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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
(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 well "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 condensate [natural gas] volume 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 plant has delivered its fuel to around twenty industrial companies in the economic capital of Cameroon. Investment of a total amount of around CFAF 50 billion, this natural gas power plant, which has generated 100 direct jobs, currently claims a daily production capacity of around 1.4 million m 3 , i.e. an annual production of 511 million m 3 .
Even the Robinhooders couldnt drag this long suffering donkey any higher :)
I was watching the price of it on Thursday after I got a message through my trading platform that they had stopped clients from from opening new long positions. Price opened at around $280 from $150 the previous day, hit almost $500, with a low $120 and closed at around $200. It gapped up on Friday and swung between $250 and $415. It's crazy when you think it was trading at $20 up until the middle of January! Lets see how far it drops back next week, as traders will have to sell if they want to see a profit. Also, I would imagine hedge funds and other traders may well be taking short positions at these greatly inflated prices, as who is still going to be buying at $331, nobody with any sense that's for sure!
I may pop on to Reddit and tell them how under valued Vog is, as they will do a far better job of driving the price up than management! :-)
It's all over the news today about how small investors grouped together and shafted the big hedge funds which were heavily shorting gamestop. Some made millions while hedge funds lost billions . Turned the company around as it multi multi bagged with two of the investors added to the board.
Dya think it might work with VOG. NO wait a minute, to defeat shorters there first have to be trades.
ENEO raises XAF100 bln from local banks, thanks in part to Cameroon’s proven commitment to supporting the company
Thursday, 28 January 2021 17:10
(Business in Cameroon) - On December 31, 2020, electric utility ENEO completed the mobilization of XAF100 billion from a pool of eight local banks led by Citibank. This was revealed by an authorized source within the bank but, the latter provided no details on the conditions of the loan or the subscribing banks.
Authorized by the board of directors of this company in January 2020, the operation was to be carried out after an improvement of ENEO’s borrower profile. Indeed, at the time, ENEO was facing cash flow problems due notably to its largest clients' (including the state and its agencies) unpaid bills. As a result, the electric utility was no longer able to honor its commitments toward service providers like independent power producers and fuel suppliers. In its 2019 operation report, ENEO explained that its debt towards those independent power producers and fuel suppliers was XAF155 billion.
In that context, “we needed to reassure the financial market about Eneo’s capacity to meet payment deadlines and prove that the state of Cameroon can regularly pay its invoices (…),” said Éric Mansuy (ENEO’s general manager ) in an interview with Business in Cameroon.
A boost from the State of Cameroon
As desired by the CEO of Eneo, the financial market was reassured in June 2020 with the State of Cameroon’s release of XAF45 billion as an advance on the bills it owed the utility. Another XAF30 billion tranche was also announced.
"With the XAF45 billion we received [ed. note: in June 2020], and the regular payment of state’s invoices over the first five months of this financial year, negotiations for the XAF100 billion loan were effectively launched,” Eric Mansuy later said.
"The settlement of these arrears and some other indicators confirm the government is committed to supporting ENEO. When combined with the corporate government transformation initiated by Actis, ENEO’s reference shareholder, we can say that this is a sound operation," a banker explained when ENEO was preparing its loan operations.
In a recent newsletter, the electric utility revealed that the funds thus raised will be used to settle its medium-term debt and fund additional investments (production and distribution investments mainly). It should also help Eneo recover from a 2019 financial year marked by a difficult financial situation and a 2020 financial year marked by the coronavirus pandemic, which forced the electric utility to reduce its investment budget by over XAF21 billion (from XAF67 billion initially to XAF45.7 billion).
Brice R. Mbodiam
SNH sets its main objectives for 2021
POSTED ON FRIDAY, JANUARY 29, 2021 7:57 AM
For the 2021 fiscal year, the National Hydrocarbons Company (SNH) has just published its objectives in its recent news magazine currently on newsstands. " The main objectives of the company for 2021 are in particular to increase the mining rent, to revitalize the oil sector and that of the oil services, as well as to increase the development of skills in the oil trades ", indicates the public company.
SNH explains that to achieve its objectives, you have to follow five axes. The first consists of optimizing the State's participation in oil contracts and pursuing promotional actions with oil companies with the capacity to invest and resume exploitation of the Mvia field with a view to its return to production under optimal conditions. .
