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I don't get on here too often and have almost given up hope of anything worthwhile happening to VOG in my lifetime, however, I've just been reading the literature below on Etinde, I didn't see VOG mentioned , are they involved at all or is it a rival proposed operation ? - just wondered - that's all, any enlightenment gratefully appreciated - thanks
... expected to be “low", he said, but could call for the ability to supply fixed volumes of gas to Cameroon for a potential 20-year period. Gas could be used at proposed power plants at Limbe (350 megawatts) and Douala (150 MW). An additional option could see Etinde’s gas sent to Bioko Island in neighbouring Equatorial Guinea where it would provide backfill feedstock for the Equatorial Guinea LNG plant. One of Chahin’s slides at the AGM presentation, indicated gas and liquids from IM and IE being sent to an onshore processing facility at Limbe via a 30-kilometre, 12-inch diameter pipeline. The plant would separate the gas – up to 150 million cubic feet per day - and liquids offloaded to a costal jetty for export. From Limbe, gas could be sent to Bioko via a 50-kilometre, 12-inch line, assuming gas is not prioritised towards Cameroon.
https://www.upstreamonline.com/field-development/new-age-cheered-by-vital-green-light-from-cameroon-for-up-to-700m-etinde-project/2-1-955156
Iain Esau Final investment decision on condensate and gas project targeted for 2021, as privately-owned operator is granted approval to apply for fresh development licence. Privately owned New Age has been given the go-ahead by Cameroon’s government to apply for a fresh exploitation licence for its long-delayed Etinde condensate and gas project, on which a final investment decision could be made this year. London-listed junior Bowleven, an asset partner, said last week that New Age “has received formal approval to apply for a new Etinde exploitation agreement (EEA)”, which would replace the existing EEA that came into force by presidential decree in January 2015. The agreement was reached, said Bowleven, after discussions with Societe Nationale des Hydrocarbures (SNH), the national oil and gas company. The new EEA would be for the production of hydrocarbons including the delivery of gas to thermal power plants or any other projects confirmed by the government. Etinde's estimated in place resources stand at about 1 trillion cubic feet of condensate-rich gas. Commenting on the announcement, Bowleven chief executive Eli Chahin said: “Following a constructive dialogue between the Etinde joint venture partners and SNH, authorisation to apply for a replacement EEA has been granted. “This is very positive news for the Etinde development, as it essentially eliminates the possibility of the government removing the Etinde licence from the joint venture partners, following the end of the initial six-year development implementation period in January 2021.” Chahin said the partners “continue to make good progress towards achieving a final investment decision on the licence in 2021", based on an indicative cost – subject to
change – of about $600 million to $700 million. In mid-2020, a Paris-based financial advisory firm, Cofarco, was appointed by Bowleven and New Age to support the process of obtaining financing for the project. Speaking in December at Bowleven’s annual general meeting, he said TechnipFMC had just about completed front-end engineering and design work on the shallow water Etinde project, with a focus on how best to monetise the asset’s associated gas. Optimal locations for development wells at the IM field are being evaluated, said chief financial officer Nick Brough, while the IE discovery is being eyed for inclusion in the planned project, and legacy discoveries such as IC and ID are being evaluated as future step-out development options. Chahin said the partners — including Russia’s Lukoil — are focused on how best to re-inject and recycle Etinde’s gas while managing fluctuations in domestic demand and maximising condensate production, which is crucial to the project’s viability. Initially, domestic demand for gas is expected to be “low", .....
http://eneocameroon.cm/pdf/DossierInformation100MdsXAFEneoFINAL.pdf
Of note:
Ecobank:
-ECOBANK? had? originally? committed? to? providing? XAF? 15? Billion? for? this? financing? which? was?
reduced? to ?XAF?10.9 ?Billion ?(representing 11%? of ?the ?global ?financing ?amount)? due? to? over?subscription ?of ?the ?syndication.
Commercial Bank:
-The ?Bank ?reafirms ?its ?status? as ?a ?privileged ?partner? of ?Eneo ?Cameroon? because ?of?
the ?anteriority ?of ?their ?relationship.?The ?partnership ?between? these ?two ?institutions?
involves? value ?added ?services,? and ?structured ?financing, ?especially ?those ?relating? to?
the ?supply ?by ?SONARA ?of ?fuel? oil? for? power? generation? plants.?
SCB Cameroon:
-SCB? Cameroon? is? pleased? to? accompany? Eneo? in? this? 100? billion? FCFA?
syndicated? loan ?for ?investments ?whose? achievements? are ?due ?in ?the ?next ?two ?years? (2021-2022).
