Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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It was a shame that if we're unable to prove any reserves in matanda. Cast iron bargaining chip. That said RSM own none of it, and if I were them I would not want to be only involved in logbaba with a rival gas source nearby. Makes sense for them to take a stake imho. Entinde seems a long way off, and any local power contracts impossible given current economic situation on the funding side , the inadequacies of the supply grid - let alone any repayments being made. If matanda can produce LNG of which cam are already exporters of, then a win win for vog, RSM, cam gov and beleaguered European etc power supply. That's what I'm hoping! What could possibly go wrong....
When you put it like that Maisy it gives me hope. Let's hope VOG can pull it out of the bag and we all get to keep our investments. It's an agonising waiting to find out though.
Not so sure on that - VOG initmated a 'term sheet' was being worked on, and this I have no doubt will be going to and fro until agreed. If RSM said we want the cash now, then I suspect we would have been informed and would be all very unhappy. All supposition as usual!!
I guess the ongoing silence indicates that RSM are not playing ball even though Grimm is no longer with us. Some things never change.
The company phone is still connected, but still no pick up. Its probably the only thing left in the office, ringing away.
The lack of communication is staggering. Poor show Roy!
Maisy. I hope you are right. I've been with this dog for years. Good to know the phone is working. They must have known I was going to call and pulled the plug lol.
May be we are not 'angry' (a pointless exercise) since there is yet to be a demise of VOG confirmed. Hence nothing accepted until confirmed by the directors of the - our - company - the last RNs intimating they are hoping for a 'term sheet' with RSM to be agreed and then hopefully can move on. The phone line works by the way - just goes to answer machine - so VOG still paying the bill, and I assume and not wanting to talk to 'angry' shareholders perhaps.
Not a word on this board. So we've all accepted the demise of Vog without venting our anger.
Looks like they've disconnected the landlines. That's it folks!
Final nail I'm afraid.
Oct 5th
Victoria Oil & Gas says it cannot raise funds until RSM settlement
Victoria Oil & Gas PLC on Wednesday said it is attempting to finalise a settlement with RSM Production Co so that its shares can trade again, as operations continue at Logbaba and Matanda sites.
Victoria Oil & Gas is a domestic energy supplier in Africa through its wholly-owned subsidiary Gaz du Cameroun SA, which has operations in the industrial port city of Douala, Cameroon.
Victoria Oil & Gas said that gas production at the Logbaba project, on which it is partnered with RSM and Societe Nationale des Hydrocarbures, has continued at levels of above 5.5 million standard cubic feet per day in July and August.
The company owns 57% of the project.
Focus at the Matanda project remained on well site and access road civil works preparations, it said, as contractors wait for the rainy season to end.
Victoria Oil & Gas added that it was still seeking a partner to share the cost and risk of the commitment, and was also trying to conclude a contract on acceptable terms with the owner of the Chad-based rig.
Recent face-to-face discussions in the US with RSM have been "cordial and constructive", but are yet to be finalised.
Until there is resolution with RSM, Victoria Oil & Gas is unable to raise funds via the equity market. It said that given the debt level and material uncertainty created by the ICC award against Gaz du Cameroun, it was "practically impossible" to raise debt financing.
Victoria Oil & Gas is therefore wholly reliant on internally generated funds, and as a result, said its financial position was precarious.
Victoria Oil & Gas shares were last traded in London on April 1 at 3.85 pence each.
By Holly Beveridge; hollybeveridge@alliancenews.com
https://ii.co.uk/news/victoria-oil-gas-says-it-cannot-raise-funds-until-rsm-settlement-al1664987147519133000
Douala: a new fire on a Sonatrel substation plunges a dozen neighborhoods into darkness
Many homes have been in the dark since Monday, October 31 in Bonabéri, in the fourth arrondissement of Douala. In question: a fire that occurred that day around 8:40 p.m. on the Bonabéri transformer station of the National Electricity Transport Company (Sonatral), according to the Minister of Water and Energy (Minee) , Gaston Eloundou Essomba.
Descended on the site this Thursday, November 3, the Minee wanted to be reassuring as to the solutions taken for a rapid return of electrical energy in the 10 affected districts. In particular, he asked Eneo, the company in charge of the production and distribution of electricity, to draw up an energy rationing schedule in these neighborhoods in order to lessen the consequences linked to the absence of running.
“? I asked the concessionary companies, Eneo and Sonatrel, to do everything to gradually take over these households. In terms of the calendar, by Saturday at the latest (tomorrow, editor's note), 50% of the households which are impacted will be regularly taken over? , ”said the member of the government on the antennas of Sky News Tv.
The other households affected by this cut will still have to wait at least a week for a return to normal. “? By Saturday of next week, the other 50% of the remaining households should be taken over? ,” the Minee added.
