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Totally_Wired 16 Oct 2019

General Interest World Bank/Cameroon: $200 Million to Boost Inclusive and Sustainable Growth WASHINGTON, October 15, 2019 – World Bank Country Director for Cameroon, Abdoulaye Seck, signed today with Cameroon’s Minister of Economy, Planning and Regional Development, Alamine Ousmane Mey, a $200 million Development Policy Credit (DPC) which aims to strengthen fiscal sustainability, enhance competitiveness and protect the poor and most vulnerable. This operation, the second in a series of three, is aligned with Cameroon’s economic growth, poverty reduction, and reform priorities as set forth in its long-term development agenda, Vision 2035. “Cameroon’s ambitious fiscal consolidation efforts and structural reforms are showing positive results”, said Abdoulaye Seck, World Bank Country Director for Cameroon “With this program, Cameroon is expected to address critical bottlenecks to foster inclusive growth and ensure that poorest households are not left behind”. Cameroon’s GPD growth rate is estimated at 4.2 percent in 2019, compared to 4.1 percent in 2018. Growth momentum has been driven by an increase in gas production, a slower contraction in the oil sector, continued dynamism in construction, and a robust service sector. More specifically, the program will support efforts to rationalize and reduce tax expenditures, broaden the nonoil tax base, increase the efficiency of public procurement, improve civil-service management, greater financial sustainability of the energy sector, improved road maintenance, a more climate resilient road network, improved performance of logistics platforms and supply chains at the Port of Douala, and increased access to health services and protection for the poorest households. The World Bank supports Cameroon through 15 IDA, IBRD and Trust Funds operations with a net commitment of $1.81 billion, in addition to a comprehensive program of analytical services. The support contributes to the country’s inclusive and sustainable growth, through the implementation of economic reforms, improvements in agriculture and livestock sectors, energy, transport, healthcare, education and social safety net for the most vulnerable. [link]

Totally_Wired 30 Sep 2019

In The Media Victoria Oil & Gas interims confirm substantially improved performance after ENEO supply resumed 30 Sep 2019 Daily production rates improved by some 190% while revenue jumped to US$10.68mln. Victoria Oil & Gas PLC’s (LON:VOG) half yearly numbers revealed a substantial improvement, as expected, thanks to the restart of sales to its key customer, a neighbouring gas-fired power plant. Supplies to ENEO, Cameroon’s national power utility, in December 2018. Subsequently, in the first six months of this year, gross gas sales from the Logbaba field amounted to 1.78bn cubic feet for the six months ended 30 June, versus 650mln in the same period of 2018. Sales to thermal gas and industrial power customers both increased (to 731mln and 50mln cubic feet, from 619mln and 31mln), but, the most significant change was the supply of just over 1bn cubic feet for grid power generation where there had been none in the comparative period. VOG generated some US$10.68mln of revenue in the six months ended 30 June, marking a rise from US$5.01mln in the comparative period of 2018. Daily production rates improved by some 190%, to 9.9mln cubic feet per day, thanks to ENEO supply coming back online as well as the addition of new independent customers – and, during the subsequent reporting period, the company has signed a deal with Aksa Energy which sees up to 25mln cubic feet per day sent to a planned 150MW power stations. “Signing of the term sheet with Aksa Energy is very positive and bringing that to fruition alongside additional increasing production with thermal customers will be the focus over the coming twelve months,” said Roger Kennedy, executive chairman. Kennedy became chairperson formally in April as predecessor Kevin Foo stepped down at the company’s AGM, and a number of other management changes also took place during the half year with John Daniel and John Knight joining as non-executive directors. Financial results The company reported a US$6.79mln operating loss, including some US$4.91mln as depreciation, a US$5.55mln impairment on an investment and spent US$6.7mln on admin expenses. VOG reported a US$5.88mln gross profit from continuing operations. Earnings (underlying EBITDA) was stated as US$3.76mln compared to just US$27,000 in the first half of 2018. And, it reported a US$7.75mln loss before tax. It had some US$14.38mln of cash and equivalents at the end of June. [link]

