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Started: Kever, 18 May 2024 21:02
Last post: Mj33, 21 May 2024 11:48
Crossed
Thanks Kever. Fingers cy
Thanks for this positive news, Kever.
This week a Company Voluntary Arrangement will be announced by Resolve the administrators. This is a debt payment plan which will be set up with all creditors I am told. So VOG will be out of administration soon after. GDC sales of gas very robust. Revenue above expectations has helped the process.
Started: Kever, 19 Mar 2024 22:47
Last post: Kever, 19 Mar 2024 22:47
If anyone wants a copy of the admin report issued today drop me an email
rayfenn68@gmail.com
Extension to FEB 2025. Asset sales being looked at.
Started: Ginoir, 19 Mar 2024 16:52
Last post: Ginoir, 19 Mar 2024 16:52
No major "new" news as far as I could see though
Kevin Foo
He has held CEO and Chairman positions in several AIM-listed companies including Celtic Resources Holdings Plc, Eureka Mining Plc, Bramlin Limited and Bakyrchik Gold Plc.
Thanks for the info. Yes, important to clarify that VOG is in "trading administration" which does not necessarily mean that all is lost (though I am not banking on getting any of my investment back). Let's see.
In recent days a creditor of VOG has forced the company into liquidation. This creditor was none other than Cameroon Holdings Ltd who Mr Foo is a shareholder in. This action by CHL came out of the blue. We will all be getting a letter off the administrators soon. They are https://babr.co.uk/ Meanwhile gas flows and GDC carries on as normal. All VOG Directors now don't control the company. Any questions email: kristine.lapa@babr.co.uk
Also give Mr Foo a call and email him.
His number is 07768238847
kevinafoo@gmail.com
Started: Kever, 17 Jan 2024 21:06
Last post: Kever, 17 Jan 2024 21:06
New update today on the admin portal
Admin period extended until FEB 2025
Seeking a restructuring / asset sale
CHL who initiated this admin have now ceased paying babr.co.uk (the first admin) and babr have now resigned
resolve now sole admins
Started: Kever, 19 Sep 2023 18:04
Last post: Kever, 19 Sep 2023 18:04
Today 19th Sept the administrators have issued a new updated report. if you want a copy e mail me:
rayfenn68@gmail.com
Started: chambersiain2, 7 Aug 2023 08:39
Last post: chambersiain2, 7 Aug 2023 08:39
After reading Kever's report that he kindly forwarded from the Administrators it would appear that VOG is still alive but on its last legs. I suspect there will be an announcement in the near future that the company has folded and share holders will get nothing.
My question...
Do you know if it is possible to do an interspousal transfer of a delisted company? We would like to make use of the forth coming loss but against me and not my wife who holds the stock
Many thanks
Iain
Started: Kever, 27 Jul 2023 17:46
Last post: Kever, 27 Jul 2023 17:46
If anyone wants a copy of the latest adminis report email me
rayfenn68@gmail.com
Any news ?
Has anyone heard anything since the presentation, out of which we mere shareholders were kicked before any juicy chat? Tks
Price approval
This increase in production costs in industrial companies has resulted in an increase in final consumer prices for households. “ In the same wake, we noted a significant increase in final consumer prices for households of 6.3% in 2022 (i.e. more than double the 3% accepted as the tolerance threshold in the CEMAC space, editor’s note) . So companies have not fully deferred producer price increases to final consumption, but have cushioned the blow, either through government measures in the form of subsidies or by cutting their margins,” points out the INS analysis note.
Among the companies forced to reduce their profit margins to cope with rising production costs, we can cite those whose product prices (rebar, cement, sheets, palm oil, refined oil, etc.) to the consumer are regulated by the approval procedure. Indeed, despite the explosion of their costs, these companies cannot pass on the additional costs to the final prices for the consumer. This insofar as the government, which is responsible for approving prices, has systematically opposed for years any increase in prices on the market, despite the context of generalized inflation.
Because of this opposition to any price increase, the last approval of rebar prices in Cameroon dates back, for example, a decade ago, notes the Cameroonian Organization of Steel Processing Industries (Ocita). Whereas after the oil and gas industry, the steel and metallurgy industry, from which concrete reinforcing steel and many other ferrous materials come, is identified by the INS as the 2nd branch of activity suffering the most significant increase in production costs for at least 2 years. The increase in electricity and natural gas prices, two sources of energy of which steelmakers and metallurgists are the main consumers, should complicate the situation in this sector during the year 2023.
