TW - I agree wholheartedly with your first two paras .
My comments were not intended to belittle them as they are both pertinant to VOG's future.
Right now, I am more concerned about VOG present than VOG future..
VOG'sales record leaves room for improvement.
Traditionally sales have not been forthcoming as quickly as one would have liked.
Maybe because, with the emphasis on supplying Eneo, alternative sales were not given the priority they deserved, maybe because Douala is not the easiest place to do business,
whatever the reason, now that sales of gas to ENEO are suspended (temporarily we trust)
we must visualise that renewed sales efforts are being persued with rather more dedication than was the case before, but I suspect that there might be a limit to businesses of sufficient scale to take up gas from VOG.
Sure, Douala is VOG's business base but perhaps it's time that alternative possible revenues
were considered and it seems to me that the viability of chartering a low draught, gas tanker
to export gas is an option worth considering, subject of course to any issues that may apply.
I mean, maybe they need an export licence, a heap of research and due diligence for sure.
MW, My posts regarding Nestle were mainly to highlight the potential for VOG/GDC within Douala including the industrial sector of Bonaberi as growth within Cameroon continues.
Therefore having an area offering a reliable supply of natural gas for both thermal and/or power generation is obviously a massive positive for any industries looking to locate or indeed expand in Cameroon.
If you want to belittle this point then that is up to you!
An old article but it gives us the following info:-
"Expected gas consumption from all 6 Gensets to be 0.75mmscf/d "
Even supposing Nestle were to take up gas, say 3 gensets, same as Guiness, then we are looking at a further say circa .375mmscf/d in addition to the .75mmscf/d = 1.125mmscf/d x 365 = 410.625mmscf/per year.
I have no idea how this compares to Eneo's prior consumption. Do you?
Now lets stretch the imagination and guess that the 1 further customer is connected and that GdC have managed to acquire a further say 4 customers (No idea if this is a reasonable figure or not) and that on average they take a couple of gensets each (may well be too many) that gives a very ruff estimate of .75/6x10=1.25 + the .75 = 2x365=730mmecf/per year.
I have no idea how this improved guess compares to Eneo's prior consumption - we need to know what that was but the fall in sp suggest that the fall off in demand probably matches the 57% fall in VOG's share price since October.
From what I can make out, there are a couple of new power plants either being constructed or in consideration and there is a dedicated financial effort (I think by the EEC) to support building the necessary electrical infrastructure so it is only a matter of time, maybe two or three years where the need for gensets is sustained
Maybe VOG should consider the possibility of selling gas by tanker to hungry world markets.
The anchorage at Douala has a draught of 7.5 meters. ICE shallow-draught gas carriers have a summer draught of 5 meters with a cargo capacity of 20,000 cu. m.(circa 706,293 cubic feet) semi-pressurised and fully refrigerated.
Their vessels are designed for seagoing service and to cope with restricted harbours.
GdC should be capable of building a small gas terminal in the port of Douala where their gas pipes are already in place.
I'll have a look later tonight as not sure if the new Nestlé plant is an add on to the existing plant which is about 2 or 3 Km West of S.C.R MAYA & CIE, the palm oil plant that VOG supply gas for thermal use or a new plant in a new location within the Bonabéri industrial zone.
As in position to enable connection for thermal and or gas to power requirements.
It seems impossible to communicate with iii. Other than by the Buy/Sell media.
My wife has neglected her account. Due to other interests.
She now finds it impossible to sell her. £9000 holding in Rockhopper. Unable to Email iii. No helpline given anywhere that we can find.
Anybody know different please..
After the predicted fall to 28p and expected bounce I really thought this would be back below 28p by now - investors faith must be much higher in VOG than I thought - if there is any good news than that faith should lead to a significant move up.
Keeping it on watch just in case they pull a rabbit from the hat.
Electrician Eneo, a subsidiary of Actis, will rely on bank loans to step up investments in Cameroon
Thursday, April 12, 2018
(Invest in Cameroon) - Accompanied by the managers of Eneo, a Cameroonian subsidiary of Actis, David Grylls, Senior Partner in the British group Actis, met on 10 April in Yaoundé, the Cameroonian Minister of Finance, Louis Paul Motaze.
At the end of the interview, Joël Nana Kontchou (photo), general manager of Eneo, explained to the press that the meeting between Mr. Grylls and the member of the government aims to make the inventory of investments of Actis in Cameroon, particularly in the electricity sector. " We know that the quality of service can be improved. For this improvement, we need additional investments. We should already be looking at financing these investments with loans to the bank. So there is talk of having visibility on the Eneo concession. Said Nana Kontchou.