Totally_Wired 30 Sep 2019

RNS-Historic 30 September 2019 Victoria Oil & Gas Plc INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2019 Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2019. Operational Highlights · Average daily Logbaba field gross production rate increased by 190% to 9.9mmscfd (six months to 30 June 2018: 3.4mmscfd) · 1,785mmscf of gross gas sold from Logbaba (six months to 30 June 2018: 650mmscf) · Gas consumption by grid power customer ENEO Cameroon SA (“ENEO”), throughout the period · Two additional industrial customers consumed gas during the period (with a further two commissioned post period) · 18% increase in industrial customer gas consumption for thermal use compared to H1 18 · 61% increase in industrial customer gas for power usage compared to H1 18 · International Organization for Standardization compliance (“ISO”) 9001, 14001 & 45001 audits successfully completed, emphasising the Company’s commitment to international standards in its management systems Financial Highlights · $10.7 million Revenue (six months to 30 June 2018: $5.0 million) · $3.7 million Adjusted EBITDA (six months to 30 June 2018: $0.03 million) · $4.2 million cash generated from operating activities prior to movements in working capital (six months to 30 June 2018: utilised cash of $1.3 million) · $5.9 million Net Debt position (at 31 December 2018: $17.4 million) Corporate Highlights · The Company raised $17.0 million net proceeds via a fundraise on 4 April 2019 to strengthen the Company’s financial position and provide a stable growth platform for the business · Completion of board changes effective 3 April 2019: Ø Kevin Foo stepped down as Director and Executive Chairman Ø Roger Kennedy assumed the role of Executive Chairman. Ø Appointment of John Daniel and John Knight as Independent Non-Executive Directors Subsequent Events · GDC signed a non-binding term sheet with Aksa Enerji Uretim A.S. (“Aksa Energy”) to supply Aksa Energy with up to 25mmscfd of gas to Aksa Energy’s planned 150MW power station · John Bryant resigned as Independent Non-Executive Director on 8 July 2019 · Retrieval of the tool string on the La-108 remediation programme, which is ongoing More via link below: [link]

Totally_Wired 19 Sep 2019

General Interest The link opens an Investor presentation dated 20th August 2019 from AKSA Energy and on page 19 under the heading of ‘Potential Opportunities for 2019 & Beyond’ Cameroon is highlighted! This is the first time I have seen AKSA Energy mention Cameroon but you can only assume it’s related to VOG/GDC but of interest anyway. [link]

Ripley94 16 Sep 2019

58 or 50? VOG… Order lifted @ 10.6 on 10th September, did not note that here.

Ripley94 30 Aug 2019

58 or 50? VOG… XXXX Dropped below 11p yesterday.

Totally_Wired 16 Aug 2019

General Interest A bit more regarding the above: Electricity supply: ENEO commits to permanently resolve load shedding in 7days he electricity distribution company, ENEO has said it will restore constant power supply to some affected neighborhoods in Yaounde in the next 7days. Gaston Essomba Eloundou, Minister of Water and Energy, the government spokesman and Minister of Communication, Rene Emmanuel Sadi and other stakeholders in the electricity supply chain briefed the public during a joint press conference on 14th August 2019 in Yaounde. Following frequent power cuts in some neighborhoods in the capital city, the government has taken measures to speed up the rehabilitation of the damaged Geological and Mining Information Brigade – GMIB substation at the Melen neighborhood. The structure was razed by fire on Tuesday, 7th August 2019, interrupting constant power supply to 28% of Yaounde’s population. During the meeting, Minister Rene Emmanuel Sadi disclosed that new equipments have been acquired, and engineers from the electricity transmission and distribution companies, SONATREL and ENEO are respectively working hard to fix the problem. Minister Gaston Essomba Eloundou says repair work must take place twenty-four hours daily, in order to meet up with the 7days deadline. As repair works intensify, ENEO has come up with a rationing plan that ensures minimum power supply to all neighborhoods in Yaounde. However, areas with sensitive social and humanitarian importance like hospitals and water supply facilities will have constant power supply. The government commends the collaboration of the public this far, and promises to resolve the problem as soon as possible. [link]