The second axis concerns the development of oil and gas resources. In this component, it is planned to carry out studies for the valuation of gas reserves in the Rio del Rey and Douala / Kribi-Campo basins. Studies are also planned for the construction of natural gas transport infrastructure for the domestic market, the development of liquefied natural gas (LNG) and compressed natural gas (CNG) production activities as well as the establishment of an incubation center for technologies specializing in hydrocarbons.
The third aspect concerns portfolio management. In this context, it will be a question of studying and taking holdings, as necessary, in industries related to petroleum and natural gas on the basis of the results of technico-economic studies. In addition, studies will be carried out on the question of making the most of development opportunities for renewable and / or alternative energies such as blue (including the use of CO2) or green (use of renewable energies) hydrogen, used in particular for electricity production.
The fourth axis, devoted to heritage and digital data, will focus in particular on the continued collection, conservation, improvement and management of data, the acquisition of any data likely to improve knowledge of Cameroonian sedimentary basins, implementation of an integrated management system through ISO certifications and the implementation of a financial information system.
The last axis, devoted to internal operations, concerns financial management, legal advice, insurance, communication, IT, human resources management, budget and control as well as management of SNH's assets.
https://www.stopblablacam.com/economie/2901-5937-la-snh-fixe-ses-principaux-objectifs-pour-lexercice-2021
BLVN up 29.51%
from their BB
Bowleven - a buy on Etinde good news? Nigel Somerville reviews...
Quite, the article that rossanon shared earlier this week indicated 26p was fair value if FID awarded
https://fivefreesharetips.com/content.php
Thanks, Forest.
Of note is the imports from Turkey.
Turkey is becoming a key partner economically.
An example of the diplomatic effort: https://www.aa.com.tr/en/africa/cameroon-turkey-offers-condolences-for-deadly-accident/2126654
Both Aksa and Karpowership are Turkish. This reinforces my belief that a Turkish power deal for Douala will be signed off in the next 6 months.
Both power projects are of a size that they should take all of the gas supplied by both VOG and BLVN (Etinde project). As a poster recently wrote on the Advfn Blvn board, it may come as no surprise if Lukoil then bought them both out.
Cameroon recruits provider to upgrade northern interconnected electricity grid
https://www.investiraucameroun.com/economie/2801-15893-le-cameroun-recrute-un-prestataire-pour-remettre-a-niveau-son-reseau-electrique-interconnecte-nord
Import-export: China, The port's largest port of Kribi in 2020
https://www.investiraucameroun.com/economie/2801-15891-import-export-la-chine-premier-partenaire-du-port-de-kribi-en-2020
Victoria Oil & Gas
A Q4 2020 update from VOG this morning, average daily gross gas sales rate for the quarter of 5.1 MMscf/d (Q3 20: 4.7 MMscf/d) of natural gas plus gross 3,109 bbls (Q3 20: 2,438 bbls) condensate was produced safely and sold to industrial customers.
La-108 Remediation work was completed mid November 2020 and during initial testing the well flowed at the 19 to 20 MMscf/d limit of the surface equipment, with a Flowing Well Head Pressure (FWHP) of 3,580 psig. The full potential of the well is highly likely to exceed the capacity of the plant, which is 20 MMscf/d
A settlement was reached with Cameroon Holdings Limited to cease all legal action and cancel the CHL royalty agreement and GDC received, as operator, approval from the Minister of Mines, Industry and Technological Development for the extension of the Matanda Block licence and we have commenced well planning.
Roy Kelly, CEO of the Company, commented:
“We are very pleased with the resilience our Cameroon business has shown yet again under the challenges and restrictions posed by the pandemic. Looking ahead, we are delighted to have a number of growth opportunities to increase gas sales in Cameroon which remains resource rich but energy poor, especially around Douala, the country’s largest city and the economic engine of the country.
The flowrate of the La-108 well obtained on short-term test was excellent, but such short-term deliverability is no measure of either long-term deliverability, or the ultimate reserves that may be recovered by the well, as the variations in the performance of the other wells has illustrated. We therefore require a period of sustained production from La-108 to determine how we can best use the well to serve the growing demand in the area.
This was a straightforward and simple update which I suspect is just what shareholders want at the moment. Economically the opportunities around Douala are plentiful and as in other parts of the sub-continent Governments are increasingly realising that using their own domestic power sources is not only cheaper but environmentally agreeable.
Historically that has not always been the case, certainly not in the latter, burning any old fuel for power generation suited despots but things are changing albeit slowly in some cases. I know that the new team at VOG has been working flat to the boards on restructuring and that it is beginning to reap rewards in the domestic power market, with Matanda there is upside as well.
https://www.malcysblog.com/2021/01/oil-price-genel-ujo-reabold-vog-and-finally/
At the time, little did you know they might pay for your whole cruise!