By committing to Cameroon in June 2014, the British Actis fund submitted to the Cameroonian government, an investment program from equity and a long-term loan of nearly 200 billion FCFA. In this vein, Eneo says it has already mobilized short-term bank facilities, up to 16 billion. Actis, the parent company, plans to inject funds amounting to 25 billion FCFA. But on one condition: the effectiveness of extending its concession in Cameroon beyond 2021.
In addition, Eneo is involved, among other things, in the interconnection studies between Chad and Cameroon, the Cholet power plant, which is expected to supply Cameroon and Congo. The subsidiary indicates that it intends to invest 900 billion FCFA in all projects in which it has interests. Half of this global envelope will be used to strengthen and expand distribution networks.
General interest but obviously will have an impact on power usage during construction and on completion!
Translated via Google:
Construction of Douala Grand Mall & Business Park will provide FCFA 30 billion in revenue to local businesses
Thursday, April 12, 2018
(Invest in Cameroon) - Despite the works actually launched since January 2018, the foundation ceremony of the Douala Grand Mall & Business Park, took place on April 11, 2018 in Douala, the economic capital of Cameroon.
The first phase of this project, which involves the construction of a shopping center of 18,000 m² of leasable area, including a Carrefour supermarket, a multiplex of five cinemas operated by the Nigerian Genesis Group, and a wide range of catering, leisure and shopping; will be delivered in the second quarter of 2019, has it been officially learned. The second phase, which will be launched immediately after the first, will include the construction of a five-star hotel and an office park.
" First major investment in real estate made by Actis in Cameroon. According to David Morley, the general director of real estate investments for this British investment fund, the Douala Grand Mall & Business Park will cost 80 billion CFA francs.
According to Cameroonian Mathurin Kamdem, CEO of Craft Development, promoter of this gigantic real estate project, which managed to entice the British investor; the project will provide an overall turnover of 30 billion CFA francs to local companies, through the supply of various materials and equipment.
As a reminder, this project benefited from the tax and customs benefits provided for by the law of April 2013, encouraging private investment in the Republic of Cameroon, which provides for exemptions ranging from 5 to 10 years, both in phase installation that operating companies.
The Douala Grand Mall & Business Park will induce, according to its promoter, the creation of 4,000 direct and indirect jobs, and will ultimately, " Actis, to plant a Garden of Eden in Cameroon, " said the Minister of Commerce, Luc Magloire Atangana.
Shame they are reverting to reposting videos from 2016. It is also frustrating to see that the presentation hasn't been updated since they announced that the presentation is "being updated" on 27th March. The Company simply hasn't got a clue about managing shareholders expectations and providing regular updates. I would particularly like to know if they have managed to gain any customers in the past 3 months. If (as Malcy says - ahem pinch of salt) Douala is crying out for cheap gas why haven't they announced any new customers? Hardly much talk of new customers in Q4 2017 presentation either. Something not right here imho.
Are you agreeing or disagreeing with 'the brancher' totally wired.
Let me guess - another stupid question from Kalan.
What do you think of this post on LSE from Bulldog 12:
" Ive been here longer than most and in my experience here its about false promises and a greedy Bod lining their pockets. 44mill scuffs by 2014 and were doing a pathetic 13ish. 18 if Eneo come back. Its just been pay increases to the bod, bonuses to the bod, the f ing royalties set up and as for the latest drilling campaign costs well that stinks of dodgy pocket filling to be honest. The last 7 years of Rns have in my opinion been misleading for investors, hence thats why most are well out of pocket on there investment. It feel like you want to want to take the xxxxx to court but it soon be the Agm. Any one attending this year.
There is no such word as 'theives' but it's obvious you mean 'thieves'!
Thebrancher, when did you decide that VOG were ran by "lying money grabbing thieves" and did you sell up straight away or still have faith in a company run by a dishonest management team? As a shareholder in VOG I'd be interested in your answer as I for one don't intend holding shares in a company run by a criminal management team!
Well I£ve held these for 7 years and I£m only 90k ish down. Like I£ve said before this is a Dog of a company run by lying money grabbing theives."
Also interesting that on 2nd Jan BLVN RNS's this ....
"The Company now confirms that whilst the current agreement lapsed on the 31st December 2017, that discussions continue regarding progressing work with the Government of Cameroon to advance the Bomono project. "
Farm-out transaction with Victoria Oil and Gas plc ("VOG") terminated on 31 December 2017 following the inability to meet a number of conditions, including regulatory approval. Bowleven, VOG and SNH remain in informal discussion regarding a proposed replacement transaction. The Group continues to explore all available options
Interesting that on 2nd Jan VOG RNS's this ....