Totally_Wired 16 Aug 2019

General Interest Roughly translated by Google. The companies who have Gensets supplied with VOG gas will obviously not be affected by these outages : Yaoundé: rationing of electricity following a giant breakdown causes inconvenience among the population Thursday, August 15th, 2019 (Invest in Cameroon) - An important part of the population of the city of Yaoundé, the Cameroonian capital, now lives at the rate of alternating power cuts. ENEO, the structure in charge of electricity distribution, whose first shareholder is Actis, a major British private equity firm, issued a statement explaining that one of its major power stations in the city had burned, causing network disruption " A plan of rotation of electricity supply will extend gradually decreasing until the end of the month, " reads the release. In fact, the crisis situation should last between 2 and 6 months, the time that will take the reconstruction of the dispatch position. Meanwhile, the lack of precise information on the rotation schedule is not without causing inconvenience. In the university district, which is home to small and medium-sized reprographic services, the promoters have blamed the coup more than 6 days in a row without having a precise explanation. Some have already chosen to switch to generators, but for the vast majority, we already make the balance sheet of the losses. Several other small economic players who depend on the electric current say their concern. No cause was given as to the origins of the fire. But the populations living near this post do not seem surprised, because the installations were perceived as very old. It is difficult to know who of the acquiring shareholder or the state had the responsibility to invest in the renewal of the equipment. The specifications of the concession are not public. Access to energy remains a major challenge in Cameroon. Many government initiatives, both in terms of investment and improvement of the legislative framework, have been carried out, but their effectiveness is still expected. Many localities located in peri-urban areas still lack fluid electricity, and in the major cities of Yaoundé and Douala, the cuts remain frequent. [link]

Totally_Wired 05 Aug 2019

RNS-Historic From this morning: 5 August 2019 Victoria Oil & Gas Plc Grant of Options to Directors and employees Victoria Oil & Gas Plc announces that further to the Company’s circular to shareholders dated 11 March 2019, a long-term incentive programme (“LTIP”) for Directors, management and employees has been adopted by the Board on 31 July 2019 ('Date of Grant"). As conveyed to the shareholder circular dated 11 March 2019, the Annual Report and Accounts to 31 December 2019, and in our Pre-AGM Trading Update dated 27 June 2019, the options programme has been implemented to enable us to reduce Executive and Non-Executive Directors fees and align the interests of all of our Directors and employees to those of our shareholders. On the Date of Grant, options totalling 13 million Ordinary Shares (or 5.1% of issued share capital of the Company) have been granted at a price of 14p. All share options have exercise periods of 5 years following vesting dates. The share options have been granted to the Executive Directors and employees pursuant to the LTIP. Share options to the Non-Executive Directors have been granted as per individual Option Agreements. The following notification has been made to the FCA in accordance with the requirements of article 19.3 of the EU Market Abuse Regulation: Details of the person discharging managerial responsibilities / person closely associated See Link BOP urthermore, the Company announces that Dostan Investments Limited, a company owned and controlled by Ahmet Dik (Chief Executive Officer) has elected to exercise its options awarded as part of the Annual Bonus Plan of 2016. A total of 433,735 new ordinary shares (“Ordinary Shares”) of 0.5p each in the Company have been issued pursuant to the exercise of these options. An application has been made to the London Stock Exchange for the admission of the new Ordinary Shares to trading on AIM (“Admission”). Admission is expected to become effective and dealings in the new Ordinary Shares are expected to commence at 8.00 a.m. on 9 August 2019. Following Admission, the Company will have 256,861,796 Ordinary Shares in issue. The following notification has been made to the FCA in respect of the exercise of options by Mr Dik in accordance with the requirements of article 19.3 of the EU Market Abuse Regulation: See Link BOP [link]

Totally_Wired 30 Jul 2019

VOG-Interviews Forgot to post this yesterday: Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability’ Proactive Investors Stocktube Published on Jul 29, 2019 Victoria Oil & Gas PLC’s (LON:VOG) Ahmet Dik tells Proactive London’s Andrew Scott they’ve signed a non-binding term sheet for an energy supply deal in Cameroon. The agreement is with Aksa Energy to supply up to 25mln standard cubic feet a day of gas to Aksa Energy’s planned 150-megawatt power station in Douala. [link]

Dubai_tDodger 30 Jul 2019

RNS-Historic No one else following this share on here now? Used to quite lively in the days of Kevin Foo et al !

