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]
Last Few Breaths of VOG Best we can hope for at VOG now is a takeover by the Chinese. Can’t help but think that government interference has always stymied progress and reward for the long term shareholders who’ve suffered so much. Sadly a nightmare company to be invested in. Good Luck All.
General Interest A bit early but VOG are one of the exhibitors at the. I believe renamed, “The Global Group UK Investor Show” on 25th April: [link]
General Interest Just to clarify I post as banjomick on LSE and used to post on ADVFN years ago, I have never attended an AGM! "hermanngoring 1 Feb '20 - 21:55 - 47113 of 47131 0 0 0 Banjomick on iii is not Dik Paranoia Blue is not Foo. I know both of these posters and have met both of them as shareholders at AGM’s."
General Interest Translated via google: Cameroon and Chad take stock of joint road and energy projects Wednesday, January 15, 2020 “With regard to the interconnection of the Cameroon and Chad electrical networks, studies for the northern interconnected network (RIN) are available while those for the southern interconnected network (RIS), which will make it possible to complete the funding, are in progress. courses and should be available in the first quarter of 2020.” [link]
In The Media Translated via Google: CaCameroon: Serge Esso appointed Special Advisor to the Director General of Eneo Cameroonmeroon: Serge Esso appointed Special Advisor to the Director General of Eneo Cameroon 01/06/2020 Eneo Cameroon is the major operator of the electricity sector in Cameroon which provides its services to individuals and businesses. It is a private company owned 51% by the Actis Group and 46% by the State of Cameroon, result of the privatization of the national electricity company in 2001 (from 2001 to 2014, the foreign shareholder was the American group AES, which sold its 51% stake to Actis) Serge Esso, whose appointment was announced this Monday, January 6, is called to represent the company with the Cameroonian Government and other key stakeholders, in the context of institutional relations and strategic affairs. This approach, it is said, is part of Eneo Cameroon’s efforts to strengthen proximity with the Government and its key stakeholders; and the desire to fully play its role as a driving force in the electricity sector, alongside the other players in the energy chain, in order to meet the many challenges facing the company and the sector. Serge Esso’s activities are part of an agreement signed between his Cabinet “Glencoe Advisory” and the Actis Company, majority shareholder of Eneo Cameroon. [link]
In The Media Translated via Google: The electrician Eneo explains why he cannot pay his suppliers despite a profit of more than 11 billion FCFA in 2018 Tuesday, January 07, 2020 In a recent interview published by Eneo, Eric Mansuy, the new CEO of the Cameroonian subsidiary of the British Actis, explains why the electrician “ cannot pay its suppliers when its balance sheet establishes a profit more than 11 billion in 2018 ”. “ The balance sheet effectively establishes a profit. But, it is an accounting result. Cash, meanwhile, remains very tight. This translates into a cash flow problem due to the arrears accumulated by some of our large customers, mainly, "he said. In its 2018 annual report, Eneo points to the State as its largest debtor with a debt of nearly 39 billion FCFA including an unpaid 11 billion from the defunct Cameroonian water company (CDE) which it endorsed after the renationalization of the service distribution of drinking water. Large companies, such as Alucam (almost 6 billion) or Sonara (1.4 billion), were also among the insolvent. At the end of 2018, Eneo was even technically in a liquidity crisis. Its current assets (i.e. convertible into liquidity in less than 12 months) could only cover 70% of its short-term debt in the amount of CFAF 306.7 billion, of which 171 billion were supplier debts and 49 billion in tax and social debt. Among Eneo’s suppliers is the natural gas producer, Gaz du Cameroun, a subsidiary of Victoria Oil & Gas (VOG). In January 2018, Eneo had temporarily suspended its purchases of gas from VOG, intended for the Logbada thermal power plant, due to a debt of nearly $ 200 million that the electrician was struggling to repay. [link]
RNS-Historic 8 January 2020 Victoria Oil & Gas Plc Termination of Broker Services Victoria Oil & Gas Plc (“VOG” or the “Company”) announces that the Company has terminated its broker services agreement with GMP FirstEnergy. Shore Capital Stockbrokers Limited is now the Company’s sole broker and Strand Hanson Limited continues to act as the Company’s Nominated & Financial Adviser. [link]