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@krusty its an expensive lesson sure, but a very valuable one, aim market has to many risk for my trading type, im a very risky trader and learnt that from VOG, if i stick with big caps and get it wrong one ile in normal situatioon have divi's and two just have to wait it out.
2009 was my first go at fintech trading, ive learnt a lot since then mostly about myself, i wont be making same mistakes again thats for sure. thanks and i hope your doinbg well yourself.
ATB
Morning.
Give the RSM 'debt' wondering why Roy is still progressing the Matanda drill and ensuing expense? Hadron have waived a loan repayment - why? Beginning to think that VOGs future or lack of it hangs on the Matanda license and the drill results. Good results then bargaining chip with RSM to either come on board (if not Logbaba would be a stranded asset potentially) or an asset to JV/sell given the current and likely future reliance on non Russian sourced energy. Time will tell.
Looks like a goner to me Newdealz, sorry. That's a fairly big hit you're taking there, hope you've been able to recoup it with TW.
@Krusty, yes TW was one of my biggest wins in 2009 crash, VOG my hardest lesson, what i have learnt from this experience is no matter what the fundementals look like it is MORE important to find out about the directors when investing in AIM and small caps, if the pumpers and dumpers dont ruin for you the directors will steal off you.
Any sign of this coming back or can i write off my 50k investment yet?
Never ever known PB to have a bad word about VOG even in the dark depths. Should ring alarm bells with PIS.
I remember PB well. He used to regularly post on the TW website in the 20p days, telling everyone we were doomed and to get into VOG. Fortunately I ignored his drivel & kept investing in TW. I have suffered significant losses here though, like you PottyTime. Lessons learned, hopefully - certainly moved on!
Paranoia Blue who as a self proclaimed vicar and former oil platform superintendant exhorted the words "Not long now" and "Nearly there" for the best part of 10 years. I lost half my dough here listening to this educated chap.
No rampety ramp chequebook and pen for that numpty.
Sorry to see this suspended after so many promises. The only winners were the bosses imo.GLA
Electricity: BGFIBank ready to finance other mini hydroelectric plants, after the success of Mbakaou
At BGFIBank, electricity is also considered to be a growth sector. From internal sources, to date, the bank is committed to it to the tune of 70.5 billion FCFA (Eneo: 65 billion, Invest Cameroon: 1.5 billion, Gaz du Cameroun: 4 billion) on an outstanding loan of nearly 300 billion FCFA, i.e. more than 23% of the portfolio.
https://www.investiraucameroun.com/energie/2304-17819-electricite-bgfibank-disposee-a-financer-d-autres-mini-centrales-hydroelectriques-apres-le-succes-de-mbakaou
Well as long as that loser RF68 is still holding these then maybe all is not bad. Unless his "mate" Roy tipped him the wink which im sure he'd claim.
Just one in a long long list of hooks that are allowed to float on AIM with the sole intention of relieving PIs of their hard earned with zero interest in actually running a profitable company and this lot won’t be the last by any stretch of the imagination
Foo gets away with the money. How can they do this? Lenigas is another. They are registered companies in UK and these ******s do whatever they want, Just like the Russians have done for years.
evening board, i just thought i would put my POV in, ive held this share for over 10 years and lost a fortune, on paper this asset and prmoises look great but its run by a bunch of crooks who constantly tap the shares holders with public offerings only to consolidate and the same over again, if Mr Moon is anything to with this company still stay well clear, i still hold these and learnt some hard lesson back in the financial crisis of 2009, this being one of them.
GLA
rising price of oil coupled with a strengthening balance sheet and losses narrowing , its a bargain for a carpetbagger
If I own an office block and my rent more than covers my outgoings, and I decide not to pay my milk bill, I’m not insolvent. I’m just a bad payer, which will stop me getting more credit and probably more milk. The Rose Tinted distressed fire sale of assets that were worth a lot less than what is now owed will fix the problem. Will it, will it really ???! Will it F..
