George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Douala is the main economic area of Cameroon - they are perhaps confident of getting in new business at good rates (?) - they have 30 industrial customers already:
https://www.businessincameroon.com/finance/0207-10489-douala-port-authority-realizes-cfaf5-37-bln-of-net-profits-for-fy2019-up-162-7-yoy
https://www.cameroon-today.com/cameroon-business.html
https://www.businessincameroon.com/transport/0307-10492-cameroon-prepares-to-officially-resume-flights-after-keeping-borders-closed-over-the-past-three-months
Always the way
Disappointing to see £15K of sales in the hour before the announcement!
Bottom drawer .... or dustbin lol
Just returned... and it all kicks off.
Firm and decisive action from our CEO - can't complain about that.
Still who will snap this up cheap
Agreed, there is no point supplying more if payments are not being received, as that just costs the org more and more.
Gauntlet thrown down, I don't think any option. In any case ENEO non-payment was priced in, in my humble opinion, IF they had ever paid something it would have give us a rocket. Successful litigation or ENEO now coming begging will do the same. No point me selling now anyway, will just but in the bottom drawer for a while longer...
https://www.businessincameroon.com/energy/0107-10486-the-afdb-praises-the-impacts-of-the-planned-extension-of-the-kribi-gas-fired-power-plant
https://www.businessincameroon.com/public-management/0107-10488-cameroon-csph-recorded-cfaf7-bln-drop-in-its-net-result-between-2017-and-2019
https://www.businessincameroon.com/energy/3006-10482-cameroonian-startup-ndoto-sarl-develops-a-smart-meter-that-helps-reduce-fraud
https://www.businessincameroon.com/economy/3006-10481-covid-19-cameroon-s-international-trade-exchanges-fell-by-16-in-h1-2020
No surprise. All resolutions passed comfortably. Directors now have renewed power to issue loads more shares and they will. They just can't help themselves. But you won't get any. Yours are reserved for when the SP is 57p, not 3.57p. Remember?
MT - because no-one takes the piiss out of him as happy sparrow....yet.
https://www.eneocameroon.cm/index.php/en/eneo-news/actualite-eneo-actu-gouvernance-leadership-management-en/2911-insights-on-the-financial-health-of-cameroon-s-power-system-in-early-2020
The most visible consequence is reflected in the difficulties encountered in the daily supply of fuel to our thermal power plants, leading to load shedding. Since December, the Prime Minister, Head of Government of Cameroon, informed of this situation, has been able to make an appraisal of the major threats looming over the sector. He has instructed the Ministers and Administrations concerned to take the necessary actions to restore the financial balance of the sector in general. These actions include, among other things, the immediate injection of cash and the mobilizing this year of the funds necessary to clear all the debts. We are hopeful that these measures will be implemented as soon as possible to quickly improve the quality of electrical service.....
The unprecedented deterioration of the financial situation of Eneo and, consequently, that of the whole electricity sector in Cameroon in 2019 is explained by the accumulation of unpaid bills by some major consumers. The downside has been a worsening of Eneo’s debt towards power supply and fuel companies for thermal power plants.
During the second half of 2019, the State of Cameroon made efforts to partially clear its debt while allowing Eneo to continue to have fuel supplies to power plants. However, the amount of accumulated debt still remains very huge and amounted to more than XAF 180 billion as of 31 December 2019 (including XAF 63 billion for State and/or State-owned companies only).
On the other hand, Eneo remains indebted to power and fuel supply companies to the tune of XAF 155 billion as at the same date.
Notwithstanding the fact that the balance remains in favour of Eneo, the entire sector faces a persistent lack of liquidity to facilitate the smooth running of operations.....
https://www.energymixreport.com/cameroons-power-firm-pushes-its-gas-supplier-into-the-red/
'...What makes the ENEO example particularly odd is that it is not an entirely state-owned company. It is majorly owned (51%) by Actis, the British investor and 44% owned by the Government of Cameroon. ENEO employees own a 5% stake....'
This will have been put back due to Covid-19 ?
https://www.businessincameroon.com/energy/1302-9967-cameroon-promises-payment-of-xaf45-bln-to-eneo-to-reduce-crisis-in-the-energy-sector
There is NO supply of gas going to eneo and no charge for any pay& take agreement.
They just owe money to vog and the generators and it looks like they have no short / long term view on paying.
Grid Power Update (ENEO)
The suspension of generation and thus gas supply at ENEO's Logbaba site continues, and the Company, along with the supplier of the generators, continues to proactively engage with ENEO to resolve the non-payment and other contractual issues.
The gross receivables outstanding from ENEO to 31 May 2020 was $15.5 million ($8.8 million net to GDC).
