In The Media 21 February 2020 Victoria Oil & Gas Hot on the heels of the previous announcement in which VOG hadnt revealed the extent of the dispute with ENEO they now reveal a complicated arbitration dispute with previous tormentors RSM. After having thought they might have won it now looks as if RSM has filed a separate arbitration under UNICITRAL regulations and where previous disputes may return. Without any contact from management yet it’s hard to glean too much positive news but as soon as I hear from the CEO I will be right back. [link]
RNS-Historic 21 February 2020 Victoria Oil & Gas Plc RSM and VOG Arbitration Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. (“GDC”), the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, provides shareholders with an update on the status of arbitration between the Company and RSM Production Corporation (“RSM”), GDC’s partner in the Logbaba concession with an 38% non-operated interest. The Company previously informed the market that, on 22 July 2016, RSM had filed a request for arbitration with the International Chamber of Commerce (“ICC”) pursuant to the Operating Agreement between the parties regarding the rig and drilling contractor selected by GDC to conduct the drilling of two new wells at the Logbaba project. In January 2019, the subject of the claim was withdrawn on condition that RSM pay GDC’s costs, which it did. In another ICC arbitration filed in October 2018, which RSM amended in August 2019, RSM is asserting material claims primarily related to final invoices for the drilling of the two wells, La-107 and La-108, and certain audit exceptions raised by RSM following audits of the Logbaba operations between 2015 and 2018. RSM has made two attempts to obtain interim rulings which GDC has successfully defended and the substantive matter is currently scheduled for hearing at the end of January 2021. Separately, on 3 February 2020, RSM filed an arbitration application under UNCITRAL Rules pursuant to a Participation Agreement for the project. Much of the relief sought in this second arbitration duplicates the new claims in the ICC arbitration save that it also challenges the validity of cash calls GDC issued in November 2019 for RSM’s share of expenses in relation to the La-108 well remediation (in aggregate $2.9m) and raises issues relating to the primacy of the underlying governing documents relating to the Logbaba project, and the process of approvals for certain actions of GDC as the Operator on the Logbaba project. This arbitration will be heard in London under Cameroon Law. Arbitrations under ICC and UNCITRAL rules are conﬁdential processes. VOG is not permitted to provide detailed comments on them, beyond saying that it continues to vigorously defend the claims raised by RSM. [link]
General Interest BTW Totally_wired you are a Fall fan ?
General Interest I get the impression that many are trapped under water here. I know the feeling well , GKP holder for 10 years and never sold ! . The issue here is that VOG seems ( as long as it get paid ) in a good position now , but as ever is this the bottom? I once held Vog many years ago so have kept a lazy eye on it. Thoughts people please .
General Interest Translated via google: Cameroon updates its industrialization master plan Friday, February 07, 2020 (Investing in Cameroon) - Cameroon’s Industrialization Master Plan (PDI), the first version of which was drawn up in 2016, is being updated, according to information obtained during the last Cabinet Council held in Yaoundé, in last January. During the said council, the Minister of Mines, Industry and Technological Development (Minmidt), Gabriel Dodo Ndoke (photo), reported on the progress of the PDI update process. " Strategic technical groups are at work and are examining contributions from public administrations, the private sector and civil society ," he said. The current updating works are structured around the three national industrial sanctuaries (agro-industry, energy and digital) and the structuring industrial pillars (cotton, mines, chemistry, pharmacy, forests and hydrocarbons) . The Government member recalled that the said IDP provides, in its first phase, for the supervision of the implementation of stimulating structuring projects and the strengthening of existing industrial units. At the end of his presentation, the Prime Minister, Joseph Dion Ngute, asked to accelerate and finalize the current update of the Plan in the near future. According to Cameroonian public authorities, the PDI aims to increase the contribution of the industrial sector to the country’s GDP. This contribution is officially 13% currently. The PDI should make it possible to bring it to at least 24% by 2035, the deadline that Cameroon has set itself to become an emerging country. [link]
RNS-Historic 10 February 2020 Victoria Oil & Gas Plc Appointment of Non-Executive Director Victoria Oil & Gas Plc, whose wholly-owned subsidiary is Gaz du Cameroun S.A. (“GDC”), the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to announce it has appointed Mr Robert Collins as a non-executive director of the Company with immediate effect. He has also been appointed Senior Independent Director and Chairman of the Audit Committee. Mr Collins brings a wealth of expertise with over 20 years’ experience in Natural Resources Corporate Finance, advising on a broad range of corporate transactions spanning various commodity groups and transactions. He has successfully advised on numerous IPOs, public and private equity raises and M&A transactions for many Official List, AIM, TSX and ASX listed companies. Mr Collins is a Chartered Accountant and is currently a Partner at Alternative Resource Capital LLP. Additional Information on Mr Collins The following additional information on Mr Collins is provided pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies. Robert Stewart Collins (aged 49) Current Directorships / Partnerships Past Directorships / Partnerships (last 5 years) Alternative Resource Capital LLP GMP Europe Partners Co Limited Orca Resource Capital Advisers LLP GMP Europe Limited Sully Partners LLP GMP Securities Europe LLP GMP Securities Europe Nominees Limited GMP Securities (USA) Limited Mr Collins does not hold any interest in the Company’s ordinary shares. There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two of the AIM Rules for Companies. [link]
58 or 50? Still holding yes but as far as adding more, the answer would be no! It’s all a big mess at the moment with too may unknowns in the equation but that’s not to say I’ve given up on my investment just tired-lol On the other hand I’m up 830% at the moment with EUA so all is not lost! Re Malcy, no view really!