Brice R. Mbodiam
Started: Kever, 22 May 2023 22:28
Last post: Kever, 22 May 2023 22:28
(business in cameroon) - in a letter sent on may 15, 2023 to its customers, gaz du cameroun (gdc), which supplies natural gas to around thirty industrial companies in the city of douala, the country's economic capital, announces a 20% increase in its prices, starting june 1, 2023. the cameroonian subsidiary of the british victoria oil & gas (vog) explains this “first price increase in 10 years ” by “ the significant increase in its operating costs », because of the global situation.
the rather significant increase in the prices of natural gas intended to supply the main production plants of the economic capital of cameroon comes after the extension to natural gas of the special tax on petroleum products (tspp). contained in the 2023 finance law of the state of cameroon, this extension has since january 2023 required companies that consume industrial gas to pay the tax authorities a tax of 70 fcfa for each cubic meter of gas consumed.
at the same time, since january 2023, the electricity sector regulatory agency (****l) has also increased electricity prices by nearly 30% for "key account" customers, a term that includes industrial companies reputed to be energy-intensive. to this must be added the increase since february 2023 in the prices of super, diesel and kerosene used by manufacturers. on these energy sources, the proportion of the price increase varies between 15.8% and 36.5%.
russian-ukrainian conflict
the explosion of energy costs in the industrial sector in cameroon since the beginning of 2023 should result in a much greater increase in production costs for companies. indeed, since the post-covid period, aggravated by the outbreak of war between russia and ukraine in february 2022, these companies have already seen the ex-factory prices of their products experience significant increases, due to the skyrocketing prices for sea freight and raw materials on the international market.
indeed, according to the industrial producer price index (ippi) published by the national institute of statistics (ins), production costs in industrial companies in cameroon in 2022 experienced the largest increase in 6 years. , reaching 13.3% year-on-year. according to ins data, two main sectors of activity are particularly affected by this increase in production costs.
these are the extractive sector, in particular the oil and gas industry, and the steel and metallurgy sector. in these two branches of activity, ex-factory prices increased by 29% and 16.9% respectively during 2022. against only 5.8% in the chemical, pharmaceutical and plastics industry; 1.9% in the textile industry; 10.9% in the food industry and 15.9% in the leather industry.
price approval
this increase in production costs in industrial companies has resulted in an increase in final consumer prices for households. “ in the same wake, we noted a significant increase in final consumer prices for households of 6.3% in 2022 (i.e. more than doub
Because I have to pick up the children from school at 3pm
If you are a VOG shareholder why didn't you take part in the zoom meeting if you care so much ?
Did anyone attend the zoom meeting?
Is there any hope left?
Todays Zoom meeting cancelled as more administrators have been appointed.
Zoom meeting now 3pm Thursday 11th May
I was unfortunately unable to attend, was there any "new" news, or was it just procedural? Thanks
Thanks for the continued updates.
Roy Kelly (CEO) has had his employment terminated along with a NED.
Rob Collins (CFO) and Kennedy (Chairman) stay on
Started: Kever, 28 Apr 2023 11:54
Last post: forest4032, 28 Apr 2023 18:22
Victoria Oil & Gas Shareholders
Dear Sir/Madam,
Please be advised that it is necessary to adjourn this morning’s virtual meeting to consider the Joint Administrators’ proposals.
Please accept our apologies for the short notice and an explanation of the reasons for this adjournment will be circulated to all creditors and shareholders under separate cover with formal notice of the adjourned meeting date and time.
For and behalf of Tommaso Ahmad and Paul Bailey
Joint Administrators of Victoria Oil & Gas Plc (In Administration)
Yours faithfully
The affairs, business and property of Victoria Oil & Gas Plc ?(in Administration)?
??are managed by the Joint Administrators, ?who act as agents of the Company
?and contract ?without personal liability.
Victoria Oil & Gas Shareholders
020 3393 6938
victoria.shareholders@babr.co.uk
www.babr.co.uk
There will be no RNS. We are not listed on AIM anymore. We are a private company currently. We will get an email off babr at some point if you are on the shareholder register
RNS next week at some point?
@Kever - so we can expect reinstatement at some point?