Looking at Map on VOG site:
https://www.victoriaoilandgas.com/our-projects/gdc-operations/
You'll see the port at the bottom left.
Looks like we need to build the 'potential future pipeline' to the port area - if the map is up-to-date. An extension of the southern pipeline. Not far.
https://mapcarta.com/30858312
Seeing that picture on Bloomberg of a strange looking ship covered in domes reminded me I've seen these before on cruises when we pulled into port. Wondered at the time what they were.
Seeing that picture on Bloomberg of a strange looking ship covered in domes reminded me I've seen these before on cruises when we pulled into port. Wondered at the time what they were.
https://www.energymixreport.com/turkish-firm-karpowership-proposes-low-cost-electricity-to-cameroons-govt/
Zeynep Harezi said, “Our aim is to deliver low-cost electricity in a very fast track manner, to create jobs in Cameroon and to make sure that we can use Cameroon gas to give power to Cameroonian people.” Concerning their offer to the Prime Minister, she said, “Today, what we have offered to the Prime Minister is 300 megawatts to be developed in less than one month. It will be packaged in Douala and to provide electricity immediately for less than FCFA 40 for a kilowatt as long as they will like us to.”
NB 'to make sure that we can use Cameroon gas...'
Thanks, 3CB.
I'm amazed not much reaction elsewhere on other boards (nothing from RF yet) - I'd expected the SP to double on this news overnight. An opportunity to supply 18% of Cameroon's current capacity, little infrastructure needed, monopoly supplier for Douala, cheapest source of fuel, project can be set up in 3 to 6 months, presented to the President, Roy stating today 'The company is also in discussions with new customers in the Douala area for further thermal and power projects representing significant energy demand requirements.' Am I the only one who thinks this remarkable?
Obviously there will be no confirmation until a deal is signed. But 2 + 2 seems to = 4 here.
Will have to dig behind the sofa to see what I can add tomorrow.
That's very interesting Sparrow..
2 points.
1. We don't know if Mr kelly has been talking to these people or not. Very remiss if not.
2. They operate using natural gas or LNG as well as heavy oil although they have stated they use oil temporarily as a bridging fuel to gas.
As regards the Douala Port it is literally a few kilometers from wher our pipeline crosses the Wourri althou it's possible the pipeline runs closer than that as VOG is based between the port and the airport.
"Harezi said the company was moving towards gas as the key feedstock of its facilities, while fuel oil was only a “bridging fuel”. In the first instance, a Powership can take domestic production, as seen in Ghana. Karpowership sees gas as working to support expansion of renewables"
Also worth checking out Zeynep Harezi - a right cracker!
Worth watching this video:
http://www.karpowership.com/en/lng-to-power
Clearly we don't need a floating storage and regasification unit if we can pump natural gas directly into the moored ship.
Thus VOG must have the most competitive-priced solution?
At least they are awake on the Advfn Blvn blog.
Thanks for reposting, nufckk.
Well, I added on that.
Astounding news imo.
See my post below (Business in Cameroon);
Note from today's RNS:
The company is also in discussions with new customers in the Douala area for further thermal and power projects representing significant energy demand requirements.
Karpowership are talkng of supplying 300MW
From the article:
The arrival of this independent producer in Cameroon will not only allow the country to experiment with a new technology in terms of electricity production, but also to boost its installed capacities (around 1650 MW), and thus move towards target of 5,000 MW in 2030, as foreseen in the national development strategy 20-30 (SND 20-30) drawn up by the government.
So, to get an idea how big this is, 300 / 1650 = 18% of Cameroons entire 'installed capacity'. In comparison, the Aksa power station is only intended to add 150MW capacity.
And it is right in the heart of Douala where we have a gas supply monopoly.
And we will be billing an international Turkish company (like Aksa), and not reliant on payment by Eneo.
And it can be set up in 90 days - no power station needs to be built.
8) Powership is a fast track solution that delivers electricity in 90 days. It is also high efficient using the most economical fuel available in the market and with a higher efficiency compared to similar solutions that lead to an economical generation cost....
Fingers crossed - but if Roy can land this supply contract then we are seriously in the money.
Thanks, Forest.