In The Media Translated via google: The British VOG is moving towards the signing of a gas supply contract in South West Cameroon Wednesday, February 05 2020 (Investing in Cameroon) - Bowleven, a British oil and gas operator, co-owner at 25% of the exploration license on the Etinde field, in the Cameroonian offshore, announced on February 5, 2020 the signing of a " letter of non-binding intention ”between his compatriots New Age (who controls 37.5% of the Etinde license, in the same way as the Russian Lukoil) and Victoria Oil & Gas Plc (VOG). This letter, in force until March 31, 2021 at the latest, we officially learned, is preparatory to the conclusion of a final contract for the supply of gas from the Etinde block, with an area of 2,316 km 2 , in the South West region of Cameroon. Concretely, explains Bowleven, " the letter of intent provides that New Age will supply treated gas to Gaz du Cameroun SA (GDC), a wholly-owned subsidiary of VOG ". These deliveries will be made to Limbé, a tourist town in the Southwest region of Cameroon which also houses the only oil refinery in Cameroon (Sonara). GDC will then transport the gas to Douala, the Cameroonian economic capital, where the company has a natural gas processing unit. In the event of a definitive agreement, the contract between VOG and New Age will have a duration of 20 years, from the date of signature, and will require New Age to supply a minimum of 25 mmscf of gas per day to GDC, during the first three years. The quantities will then be brought to a minimum of 30 mmscf of gas per day. Additional research " As we strive to make a final investment decision on Etinde this year, today’s announcement by VOG is a positive step toward reconfirming the commercialization of the license, " said Eli Chahin, CEO of Bowleven. Indeed, the contract that VOG and New Age could conclude for the supply of gas to the Etinde block is conditioned by the results of additional research expected this year. These, we learn, aim to indicate the true potential of this gas field, before making an investment decision on the part of the owners of the license. All the more so since the last exploration campaign conducted on this permit in 2019 was not successful, as Eli Chahin revealed to the Petroleum Economist, a specialized publication Oil & gas. However, this drilling was supposed to reveal huge gas deposits, based on preliminary results. But in spite of these not very promising results, and while waiting for the complementary works, Cameroon puts a lot of hope in the gas exploitation project on the Etinde block, to better benefit from the boom of the market of liquefied natural gas. This project does not exclude the possibility of installing a second natural gas liquefaction unit in the Southwest region, after that of Kribi, in the South region. Brice R. Mbodiam [link]
58 or 50? Thank you Totally_Wired Yes AIM company’s i have loads i think it might be gambling rather then investing . I have hundreds . So you are still holding here? If so are you considering topping up at this level. What do you make of Malcy .
58 or 50? It would take too long but VOG, at the moment anyway, are still a going concern with the potential still there, it’s just taking much much longer than I anticipated! I was very angry this morning but calm now, always a high risk with AIM companies and especially in Africa and more so obviously in Cameroon! Lets see if we actually get positive news during H2, if not before: “GDC has commenced negotiations with multilateral and export credit agencies to fully debt finance this new pipeline project. The Parties are currently negotiating a fully termed GSA and subject to signing, anticipate a Final Investment Decision by the Parties on the project during H2 2020.”
58 or 50? Hi Totally_Wired. I see you have copied something on another tread today what is your view ?
58 or 50? VOG… XXXX This is whats on Malcys Blog today !!! No mention of this one and its down 25% !!! With the wonders of modern science I am writing this whilst returning from Egypt, more about that later. In the meantime I’m aware of a couple of important Stories in the sector. ECHO & Red Rock ( For interest )
Last Few Breaths of VOG Having first brought into VOG in 2011 when the share price was equivalent to £2.30 before they had their 40-1 consolidation, I have watched death by a thousand cuts. I finally sold up and took a hit in November last year when I got back 6.8p for them, I have continued to follow them to see if cutting my losses was the right decision and this last RNS has confirmed they are nothing more than a con for the BOD to line their own pockets. My advice to anyone left in is to sell up and cut your losses and this will eventually fail.