Eneo 2020:
-Construction? of? a? fuel? unloading? facility? at? the? Limbe? power? plant
-Here? are? the? first? connections? made? as? part? of?
this? new? dynamic? for? a? total? installed? capacity? of? 16? MW,?
benefiting? 4 ?industries.?They ?are:?
? PROMETAL?IV,?Douala?(Bassa):?9MW?;
Eneo 2021:
-Renovation? of? the? chimney? of? the? generation? units? in?
Limbe;?
-12,000? hours ?of ?maintenance ?of ?generators ?No.?1,?2,?3,?4,?5?
and ?auxiliary ?generators ?at ?the ?Limbe ?power ?plant.?
Eneo have got a cheek complaining about people half inching their electricity, they had been robbing our gas for years! Is Mr.Mansuy the pot or the kettle?
In 2020, Eneo arrested 200 "barons" of electrical fraud and fired 80 complicit employees
(Invest in Cameroon) - On February 3, during the ceremony of formalizing the 100 billion FCFA financing agreement between electrician Eneo and eight local banks, Eric Mansuy, the company's CEO, revealed that"2,000 barons of electricity grid fraud were shut down" in 2020.
"A baron is an actor who illegally maintains an electrical grid that can power up to 100 households," Mansuy said. He added that 80 employees of the company were dismissed for complicity with the barons who fraudulently supplied electricity to nearly 20,000 households.
With these fraudsters shut down, Eneo hopes to clean up its distribution network, which currently consists of 11,452 km of 5.5 to 33 kilovolt lines and 11,158 km of lines of 220 to 380 kilovolts. According to Eneo, fraud on the electricity grid in Cameroon further undermines the financial balance of the entire sector. Officially, because of fraud, the electricity sector loses about 60 billion CFA francs each year.
https://www.investiraucameroun.com/investissement/0402-15923-en-2020-eneo-a-fait-arreter-200-barons-de-la-fraude-electriques-et-licencie-80-employes-complices
We extended my buying range of prices today.
Not sure sparrow but it wasn't RNS'd, just social media so vog presumably didn't find it worthy of comment.
Not sure sparrow but it wasn't RNS'd, just social media so vog presumably didn't find it worthy of comment.
Since January 1, 2021, Cameroon is, for example, required to disclose all contracts
and licenses that are granted, concluded or modified.
By December 31, 2021, it is, in addition, expected the publication of the "? beneficial owners of all companies ?", who hold an extractive license or submit a license application. The country must, moreover, ensure that the conditions for the participation of the State and the SNH in oil and gas companies and projects are accessible to the public, including their level of responsibility in terms of covering expenses at different stages of the project cycle.
3CB - I think this is the same funding arrangement we were talking of in Sept/Oct but it has only just been completed end of Dec, and details of the funders are now coming out. So, fingers crossed ENEO decide it is in their interests to clear the debts with Altaaqa and VOG now. However, Altaaqa have removed the Gensets? - so, if settled, may be some months before sales/production can start up with ENEO again. But from the Karpowership article I posted the other day, it is clear that ENEO and the Government (perhaps foregoing some slush funds?) will need to prove their credit-worthiness before the likes of AKSA or Karpowership are prepared to invest in the country.
Sparrow. This is the second funding arrangement in recent months and we didn't get a sniff from the first one. Why would this be any different?
We are at the bottom of the pile and clearly have little leverage as the last 2 years have shown.
100 billion FCFA = $183.2m loan to ENEO.
VOG owed about $9m from ENEO.
Contributions, reimbursement, allocation of funds ...: details of the bank loan of 100 billion FCFA from Eneo
(Business in Cameroon) - The company Eneo, concessionaire of the public electricity service in Cameroon, formalized, on February 3, 2021, its loan agreement in the amount of CFAF 100 billion with eight local banks. Co-arranged by the Cameroonian subsidiaries of Citibank and Société Générale, this bank loan had been approved by the Board of Directors of this company since January 2020.
Although eight local banks took part in this fundraising operation, five of them stood out in particular, providing 81% of the overall budget sought by this electricity production and distribution company, including the capital is controlled by the British investment fund Actis.
First contributor to this fundraising operation, BGFI Cameroon has injected 23 billion FCFA into it. The local subsidiary of the Gabonese group is followed by Societe Generale Cameroon, with a contribution of 20 billion FCFA. Next come Afriland First Bank with 15 billion FCFA, Citibank (12 billion FCFA) and Ecobank Cameroon (11 billion FCFA).