Also this one:
https://www.investiraucameroun.com/energie/2801-15889-le-turc-karpowership-propose-au-cameroun-la-production-de-300-mw-d-electricite-dans-un-bateau-au-port-de-douala
(Business in Cameroon) - On January 25, 2021, a delegation from the Turkish company Karpowership was received by the Cameroonian Prime Minister, Joseph Dion Ngute. From good sources, this company went to present to the head of government the outlines of its project to produce 300 MW of electric power on a boat moored at the port of Douala, in the economic capital of the country.
"? We proposed to the Prime Minister to develop, in less than a month in Douala, a 300 MW electricity project, which will immediately produce electricity at less than 40 FCFA per kilowatt ?", confided Zeynep Harezi , the commercial director of Karpowership. According to this Turkish company, discussions on this project began a year ago with the Ministry of Water and Energy and the Autonomous Port of Douala (PAD).
The energy that Karpowership aims to produce on its boat at the port of Douala is intended to supply companies in the port area, and to be injected into the national electricity grid. To do this, the Turkish company will have to sign an energy sales contract with Eneo, the concessionaire of the public electricity service in the country.
Presented as the owner, operator and builder of the world's first Powership fleet, Karpowership has since 2010 completed fifteen Powerships with a total installed capacity of over 2,800 MW.
The arrival of this independent producer in Cameroon will not only allow the country to experiment with a new technology in terms of electricity production, but also to boost its installed capacities (around 1650 MW), and thus move towards target of 5,000 MW in 2030, as foreseen in the national development strategy 20-30 (SND 20-30) drawn up by the government.
See http://www.karpowership.com/en/powership-in-10-questions
2)...Fuel flexibility through Low Sulfur HFO, Natural Gas or LNG ensures the lowest cost of delivered power with no capital outlay.
7) Powerships can be installed at a coastal site where there is an available substation for electrical connection and suitable marine conditions for berthing or mooring. Mooring will be followed by interconnection of Powership to main grid. Finally fuel connection takes place either from on-shore facilities via pipeline or through bunkering.
My Comment:
It seems to me that this could be a potential new customer? Do we already have a pipeline running to the port of Douala? We are probably in a better position to power this electricity generation than anyone else?
Business in Cameroon) - Concessionaire of the public electricity service in Cameroon until 2031, Eneo, a company controlled by the British investment fund Actis, successfully closed, on December 31, 2020, a loan of 100 billion of FCFA from a pool made up of eight local banks and led by Citibank, we learn from an authorized source. The characteristics of the operation were not disclosed, however, as were the other banks that subscribed to it.
Authorized by the Board of Directors of this company since January 2020, the operation was conditioned by the improvement of the borrower profile of Eneo, which was then facing cash flow pressures, themselves consecutive to the non-payment of invoices. by its largest consumers, including the State and its branches.
As a result, the electricity company itself was no longer able to honor its commitments to its service providers, in particular independent producers of electrical energy and suppliers of fuel for power stations. At the end of 2019, these partners claimed from Eneo unpaid debts of CFAF 155 billion, underlines the company in its 2019 activity report.
In this context, "? the financial market needed to be reassured about Eneo's ability to meet the maturities of this loan, and about regular payments from the State of Cameroon," explained the Director General (DG ) of Eneo, Éric Mansuy, in a recent interview with Business in Cameroon .
Help from the state
As desired by the CEO of Eneo, the financial market will be reassured from June 2020, thanks to a disbursement of FCFA 45 billion made by the State of Cameroon, as an advance on its overdue invoices at the service concessionaire. public electricity. A second tranche of around 30 billion FCFA will also be announced.
"Thanks to the collection of 45 billion FCFA and the regular payment of government bills over the first five months of the year, negotiations on the loan of 100 billion FCFA have truly been relaunched ?", underlined the CEO of Eneo in the aforementioned interview.
“The settlement of these arrears and other indicators confirms that there is a real commitment from the government to support Eneo. When you combine this with the transformation of corporate governance put in place by Actis, its reference shareholder, for us, it is a solid operation ”, already explained a banker at the time of the preparation of the loan. 'Eneo.
This loan will be used, reveals the electricity company in a recent Newsletter, to repay " ?the balance of a medium-term loan" contracted by Eneo and to finance the company's investments, particularly in the areas of production and the distribution. It should allow Eneo to regain its breath from the current year 2021, after a year 2019 characterized by a difficult financial situation, and a year 2020 marked by the seal of the coronavirus.
https://www.investiraucameroun.com/energie/2801-15888-conforte-par-les-paiements-de-l-etat-l-electricien-eneo-leve-100-milliards-de-fcfa-aupres-de-huit-banqu
same old spin nothing new just plodding on.