Whoever owns Matanda can bypass logbaba and RSM and their cut. VOG could for arguments sell Matanda to Dangote, other oily etc and RSM get logbaba/processing plant. Or RSM can take a stake in Matanda as a JV partner as they are in logbaba and derisk another gas providing asset. The current mcap is share price derived. Not Enterprise/breakup/P' assets/value priced. Given RSM sued the Cam gov some years ago and VOG seems to have a 'decent' relationship with RSM now and SNH/Cam gov/ENEO the above would seem quite a good option for all parties. If I own a £1m office block and can't pay my milk bill for a £1, I am insolvent - doesn't mean the milkman gets the whole office block.
You are in denial, the company is effectively insolvent. If they get bailed out it would be solely for the benefit of the company bailing them out. Why would anyone dilute their own value along with any additional funding to benefit existing shareholders ? The company had a market cap of a lot less than what it now owes. At best it’s likely to be debt for equity with existing shareholders getting just the crumbs, it’s not rocket..
Probably in denial, but assuming RSM see a point in accomodating vog/gdc then if I were them I would be swapping the debt fir a decent chunk of the matanda license, which they currently have no control or input to. I've always thought that this could have been an easy way of VOG bypassing any RSM share of revenue assuming gas is found. See how it all pans out though. Also hadron et Al will forfeit all share value, options and unsecured loans if vog fail. If they bail vog out, then if this legacy issue can be reconciled would suspect a rapid SP rise which would profit them extremely. As ever ..never a dull moment! GLA
I'll second that !
Just seen the news, I have to say that although myself and many others have lost very large amounts in vog over the years it's always sad to see this happen to all involved.
To me the only way out of this is for RSM to take over full control and ownership of VOG as payment, and I can see that happening at the end of this instead of vog finding the money over years if that's possible.
I know I have been very very negative about vog since I lost between £50k-£70k but that's life no matter how much we don't want this to happen, but when you look at your loss it's nothing against what the people of Ukraine are having to live with or not. Thank god we have love and lives to move on.
At least we weren't hit for drilling costs. There would've been no hope at all then. Let's pray some mutually agreeable deal can be worked out to allow VOG to survive and maybe one day even prosper! Stranger things have happened.
Good post!
I suppose it will in limbo for weeks ? until we can get some form of agreement ?
If not turn off the lights !
Thanks for the compliment, 3CB, but not an admission I was wrong on VOG - (see my posts of 18th Jan - seems I was spot on(?)). However, I get it wrong on many things. Put my VOG proceeds in TXP at 110p, which seemed a bargain, only for it to go down to 72p. Also added to WTE, which then hit by ECO getting the underlying assets at one fifth of book value. Often it seems it just comes down to luck - or is that the excuse of a bad workman?
I can still see someone making money out of VOG - the assets are considerable - (perhaps VOG/RSM agreement, perhaps taken private, perhaps takeover by Afren/Save? - who knows) - but if it comes back to market in some form, is adequately financed, and Roy Kelly is still at the helm - then I'll most likely reinvest. (Always the fool).
Malcy not Malay, F-ing auto spell...
There is little I can add to what Roger Kennedy has said given that I know next to nothing about the detailed facts of the case which has been left for the current board to face up to despite them not having initiated it. Indeed, I know the CEO and CFO very well and I can say that they have worked all the hours that god gave since their appointment to clean up VOG in many areas.
Time will tell what will happen, if the work that they have done with RSM is meaningful then maybe a sensible settlement can be fashioned over the longer term and operationally the company will be able to survive and grow to everyone’s satisfaction, losing VOG at this stage will benefit no one.
Vog.l Insolvency/delist not the best answer for RSM and generally here imho.. so my guess is vog.l is not dead.. huge set back from an already weak position granted..so a BIG mess whatever.
(I only had 2 odd k gbp left of my bet here so I feel 'lucky' to the extent I didnt chase it down at least.. but have lost good few K more too altogether here.. still, that's the nature of the games I play in AIM O&G.. and I wouldn't have had Rose/Zephyr in 2021 and plenty of other big wins previously without playing such games.. but I feel sorry for anyone who has large exposure here , of course.. AIM O&G can be a brutal game.. but mathematical probability / bet spreading across multiple names can help a lot imho.)