Three other banks have mobilized FCFA 19 billion. These are Bicec, a subsidiary of the Moroccan Banque Populaire and the Cameroonian CBC who each bet 7 billion FCFA in the operation; then SCB, a local subsidiary of the Moroccan Attijariwafa Bank, which contributed FCFA 5 billion to this loan.
Good sources, initial conditions of operation provided for a repayment period of 5 years, on a quarterly basis as of 12 th month. The interest rate payable by Eneo is 6.5%. The envelope mobilized will support Eneo's investment projects to the tune of CFAF 65.5 billion. 21.1 billion FCFA will go to repay the balance of a medium-term loan contracted by Eneo. The remainder will be used to finance various cash flow needs, as well as the costs inherent in the fundraising operation (approximately one billion FCFA).
more ....
https://www.investiraucameroun.com/energie/0302-15918-contributions-remboursement-allocation-des-fonds-les-details-du-pret-bancaire-de-100-milliards-de-fcfa-d-eneo
(Business in Cameroon) - Unemployed since October 18, 2020, the 350 employees of the Cotonnière Industrielle du Cameroun (Cicam) plant in Garoua, in the northern part of the country, resumed service on February 2, 2021. In the origin of this resumption of activities suspended for more than four months, we learn from good sources, is an instruction from the Presidency of the Republic, which ordered the general management of Sodecoton to resume supplies to this factory in raw material.
Sources familiar with the matter, in total, Sodecoton will have to deliver to the Cicam plant in Garoua a shipment of 75 tons of cotton. This volume of raw material, it is said at Cicam, will allow the plant's machines to run for at least two months.
As a reminder, the national cotton company had to suspend its supplies following the accumulation of unpaid bills by Cicam. Estimated at CFAF 600 million at the start of 2020, these unpaid bills peaked at CFAF 1.3 billion at the time of the suspension of supplies in October 2020 (a partial payment of CFAF 200 million was made in the meantime, Editor's note).
The resumption of activities will allow the Cicam benefit from its high of cloth production season, including the celebration of International Women's Day on March 8, and the International Labor Day on 1 st May “? We need four and a half million linear meters of loincloth for March 8. Right now we only have two million. We mainly do our business on March 8 and the 1 st May Already in 2020, the year had been difficult because of the same concerns with Sodecoton. The Covid-19 has also been added, ?”explains Adoum Abagana, director of the Cicam plant in Garoua.
Moreover, if Cicam intends to save its turnover in 2021 thanks to the reopening of this factory, questions remain about the methods of clearing the unpaid bills of this public company with Sodecoton, as well as the payment of new invoices. . Indeed, in difficulty for several years, due to competition from Chinese and West African fabrics, which dominate over 90% of the local market, this state-owned company faces significant financial constraints.
In addition, underlines the 2019 report of the Technical Commission for the Rehabilitation of Public and Parapublic Sector Enterprises (CTR), Cicam's production tool has depreciated significantly over time, and the absence of a gradual renewal has led the company to bear heavy maintenance costs and significant costs linked to its weak activity.
Brice R. Mbodiam
Read also:
02-10-2020 - During the 2019-2020 campaign, Cameroon only transformed 1% of its cotton fiber production
03-11-2020 - Towards a “strategic rapprochement” between Sodecoton and Cicam to transform 50% of Cameroonian textiles in 2030
Yeah very much a cat and mouse game between the big boys and the younger hoi polloi over last week or so.
I'm assuming that firstly the big boys have recovered some of their losses and hopefully the others only invested small amounts in large numbers. Good fun though while it lasted
to be declared a country compliant with the EITI. The Council directed the 15 countries corrective measures to be implemented by 1 st April 2023, the start of the 3 thexamination of the country with a view to acquiring this status. It is necessary to improve in particular the quality of Cameroon's signature on regional and international capital markets and its cooperation with Western bilateral and multilateral donors.
Since January 1, 2021, Cameroon is, for example, required to disclose all contracts and licenses that are granted, concluded or modified. By December 31, 2021, it is, in addition, expected the publication of the "? beneficial owners of all companies ?", who hold an extractive license or submit a license application. The country must, moreover, ensure that the conditions for the participation of the State and the SNH in oil and gas companies and projects are accessible to the public, including their level of responsibility in terms of covering expenses at different stages of the project cycle.
Aboudi Ottou
Status of direct SNH interventions
[Good table of where money went - cannot copy across].