On 17 September 2017 VOG elected to exercise its option to extend the termination date of the Agreement to 31 December 2017.
The Company is pleased to confirm that 'a further extension' has been agreed and discussions on the Agreement are continuing. Bowleven and VOG are working with the Government of Cameroon to advance the Bomono project.
however BLVN have RNS'd this ....
The agreement with Victoria Oil and Gas plc, to farm-out a 75% interest in the Bomono 'ended at the long stop date of 31 December 2017.' The Informal discussions have continued subsequently however, no new deal is on the table.
Along with the 2018 Investor Show (21st April) there is the Africa Investment Exchange
11-12 April 2018, RSA House, London where Kevin Foo is taking part in the Wednesday session:
13h30 to 14h45
Gas to market
Chair: Andrew Fisher, Senior Associate, The Energy
Project stakeholders discuss the challenges of developing an indigenous gas industry that serves both African and international markets.
Upstream perspectives: barriers to
commercialising Africas gas deposits
Industrial developments: monetising gas for
industry, domestic distribution and other purposes
Regulatory changes and pricing issues facing the
industry in different countries
Feedstock gas for fertiliser production and other
Prospects for future pipelines and LNG
Developing an LNG supply industry that can
compete in the international market
Development finance institutions: what is their
role in these developments
Dikko Atanu, Chief Executive Officer, Neoleum
Jay Bhattacherjee, Chief Executive Officer, Aminex
Kevin Foo, Chairman, Victoria Oil & Gas
Chris Levell, Managing Consultant, Gas Strategies
Kishan Pillay, Director of Oil & Gas: Industrial Development Division, Department of Trade &Industry
Totally wired - my memory isn't what it used to be, LOL. I thought it was Q1 and not Q2 for payment. Oh well.
So, I could be wrong about Grenor, too. I went to the website because I thought I saw it on a bar chart thing in a presentation that it was estimated to be in March (maybe I'm just obsessed with March!) and VERY INTERESTINGLY the presentation is being updated today and is offline. An RNS tomorrow? Or maybe they've seen my post, it was indeed March, and they're changing it just to prove me wrong :-)
I'd like to see Foo cut his wages because he's getting a lot of money and a lot of royalties. When IOF was struggling, the CEO took a salary of 1 USD. I don't deny that he helped the company stay afloat many years ago now and I'm grateful to him for that, but I think he's got his money back and more by now, so it's time to be a bit more reasonable in what he takes from the company. IMO.
mad_chick , firstly that article may not be accurate, I don't know!
" I thought VOG originally said we'd be repaid by the end of this quarter?" No, VOG stated the following on 16th February 2018:
"In our update on 5 January 2018, we reported gross ENEO receivables of $8.7 million. We are pleased to report that at the time of this announcement this gross receivable has reduced to $5.0 million. The Company expects the balance to be paid off in due course and at the latest by the end of Q2 2018."
"Let's hope they can get Grenor on board soon (I thought that was due for around March as well?)." Why do you think that?
"I'd like to see Foo volunteer to cut his wages for a while during this bad patch."--Why?
VOG have put a plan of action together with or without ENEO, so it's quite simple for investors to make a decision based on the information available.
The way I see it is from the very start it's been high risk especially with initial Russian interests but VOG now have a gas main in the industrial part of Cameroon with plenty of room for further additions in thermal customers and gas fired power plants.
Cameroon and Africa in general are massive growth prospects, fact!
That's a bit depressing. I thought VOG originally said we'd be repaid by the end of this quarter? Still, as long as we get it, I suppose that's something. We should really get interest but I guess that's asking too much. Let's hope they can get Grenor on board soon (I thought that was due for around March as well?).
I'd like to see Foo volunteer to cut his wages for a while during this bad patch.
Cameroon: ENEO intends to completely clear its debt to Gaz du Cameroun and KPDC "by the end of 2018"
posted the March 26, 2018 by Eugene Shema
The company has undertaken to "gradually clear" its debt since the beginning of the year, "so that the financial balance of the energy sector does not break"
The company Eneo , majority owned by the British Actis (51%), undertook to settle "progressively" its debt towards the managers of the two main gas plants: Kribi Power Development Company ( KPDC ), a subsidiary of the British Globeleq; and Gaz du Cameroun , a subsidiary of the British group Victoria Oil and Gas PLC, according to information provided to Energies Media by an official source.
This debt should be completely settled "by the end of the year" , "so that the financial equilibrium of the sector does not break , " comments our source. "It is necessary that KPDC and Gas of Cameroon can also pay their suppliers" , she completes.
Eneo finalized an "arrears settlement agreement" with KPDC in early February.