Totally_Wired 30 Jul 2019

In The Media Translated via google: Gaz du Cameroun to supply natural gas to the future Bekoko power plant in Douala Monday, July 29, 2019 (Invest in Cameroon) - Gaz du Cameroun, a local subsidiary of British producer Victoria Oil & Gas, has signed a non-binding natural gas delivery agreement with Aksa Enerji Uretim, operator of the future Bekoko power plant in Douala at the factory. Under the terms of the agreement, Gaz du Cameroun will deliver up to 25 million cubic feet per day to the 150 MW capacity plant for 25 years with a five-year extension option. The gas will be traded at a price of $ 6.75 per million Btu. The agreement is subject to several government approvals and the signing between Eneo, the public electricity distributor, and Aksa Energy, of an agreement to buy / sell electricity. For Gaz du Cameroun, this agreement could lead to the implementation of a long-term development plan that will support its existing network and the Logbaba and Matanda projects. Aksa Energy is one of the largest independent electricity producers in Turkey. Earlier this month, Cameroon’s energy minister and Aksa Energy signed a memorandum of understanding to develop the power plant. [link]

Totally_Wired 30 Jul 2019

In The Media Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability’ Proactive Investors Stocktube Published on Jul 29, 2019 Victoria Oil & Gas PLC’s (LON:VOG) Ahmet Dik tells Proactive London’s Andrew Scott they’ve signed a non-binding term sheet for an energy supply deal in Cameroon. The agreement is with Aksa Energy to supply up to 25mln standard cubic feet a day of gas to Aksa Energy’s planned 150-megawatt power station in Douala. [link]

Totally_Wired 29 Jul 2019

RNS-Historic 29 July 2019 Victoria Oil & Gas Plc Term Sheet signed with Aksa Enerji Uretim A.S. to supply up to 25mmscfd of gas to 150MW Douala Power Station Victoria Oil & Gas Plc, whose wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), is the fully integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to announce that it has signed a non-binding term sheet with Aksa Enerji Uretim A.S. (“Aksa Energy”) (“Term Sheet”) to supply Aksa Energy with up to 25mmsfd of gas to Aksa Energy’s planned 150MW power station, to be located in Bekoko, Douala, Cameroon. The Term Sheet is subject to various conditions precedent, including government approvals and the signing of a Power Purchase Agreement by Aksa Energy with Eneo Cameroon S.A. (“ENEO”) or “Sonatrel” (the Cameroon Government owned manager of the national electricity network). The key commercial terms between Aksa Energy and GdC include: · Gas Price: US$6.75 per mmbtu; · Term: 25 years, plus option to extend for an additional 5 years; and · 70% Take or pay component. Aksa Energy is one of the largest independent power producers in Turkey, selling 14 TWh/year of energy globally. On 2 July 2019, the Minister of Water Resources and Energy of Cameroon (“Minister”), on behalf of the Government of the Republic of Cameroon, and Aksa Energy, entered into a Memorandum of Understanding to develop a 150MW of power plant project in Douala, subject to receipt of the requisite approvals and licenses The location of the proposed power plant is expected to be near the Bekoko substation, near to GDC’s existing gas pipeline network. GDC’s management has been working closely with Aksa Energy and ENEO to develop this exciting gas-to-power project, and GDC, Aksa Energy and ENEO gratefully acknowledge the support and guidance they have received from the Minister. The Term Sheet, which the Company expects to lead to a long term grid power contract requiring natural gas from GDC gives support to the long term field development plans of GDC in Cameroon for both the Logbaba Field and Matanda Block in order to deliver the contracted gas for this project. Ahmet Dik, Chief Executive Officer of VOG commented: "Considerable progress has been made in our Gas-to-Power strategy, as evidenced by the term sheet signed with Aksa Energy, one of the largest global independent power producers. Upon commencement, which is planned for late 2020, production levels would dwarf the current level of gas sales and propel VOG into a profitable trajectory of growth which has always been our aim. Much work and effort by all stakeholders has gone into progressing this project and I am confident the additional power expected to be generated will be highly beneficial for the Cameroonian people and the economy as Douala continues to attract industry into the busy port town. We are delighted to have begun a partnership with such a high-profile, professional and reputable company such as Aksa Energy which has a depth of experience in installing and operating successful gas facilities across Africa. Additionally, I would like to thank the Government of Cameroon for their support of this project, and we look forward to working closely with them through to the delivery of first gas and power." [link]

Average_Dave 26 Jul 2019

The Plot thickens Business in Cameroon British Actis still keeping the mystery around ENEO’s sale - Business in... Today July 24, 2019, Nafiatou N’Daw (photo), chairwoman of Energy of Cameroon (Eneo)’s audit committee, could have ended the rumors according to Didn’t know ENEO was part owned by a British company and the Cameroon gov’t have not been paying their bills. Funny stuff. A_D

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