Source: Cameroon EITI
https://www.investiraucameroun.com/gestion-publique/0202-15910-grace-a-l-itie-le-cameroun-leve-une-partie-du-mystere-sur-pres-de-400-milliards-de-fcfa-de-depenses-payees-par-la-snh
(Business in Cameroon) - Cameroon has decided to shed some light on the "? direct interventions ?" of the National Hydrocarbons Company (SNH), which have earned the public oil company the nickname "? slush fund ?" of the 'State. Still called “? indirect transfers ?”,? ?SNH's “ direct interventions ” are payments of the expenditure of certain structures made directly by this State corporation (with oil money sold on behalf of the State), to the request of the Presidency of the Republic.
Since its penultimate edition (2016), published in 2019, the EITI report (Initiative for transparency in the extractive industries) now devotes a whole part to these expenses. We thus learn that in two years (2016 and 2017) the “? direct interventions ?” of the SNH amounted to FCFA 383.4 billion. The reports do not give details of the type of expenditure, but the recipient administrations are disclosed. It appears that these funds were released for the most part for the benefit of the administrations in charge of security issues and the structures attached to the Presidency of the Republic (as shown in the table below).
Bir expenditure
Thanks to this other step towards transparency in the management of the oil manna in Cameroon, we now have, for example, an idea of ??the annual expenditure of the Rapid Intervention Battalion (Bir). We learn from the 2017 EITI report, published at the start of 2020, that this elite unit of the Cameroonian army, which has nearly 5,000 men, benefited from "direct interventions ?" by SNH in the amount of 109.1 billion FCFA in 2017.
For the past thirty years or so, Western donors, in particular the International Monetary Fund (IMF), who consider this expenditure financing mechanism contrary to good budgetary and governance practices, have been pushing for Cameroon to put an end to it. But, the government is opposed, arguing in particular of " ?the urgency and the sensitivity of certain expenditure of security and sovereignty? ".
As part of its last program with the IMF (June 2017-June 2020), Cameroon has committed to reducing “? direct interventions ?” to 50% of all SNH transfers for the benefit of the public treasury. However, the country is struggling to keep this commitment (? ?SNH's “ indirect transfers ”, for example, represented 54% of overall transfers in 2017). Failing to put an end to it, the authorities have decided to unravel part of the mystery about these expenses.
Still efforts to be made
This development comes as Cameroon seeks unsuccessfully the status of a country compliant with the EITI, which it joined in 2007. In a decision made public on January 22, 2021, the EITI Board considers that Cameroon's progress in transparency in the management of extractive resources is not sufficient for it to be....
3cardbrag- have you seen the Gamestop SP today, currently buying at $118 down from $331 on Friday, talk about clambering to jump ship. I have little doubt some of the hedge funds would had been loading up shorts at the back end of last week, as I mentioned on Saturday, will have made a pretty penny with the mass selling!
No problem, forest. I'm glad someone / anyone is willing to share their research on this share. Thanks.
GLA
Apologies for reposting previous post didnt see it
Gaz du Cameroun explores a well in Logbaba with a natural gas volume of up to 300,000 barrels
(Business in Cameroon) - The National Hydrocarbons Company (SNH) informs that Gaz du Cameroun (GDC), the Cameroonian subsidiary of the British Victoria Oil & Gas Plc (VOG), carried out, at the end of 2020, tests on the “LA- 108ST2 ”of the Logbaba field located in the coast of the country.
“? The production tests carried out on November 11 [2020] on the LA-108ST2 well of the Logbaba field, operated by Gaz du Cameroun, gave a throughput of 19 million standard cubic feet per day. The well was closed in order to carry out a pressure rise test in order to better assess its gas reserves? , ”reveals SNH. It adds that the well in question contains gas reserves estimated between 10 [283.16 million m3] and 30 billion cubic feet [849.5 million m3] and an associated volume of condensate [natural gas] estimated between 100 000 and 300,000 barrels.
The prospect of an expansion of activities at Logbaba could also increase production volumes on this field where GDC already operates a natural gas plant. The said power plant in Logbaba is the result of a public-private partnership, in particular between SNH and the British company Victoria Oil & Gas.
Since January 2012, through a 16 km long pipeline, the said power station has delivered its fuel to around twenty industrial companies in the economic capital of Cameroon. Investment of a total amount of about CFAF 50 billion, this natural gas power plant, which has generated 100 direct jobs, currently claims a daily production capacity of about 1.4 million m 3 , i.e. an annual production of 511 million m 3 .
https://www.investiraucameroun.com/images/news/0102-15905-gaz-du-cameroun-explore-un-puits-a-logbaba-dont-le-volume-de-gaz-naturel-peut-atteindre-300-000-barils_L.jpg
https://www.investiraucameroun.com/gestion-publique/0102-15905-gaz-du-cameroun-explore-un-puits-a-logbaba-dont-le-volume-de-gaz-naturel-peut-atteindre-300-000-barils