Cancelled as its looks like an agreement has been reached between CHL and VOG over payments.
Started: maisydaisy, 25 Apr 2023 09:55
Last post: JRich20020, 25 Apr 2023 23:35
I believe VOG still own 1/3 of CHL. My gut feeling is this administration was a joint protective measure to block any creditors from going for liquidation. This offers the best solution, if there is one.
I haven't really been following the detail. I'm curious to know what happened to the initiative on Kemerkol. The plan was to go to arbitration if the authorities didn't engage. There's never been any indication this has happened.
Also, is the insurance claim totally dead? They had lawyers involved.
If they can sort something out and get on with Matanda that should be enough to turn this round. Assuming successful drilling. All boils down to funds in the end.
West Med. Looked promising for a while. Maybe again post Putin.
OK - so another option. Assuming VOG carry on trading then CHL take a stake then in likely the Doula gas plant etc and perhaps Matanda etc. I assume that VOGs 'tipping point' of carrying debt (from screwed up operations since the start of the company - Kem, West Med, drilling etc) is not actually that large, so hope that CHL or whoever it is will bring some cash to the table in lieu of a share in the company. VOGs issue has been cash flow - never quite enough to service the debts in place. Can this be reconciled? Still assuming a write off, but fingers crossed.
Recent pdf document from babr:
2.13 Inviting key stakeholders to attend a virtual meeting in an attempt to ascertain whether there
was common ground between them which may result in a restructuring proposal being put
forward. Whilst not all parties attended, we have since been advised that dialogue is continuing
independently, and good progress is being made.
I don't think any assets need to be sold. I expect a deal of some sort to be done between CHL and the big shareholders of VOG
Morning. Hoping that there are options perhaps. Interested that CHL will be at the meeting since they perhaps tipped the balance for VOG to enter administration. Wonder if assets can be wholly or part sold to fund the bulk/all of any debt repayment and if there is a surplus as Kever suggests that VOG take on Matanda with enough cash in hand to do the job. Basically become an explo co. What is Maranda valued at - nothing? something? Hoping that there is some form of positive outcome for the browbeaten shareholders!! GLA.
Started: Kever, 21 Apr 2023 19:02
Last post: Newdealz, 25 Apr 2023 08:01
I got a reply yesterday with an apology for it being late, hoping to at least listen to zoom meeting later in the week, whats everyone preferred outcome?
I would like to see VOG kept going personally, im too far underwater to take a pay off only hope is for some decent future growth, im not up to date on the current management only that FOO messed it all up a long time ago for which we are now paying the price.
Gordon Brothers have been tasked by the administrators to value the VOG assets. I rang and spoke to Ian at Gordon Brothers today. He seems to think GAZ DU CAMEROUN has a trade value of about £50-£60 milion based on current gas sales and gas reserves (along with the infrastructure)
So assuming all the VOG debt had to paid today (which it doesn't) then this is £28 million. £28 million is the figure given by babr.co.uk the administrators .65% of the VOG debt remember is long term debt with BGFI etc
.
Assuming all debt paid off here would be £22 million left assuming a GDC sales price of £50 million.
That is equal to 8p a share.
All is not lost here.
I expect a deal to be done with CHL and the big stakeholders that will mean VOG will be out of administration within a few months.
All is not lost.
Started: Kever, 24 Apr 2023 15:28
Last post: Kever, 24 Apr 2023 15:28
All shareholders can join the virtual meeting this friday.
I have been sent the zoom log in details. Every shareholder should have been sent these details
Started: forest4032, 22 Apr 2023 03:03
Last post: forest4032, 22 Apr 2023 03:03
for forwarding PDF and all the updating much appreciated
Started: kerfsurfer, 21 Apr 2023 22:45
Last post: kerfsurfer, 21 Apr 2023 22:45
Great info kever much appreciated, fingers still crossed here, atb.
The new pdf is 32 pages and sets out a lot of info. I am with HL and still nothing to vote on.
