from GDC.
"looking at the last major update posted on the vog site, it looks as if we can expect a update sometime in June, I would say at the end."-- For a start the Preliminary Results for the year ended 31 December 2017 are due around the end of this month followed by the Annual Report & Accounts a couple of weeks later!
"Looking at how things stand here, the business is not in a good place, it looks to me as if the share price is actually higher than it should be, I say this because if you look at the whole picture here things are fairly bleak." lol
"It's pretty obvious that Vog are struggling to sell gas, & I mentioned a long time ago I seen a issue with regards to threats of competition to vog, they were gas being shipped in to port for transport inland by SNG I think it was, we have the dam projects all eating into what Vog thought would be a big market." Do some research!
looking at the last major update posted on the vog site, it looks as if we can expect a update sometime in June, I would say at the end.
Looking at how things stand here, the business is not in a good place, it looks to me as if the share price is actually higher than it should be, I say this because if you look at the whole picture here things are fairly bleak.
It's pretty obvious that Vog are struggling to sell gas, & I mentioned a long time ago I seen a issue with regards to threats of competition to vog, they were gas being shipped in to port for transport inland by SNG I think it was, we have the dam projects all eating into what Vog thought would be a big market.
I re read the last report tonight and nearly peed myself laughing at the projection of selling nearly times the amount of gas than we do now within 2 years.
This is the whole problem with the management at vog, all talk and no action and the markets can see right through it.
Couple that with directors who seem to think it's fair and acceptable to keep milking the company for all they can get and it just compounds the issues.
I'm a Director of my company I own 50% of it and when we are not doing well I take a pay cut, my staff don't, I wonder why Foo & co don't do the same?
I know some of you won't agree and this is just my take on this firm has been for a while, these fools at Vog have cost me thousands of pounds so I have a right to be a little angry with them.
I only suggest a hold because fundamentally this stock should be good as it's assets are worth good money, trouble is they can't sell it, then when they do they don't get paid properly.
I can't see Vog getting payment from Eneo and I smell a rat with the government of Cameroon too, they have taken vog for mugs, too much trust has been built, but that's gone.
Vog should learn from these mistakes and not get into big deals that payments are paid way down the line, they should be loking at a max amount owed and if not paid gas supply is cut off.
I have many customers who ask if they can have credit, they get told to do one, it don't bother me that I might lose custom because of it, I have seen far too many friends in business go out of business because busines's runug fairly sizeable invoices and fail to pay, that can and does have massive issues relating to cash flow, when you look at vogs cash flow and burn rate it is a concern.
It would be good to be more positive about Vog but how can you be?
If I'm right I think we are due update end of June & let's hope for positive news.
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