Incidents on the transmission network are recurrent in Cameroon. Last month, a fire at the Sonatrel transport station in Logbaba, in the economic metropolis, led to a power cut for days in a good part of the city.
https://www.stopblablacam.com/societe/0411-9631-douala-un-nouvel-incendie-sur-un-poste-de-sonatrel-plonge-une-dizaine-de-quartiers-dans-le-noir
From BLVN results today - FLNG is being done it looks like near to Matanda. Perenco may be intersted ....don't hold your breath!
"It has been a year of progress and we continue to focus on maximising the economic return to our shareholders. The most significant event to update on is New Age's ongoing transaction to sell its operatorship and share in Etinde development project to Perenco.
Perenco has a formidable operating history in Cameroon with oil and gas productions of 85,000 boepd (51,000 barrels per day and 24 million m3 of gas per day) mostly from the Rio del Rey basis (to the north of Etinde) and at the Sanaga Sud field complex near Kribi. Here Perenco, in conjunction with SNH and Golar operates the very successful FLNG gas export business using the Hilli Episeyo vessel.
At the January 2022 TCM held with SNH, the JO partners formally told SNH that the partnership had reached the decision that the Equatorial Guinea development had been selected as the development basis for Etinde. After extensive study, the conclusion was that this was the only economically and commercially viable development option for that JO partnership group. With the accession of Perenco, other additional options may now become feasible to study.
As we move into 2023, we will work with our JO partners on both commercial and financial matters in relation to the Etinde development options and to further progress towards FID."
Anything could happen from cessation of trading so full share loss, selling off all assets and possibly a small residual for shareholders to say RSM writing debt off for say 25% share in Matanda or larger take from Logbaba or both. If the Roy-K alluded to 'term sheet' can be carried through, then in theory VOG share price may well rise - last (?) skeleton sorted out. Suspect VOG will need to cap raise come what may to cover litigation etc costs and prove up and monetise Matanda I hope and then could go from strength to strength. The delisting just means co. no longer listed on AIM - all else, so day to day gas sales are still ongoing. In basic terms, sort out RSM debt hopefully and prove up a monetizable asset to sell outside Cam.
With many years' estimated reserves Foo succeeded in wrecking what was once a sound prospect. How well most of us remember all the fine kit that went into Douala. I managed to escape without too much damage a few years back but his non-performance is inexcusable.
Well that's it then, our money has gone down the pan. At least we now know where we stand. What happens to the infrastructure?
No last minute reprieve then. Delisting it is. Looks like the legacy issues from the Foo days are finally going to prove terminal. So sad as VOG had so much to offer both shareholders and power hungry Cameroonian businesses. Where did it all go wrong?
This came out last night 5.30pm - not sure if this is AIM or if Russell index is a differing animal. Any deletion seems perhaps not too important in that VOG need RSM 'term sheet' agreement to settle the arbi, then relist and then I would assume raise cash to assist/trade and I hope dig in Matanda to prove assts and move to a better JV proposition etc.
27 October 2022.
Further to the notice released on 29 September 2022 , the following companies have been suspended
40 business days without indication of resumption. In accordance with the Suspension of Dealing
rule, they will be removed from the FTSE Russell indexes for the open of 01 November 2022
at nominal value (0.0001).
-- Fox Marble Holdings (B7LGG30, FTSE AIM All-Share Index)
-- Revolution Beauty Group PLC (BP7L1T6, FTSE AIM UK 50 Index, FTSE AIM 100 Index, FTSE
AIM All-Share Index) - please note, this company was intended to be removed from the fixed
indices at the September review but was retained due to its suspension, consequently it will
not
be replaced.
-- Victoria Oil & Gas (BRWR375, FTSE AIM All-Share Index)
-- Windar Photonics (BTFR4F1, FTSE AIM All-Share Index)
I read somewhere and can't find it now that VOG gets delisted on 1st Nov. Is that correct? Anyone have any info?
@3cardbrag - Foo is the poster boy for all badly run aim stocks! I was a FooL :((
Rns out
Remember all those fancy get rich quick ideas that Foo kept spewing out. Such as mobile phone energy wells. CNG, 100 mscuffs per day etc etc?
All total bulcaca from a self serving fantasist desperate to deflect from his greed and miserable failures.
Prob fixed rate tariffs on existing pipeline and yes, why not get some of the heavy fuel oil business unless too costly (and if you haven't any cash down the sofa back) to extend and hook up to the pipeline itself?? £ v $ should have boosted cashflow etc too.
I know they are placing all their hopes on matanda as a company saviour but I still don't get why in the meantime we aren't raking in loads of extra sales from current energy crisis.
RSM and VOG still talking and a 'term sheet' to reconcile the ICC arbi MAY be lurking. So, if done then share hopefully unsuspended and VOG can raise cash somehow. Placing no doubt, albeit better then the alternative imho. This then I hope takes us back to Matanda and can VOG monetise this asset?? - so far they put in an access road etc and no drilling etc I believe. Can't see how positive cashflow can be maintained without another income stream that is ideally not waiting for the vagaries of Cams energy problems.