Jed - this was from the April RNS:
'On 14 September 2019, Altaaqa, the generator supplier to ENEO, suspended operations at ENEO's Logbaba site due to non-payment of invoices by ENEO. Consequently, GDC has not provided gas to ENEO since that date, but has continued to invoice ENEO based on Take-or-Pay provisions as per the binding term sheet. The suspension at ENEO's Logbaba site continues but VOG is aware that talks between Altaaqa and ENEO are occurring and the company is optimistic of a resolution, although no timing can be predicted.
ENEO has arranged payment of invoices in full for May, June, July and August 2019, totalling US$ 5.1 million. '
Well, we did squeeze some money out of them - but clearly not enough.
We are not in direct talks with ENEO so 'different people in charge' at VOG may make little difference to the outcome of talks? The problem is with the government not being able to pay ENEO. Perhaps World Bank funding might resolve that outcome?
Nonetheless, VOG must get in more customers - the AKSA power station particularly. This is why I await the strategic update.
[However, the main reason I am invested here IS because VOG was/is a 'basket-case'. I hope for a good recovery (with progress on Etinde/AKSA deal) and perhaps a 7p share price on that, but cannot wait long to see it. My main interest is seeing a large injection of capital into VOG through merger/takeover, with a SP of at least 13p (the YF entry price) - I can see that happening this year.]
mt - same problem in Nigeria. Have a look at the LSE SAVE site. They are hoping for the government getting a $3billion bailout from the World Bank soon (July?). I expect Cameroon may be looking for something similar?
That's true nothing adds up,what is it now about a year and eneo still owe vog approx $15m and show no signs of paying. Just how long can they go on like this without a lot more customers or raising more money with their burn rate. It's like NO positive progress in the last 2-3 years apart more talk and different people in charge.
However:
The gross receivables outstanding from ENEO to 31 May 2020 was $15.5 million ($8.8 million net to GDC).
And from Q1 update (17/04/20):
The gross amount of receivables outstanding from ENEO to 31 March 2020 is $US9.1 million (US$5.2 million net to GDC ). The promissory notes are already offset on this ENEO balance as at 31 March 2020, and the gross value of promissory notes received from ENEO is US$5.1 million (US$2.9 million net to GDC) as at 31 March 2020.
Thus net receivables outstanding to GDC increased in April/May by $3.6m.
[However, as in previous post, Revenue from gas sales is only $3.3m. This does not add up. I think the accounting problem is that 'net receivables outstanding' is based on take or pay terms, and so ENEO is being billed for gas contracted for, not gas used.]
All will hopefully be made clear in the next update. Looks like much more pressure needs to be applied to ENEO to cough up [similar problem, but to a lesser extent, that SAVE have in Nigeria? Though we are less dependent on government contracts than they are, having 30 industrial customers].
More positively:
Unaudited revenue to 31 May 2020 was $8.6 million (2019 for the same period: $8.7 million).
Gaz du Cameroun S.A. ("GDC") continues to safely produce and sell natural gas to over 30 customers in the Douala area. The Cameroon Government's easing of lockdown conditions and the usual seasonal swing have resulted in a recent increase in gas demand.
From Q1 update (17/04/20):
A daily average of 5.1 mmscf/d of gas plus 1,343 bbls of condensate was produced safely and sold to industrial customers, resulting in net revenue to GDC of US$5.3 million for Q1 2020 (unaudited)
The impact on our gas sales directly attributable to COVID-19 to date is not material, however we remain highly vigilant.
So Revenue from gas sales for April and May 2020 is a net $3.3m; which pro-rata will bring in $4.95m for Q2. But the recent increase in gas demand may make June higher - so let's say we shall see for Q2 the same net result as Q1 of $5.3m.
So, all in all, a highly creditable performance given the disruption of Covid and the near-collapse in the oil price over this period.
Same comment applies here:
Auditors
Deloitte Ireland LLP
29 Earlsfort Terrace
Dublin 2, D02 AY28
Ireland
A pretty unimpressive start for Mr Kelly.
Can't say I learnt much from that RNS.
Next update is for Q2 - about mid-july.
Presumably strategic update will come with the Annual Report (hopefully July).
Well 108 remediation work progress?
Progress on Eneo payments?
New customers?
Legacy issues?
Relationship with New Age's Etinde project; and Aksa power station progress?
We will just have to wait.
At least revenue seemed to be in line with previous year; but cash and cash equivalents noticeably down - we await the explanation in the full accounts.
Not much to say except - get your finger out, Roy.
that was the consolidation on this company
when i dived out,maybe two or three yrs ago
so share price was 40 p
where is it now,less than 4 p
so in the original sp of 1p
it is now trading at ten cents
and the plumbing in the boiler room still isnt mended
my god you cannot trust a plumber to do his job anymore