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]
General Interest Cameroon must fulfill 55 conditions to disburse 31 billion FCFA from the 2nd budget support of the European Union December 21 2019 [link] (Investing in Cameroon) - We have known for a month. Cameroon is expected to conclude a second program with the International Monetary Fund (IMF) after the one that ends in June 2020. The European Union (EU), which considers it “judicious” that the country should continue its “fruitful collaboration” with the IMF, has just pledged to support it in this direction through a donation of 50 million euros, or nearly 33 billion FCFA. A small part of this money (2 million euros, or over 1.3 billion FCFA) is intended for “complementary measures”. The rest (48 million euros, or 31.44 billion FCFA) must be transferred to the Treasury to help finance the budget. This is the reason why this funding is called budget support. But the disbursement of these 31.44 billion FCFA is subject to the implementation of a set of reforms agreed between Yaoundé and Brussels. They are contained in the addendum to the Sector Reform Contract (CRS), signed on December 16, 2019, by the Minister of the Economy, Planning and Regional Development (Minepat), national authorizing officer of the European Fund for development (Fed) where this money comes from, Alamine Ousmane Mey, and the head of the EU delegation to Cameroon, Hans-Peter Schadek. This endorsement covers a period of two years (2020-2021). [link]
General Interest New AfDB 52.7 Billion Funding for Cameroon December 20, 2019 (Business in Cameroon) - The Cameroonian government, through the Ministry of the Economy, signed on December 19, 2019 with the African Development Bank (AfDB), a new loan agreement in the amount of just over 52.7 billion FCFA, we officially learned. This funding is granted to the country as part of the Competitiveness and Economic Growth Support Program, launched in 2017. This program, which thus enters its 3 rd phase, reaches with this new funding, an overall envelope of 269, 2 billion FCFA made available by the AfDB. According to the Cameroonian Minister of Economy, Alamine Ousmane Mey, this other financing agreement is the recognition of the results obtained by Cameroon, within the framework of this program. The country has indeed succeeded in " stabilizing its macroeconomic framework with economic growth once again oriented upward, despite (…) the fall in oil prices in 2016 ", he stressed.
General Interest Translated via Google: A 28 billion FCFA PPP will provide the economic capital of Cameroon with a shopping center of 3350 shops 04 December 2019 (Invest in Cameroon) - In 18 months, will be born in the city of Douala a gigantic shopping center with 3350 shops, merchant facilities, restaurants and 300 parking spaces. The laying of the first stone of this modern commercial space, which will be built on the site of the Congo market, successively licked by flames in 2012 and February 2019, has just taken place in the economic capital of Cameroon. In order to avoid a similar disappointment, the promoters of the project underline that the future shopping center will be equipped with a " last generation fire safety system ". This investment of nearly 28 billion FCFA is the result of a public-private partnership (PPP) between the Douala Urban Community and the Cameroonian economic operator Emmanuel Neossi, promoter of Neo Industry, a processing unit recently inaugurated cocoa beans in Kekem, Western Region. Called Neo Congo Mall, the commercial center in preparation will allow Emmanuel Neossi to realize his first major project in real estate, after the signing, in September 2019, of a joint venture with the French engineering company CIOA business. This agreement led to the creation of a company called Neo Real Estate, 49% owned by CIOA and 51% by Neo Industry. According to the agreement, this joint venture will license the Bati-Fablab micro-plant technologies of the CIOA group, which will allow the production in Cameroon of 80% of the materials needed for building construction. This joint venture, we learn from authorized sources, also provides for the installation of a Bati-Fablab pilot with a capacity of 1000 homes per year, in the region of western Cameroon. Thanks to this partnership with the French CIOA, Emmanuel Neossi is more likely to realize the Neo Congo Mall project, a feat not realized by Southwest International Construction Corporation (SICC), a joint venture between US investors and Cameroonian Soppo. Ngale. In fact, SICC’s BOT (Built Operate Tranfer) contract for the construction of a shopping center (1400 shops) at FCFA 7 billion, on the Congo market site in Douala, was terminated by the Douala Urban Community, after the fire of February 2019. The super-mayor of the Cameroonian economic capital then spoke of the " failure " of his partner, who launched the project in 2013, for a delivery in 2018. But that was not to mention the financial difficulties and the beginnings of those responsible of SICC, all things that finally got the better of this first project. [link]
General Interest Cameroon: Natural gas can contribute 20-30% of the energy mix , SNH says Friday, 29 November 2019 “(Business in Cameroon) - The SNH has demonstrated, since 2012, that gas can make a significant contribution to the development of the electricity sector in Cameroon by ensuring a continuous supply of the 216 MW natural gas power plant built in the coastal city of Kribi, the first-ever in Cameroon. Gas could contribute between 20% and 30% of the energy mix at the national level.” This was the reply of Adolphe Moudiki, director and chief executive officer of the National Hydrocarbons Corporation of Cameroon (SNH) when asked how his company could contribute to the diversification of the energy mix in Cameroon. According to an internal publication (SNH Info), relaying the director’s answers, the SNH remains faithful to its ambition to contribute to the diversification of the country’s electricity supply sources. This explains some of the projects, such as the installation of a 300 MW gas power plant in Limbe and the conversion of many diesel or oil-fired power plants, already being studied. As of July 2019, according to figures published by electricity distribution company ENEO, gas accounted for 17.7% (representing 1,391.98 MW) of Cameroon’s electricity production. Hydro (55.8%) and oil/diesel (26.5%) were the other energy sources while the contribution of solar energy remains close to zero. [link]
I have finally given up on this share, I have been invested here since 2011 and have just had enough. The share had potential, but the corruption in both the company and country has seen my holding drop in value for £10k to £1k and I might as well take that out before I lose the lot. This was by far the worst performing share in my portfolio.
In The Media The role of gas in powering Africa’s future 2d ago In Ghana, gas is already a central part of the power generation mix (accounting for nearly 40% of power generation)3 and its role is likely to increase as oil is displaced. Anticipated demand for gas-fired power generation is such that increasing domestic gas production, pipeline imports and LNG imports may all be required. In Cameroon, Victoria Oil & Gas PLC, through its subsidiary Gaz du Cameroun (GDC), is the sole supplier of domestic gas for power generation. The government has said it requires additional grid power to meet growing demand. In July 2019, GDC agreed commercial terms to supply gas to a proposed new 150 MW gas-fired power station, a project we are advising on, and there is likely to be scope for further growth in the country. In Tanzania, material expansion of gas-fired power generation capacity is likely to be contingent on a positive final investment decision or its proposed LNG export plant, which seems some way off. Equinor has disclosed that its production sharing agreement would allow for 10% of gas to go to the domestic market. [link] And link to DLA Piper: [link]
RNS-Historic 14 November 2019 Victoria Oil & Gas Plc (“VOG” or “the Company”) Directorate Change Victoria Oil and Gas Plc announces that John Knight has resigned as an independent non-executive director of the Company in order to focus on other business committments. Mr Knight joined the VOG board on 3 April 2019 and was nominated as senior independent director. The Company will appoint a replacement independent non-executive director as soon as possible, the process for which has already commenced. Roger Kennedy, Chairman of VOG, said, “We thank John for his service and contribution to the Company this year and we wish him well in his future endeavours.” [link]
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]