In The Media Victoria Oil & Gas highlights demand and new deals but fresh ENEO downtime dented Q4 gas sales Wed 05 Feb 2020 The AIM share dropped over 20% in Wednesday’s early deals as investors react to the latest ENEO related disruption Victoria Oil & Gas PLC (LON:VOG), as part of a trading update, has highlighted the signing of a new agreement to potentially secure long term gas supplies from the Etinde field. A non-binding letter of intent has been signed between the company’s Cameroon subsidiary Gaz du Cameroun (GDC) and New Age Cameroon Offshore Petroleum for some 25mln cubic feet of gas per day. “The opportunity to secure the long-term supply of gas from the Etinde license will be a major step for our company,” said Roger Kennedy, VOG chairman. GDC will access debt funding for the development of additional downstream pipeline infrastructure in order to unlock the Etinde gas. Logbaba field impacted by ENEO downtime Elsewhere, operations at the Logbaba gas field continue to be troubled by third-party factors tied to ENEO, which has been impacted due to Altaaqa - ENEO’s generator supplier - stopping operations at the Logbaba gas-fired power station because of non-payment. The stop occurred on 14 September and GDC has not supplied gas to the ENEO station since then, but, the company has continued to invoice ENEO under ‘take or pay’ provisions. To date, these dues amount to US$10.5mln and VOG said it expects to receive these payments in due course, and, it is “actively working” with the government to recover these payables. Gas supplies continued into other customers in the Duala region. VOG noted that GDC’s 57% share of Logbaba amounted to 244mln cubic feet of gas sales in the fourth quarter of 2019 compared to 429mln in the preceding quarter. Similarly, condensate sales totalled 2,294 barrels in the fourth quarter, down from 3,071 barrels in the third quarter. VOG’s Duala operations were previously impacted due to a prior expiry of its supply deal and an extended pause in supply. “Demand remains strong” Outside of the ENEO issue, VOG’s Roger Kennedy emphasised that “demand for gas powered energy remains strong” in the Duala region, as evidenced by the Aksa Energy project. Aksa’s planned development of a new 150 megawatt gas-fired plant is “highly positive for the people and business community of Douala and for our company”, Kennedy noted. A non-binding term sheet has been signed with Aksa Energy which as a potential offtake partner would receive a long term gas supply from the company. Legacy issues addressed More broadly, Kennedy commented on the structural work that has been taking place within the VOG group. “We have spent the past eight months addressing legacy issues, cutting costs and exploring long-term strategies for the company to move away from its historical dilutive, capital intensive programmes to a strategy that we believe should deliver sustained profitability and generate shareholder value in the long term,” he said. Kennedy added: “Based on our review and work to date, we continue to refine our long-term business plan and vision. “We look forward to making further announcements reflecting these changes throughout 2020." [link]
RNS-Historic 5 February 2020 Victoria Oil & Gas Plc Operations Update Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. (“GDC”), the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders an operations update of the Company. Highlights · GDC has entered into a non-binding Letter of Intent (“LOI”) with New Age Cameroon Offshore Petroleum S.A. (“New Age” and together with GDC, the “Parties”) for the supply of a minimum of 25mmscfd of gas from the Etinde natural gas and condensate field (“Etinde”); · To enable access to Etinde natural gas, additional downstream pipeline infrastructure proposed to be developed by GDC to connect this gas supply and be fully debt funded; · Non-binding term sheet for long term gas supply to satisfy Aksa Energy Uretim A.S. (“Aksa”) off-take agreement and other future potential grid power contracts; · Altaaqa has suspended operations at ENEO’s Logbaba site due to non-payment. GDC continues to invoice ENEO based on take-or-pay provisions; and · Remediation work to complete La-108 will recommence in early 2020. Roger Kennedy, Chairman said: “We have spent the past eight months addressing legacy issues, cutting costs and exploring long-term strategies for the Company to move away from its historical dilutive, capital intensive programmes to a strategy that we believe should deliver sustained profitability and generate shareholder value in the long term. Demand for gas powered energy remains strong in Douala, with the planned development by Aksa of a new 150 MW gas-fired power plant being highly positive for the people and business community of Douala and for our Company. The opportunity to secure the long-term supply of gas from the Etinde license will be a major step for our Company. Based on our review and work to date, we continue to refine our long-term business plan and vision. We look forward to making further announcements reflecting these changes throughout 2020.” More via link below: [link]