@Kever - what is the document? i had a pdf from administrators just stating they were appointed, didnt say anything more really and of course as i said the vote appeared Wednesday
If you are a shareholder the administrators should have been in touch. You should have received a letter this week with log in details to a website so you can download a document.
email them
kristine.lapa@babr.co.uk
My shares are held with IWEB part of Halifax share dealing and I have received no notifications at all and with 700k shares between myself and wife,we hold a significant amount of worthless toilet paper and have received nothing no communications zilch.
imo HL are not a very professional outfit, i use interactive investor which are really good on votes, i think with HL you have signup to receive the vote, this is what other fellow investors have complained about with HL and fact they refuse to transfer equities abroad (POLYMETAL redom) not had any of these problems with ii.
take a look at this if you dont believe me.
https://ibb.co/db279XY
Started: Kever, 18 Apr 2023 21:01
Last post: Newdealz, 19 Apr 2023 16:08
Those 17500 shares cost me £50k :((
Kever - check your broker account, it landed today
as of this morning 19/04/23............
Make your selections below, using the options on the right side of the page.
Shares available:
17,500
Optional: Express vote all proposals as:
Optional: Express vote all proposals as:
For All
Against All
Abstain All
THAT THE ADMINISTRATORS PROPOSALS FOR ACHIEVING THE PURPOSE OF THE ADMINISTRATION, AS SET OUT IN THE ADMINISTRATORS REPORT AND STATEMENT OF PROPOSALS, BE APPROVED (A response to this proposal is mandatory)
Board Recommendation:For
1
THAT THE ADMINISTRATORS PROPOSALS FOR ACHIEVING THE PURPOSE OF THE ADMINISTRATION, AS SET OUT IN THE ADMINISTRATORS REPORT AND STATEMENT OF PROPOSALS, BE APPROVED (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
UNDER RULE 18.16 OF THE INSOLVENCY RULES AND IN THE ABSENCE OF A CREDITORS COMMITTEE, THE REMUNERATION OF THE ADMINISTRATORS BE FIXED AS TIME COSTS AS DETAILED IN THE ADMINISTRATORS REPORT AND PROPOSALS. THE ADMINISTRATORS BE AUTHORISED TO DRAW REMUNERATION ON ACCOUNT OF COSTS INCURRED AS AND WHEN FUNDS PERMIT (A response to this proposal is mandatory)
Board Recommendation:For
2
UNDER RULE 18.16 OF THE INSOLVENCY RULES AND IN THE ABSENCE OF A CREDITORS COMMITTEE, THE REMUNERATION OF THE ADMINISTRATORS BE FIXED AS TIME COSTS AS DETAILED IN THE ADMINISTRATORS REPORT AND PROPOSALS. THE ADMINISTRATORS BE AUTHORISED TO DRAW REMUNERATION ON ACCOUNT OF COSTS INCURRED AS AND WHEN FUNDS PERMIT (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
THE ADMINISTRATORS WILL BE DISCHARGED FROM LIABILITY UNDER PARAGRAPH 98(2)(B) OF SCHEDULE B1 TO THE INSOLVENCY ACT 1986 IMMEDIATELY UPON THEIR APPOINTMENT AS ADMINISTRATORS CEASING TO HAVE EFFECT (A response to this proposal is mandatory)
Board Recommendation:For
3
THE ADMINISTRATORS WILL BE DISCHARGED FROM LIABILITY UNDER PARAGRAPH 98(2)(B) OF SCHEDULE B1 TO THE INSOLVENCY ACT 1986 IMMEDIATELY UPON THEIR APPOINTMENT AS ADMINISTRATORS CEASING TO HAVE EFFECT (A response to this proposal is mandatory)
Board Recommendation:
For
For
Against
Abstain
ISIN: GB00BRWR3752
There is no vote for shareholders
called broker yes i had the admin letter, nothing to get excited about just stating company in charge of admin. There is a vote on my account now thats needs to be entered by 24th April, looks as if its just to give the administrators free rain to execute admin.
Anyone who wants a copy of the pdf document just released by the adminstrat0rs drop me an email:
rayfenn68@gmail.com
Thanks Kever, I will do this.
But to be sure, is there any reply required from shareholders on the letter? Do we need to explicitly opt in or out of anything?
if you are a VOG shareholder you should have got a letter even if your shares are held in nominee form.
You need to contact:
kristine.lapa@babr.co.uk
(Who is the administrator)
I didn't get a letter. My shares are held in a Barclays account.
Do we need to take any action at this time or was it just a letter telling us to wait?
Could someone please post here if there is any further news such as a final dividend.
Thanks
Same as 3 card,....I don't see this doing a phoenix, Only option that looks good to me is a dividend to offset our losses.