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Totally_Wired 23 Dec 2019

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]

Totally_Wired 23 Dec 2019

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.

Totally_Wired 04 Dec 2019

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]

Totally_Wired 01 Dec 2019

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]

legionrider 28 Nov 2019

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.

Totally_Wired 18 Nov 2019

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]

Totally_Wired 14 Nov 2019

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]

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]