KPDC has a 211 MW gas plant in Kribi (South Cameroon), energy sold exclusively to Eneo and injected into the South interconnected grid (RIS).
Gaz du Cameroun (GDC) and its partner Altaaqa Global produce electricity from the exploitation of the Logbaba gas field (Littoral-Cameroun). Last year, Eneo consumed 50 MW of GDC, energy also intended for RIS. Between January 1 and December 31, 2017, deliveries to Eneo accounted for 53% of Logbaba's gas sales.
At the end of 2017, as Energies Media reported , KPDC decided to reduce its production by 100 MW, due to unpaid supply bills of around CFAF 46 billion (around 70 million euros).
In connection with this situation, pending the settlement of a slate valued at hundreds of billions of F CFA due to Eneo by the public administrations, the operator had decided for its part not to renew its energy supply with Gaz du Cameroun from 1 January 2018.
It should be noted, however, that in early January, Eneo was debtor of $ 8.7 million to GDC, debt that the dealer of electricity distribution began to clear. By mid-February, this debt of GDC had already been reduced to $ 5 million .
The subsidiary of Victoria Oil and Gas, which accuses the coup - because Eneo consumed more than 50% of its production before its decision to suspend - hopes that the supplies of the operator will resume once the entire debt has been settled.
On the side of Eneo, it is said that we manage however, in the current situation, to maintain "the balance of supply demand on the RIS" , partly thanks to the "erasing efforts made by our main industrial customer Alucam", can be read in the Eneo Electrical Service Information Note in February 2018
As part of the erasure , the industrial group Alucam - which consumes about 200 MW alone, according to a data communicated to Energies Media - agrees not to consume the electricity provided by Eneo at certain times of the day, during rush hours.
The concessionaire of the electricity distribution service relies heavily on the entry into production - expected - of the Memve'ele dam (211 MW), in order to reduce the production costs on the RIS and consequently the gas supplies that it receives. "Are expensive" . A hope contrary to the wishes of GDC.
FIVE AGREEMENTS SIGNED BETWEEN CHINA AND CAMEROON
Posted by China Magazine | Mar 23, 2018
"Xi Jinping said, "We will increase trade and enhance mutually beneficial cooperation in priority sectors. China supports the acceleration of the process of industrialization of Cameroon and encourages large Chinese companies to invest in Cameroon."
In order to boost economy and improve Cameroons - nancial health, President Paul Biya proceeded on March 2, 2018 to a ministerial reshu e. is aims at, among others, accelerate wealth distribution across local communities, by creating a whole division in charge of decentralization and local development. Also, reshu ing was done at the ministry of nance (MINFI) and the ministry of economy, planning and land development (MINEPAT) to restart the economy and develop key projects. Under the new restruc- turation, power sector is far from being neglected ; this is as the new hydropower dams of Memveele, Lom Pangar and Mekin are about to be completed. ey will add no less than 266 MW to the southern interconnected grid.
Another sector that has signi cantly risen in Cameroon, over the past ve years, is the domestic gas industry. Indeed, this is due to the rapid growth of demand and sales of gas bottles. Our readers will be able to see for themselves looking at gures and opportunities presented in this edition.
With the boom recorded by domestic gas production-im- port-distribution chain, Government decided to adopt a National Master Plan for Lique ed Petroleum Gas (LPG). It is attached to this edition. It aims at increasing households consumption of cooking gas. With bright perspectives, penetration rate for domestic gas in Cameroon is actually 12% while the countrys population is estimated at more than 23 million people. With projections for this market to grow to 18 million people in years to come, both small and big marketers, but also major petroleum products distrib- utors, are investing huge sums to manufacture gas bottles with various labels and copyrights. Projections for this market are also sustained by the fact that deforestation which stimulates atmospheric pollution, is greatly sanc- tioned by most world summits, NGOs for the protection
of environment and ozone layer. Demand for cooking gas, which is a very reliable alternative, is expected to stand at 383 tons by 2030. is explains why the government, and private sector (since it is an open market), wish to massive- ly invest in the sector. To meet this demand, an investment of CFA266 billion (about 407 million) is indeed required.
Very well spotted TW. It looks as Bowleven may well have to undertake further research on Bomono, which they may not want to do, before they submit the agreement to SNH as the implication is without this, SNH will not approve it.
Currently BLVN are focussed on Etinde with a drill in May so Bomono is on the back burner
but that could change if Etinde comes good.
For VOG, with it's necessary marketing drive, which I fully expect to come good,
Bomono is not the main priority currently.
Maybe, VOG would have been prepared to pick up the further research tab before the loss of the ENEO business but I can't see this as a possibility right now
Unlike VOG, BLVN's shares are on a role right now.
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