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It seems the items we really want some positive news on, didn't even get a mention. Selling a gnats fart more gas ain't really going to slow the depletion of cash. Roy Kelly has been in place little short of a year, its almost Dik by another name thus far, not sure he has achieved a great deal really?
That's so funny sparrow lol
The only way vog could survive another expensive drill campaign in its present form is if it coincides with a big cash input from say, sale of westmed.
Failing that, a disastrous low price placing or takeover will wipe out existing LTHs.
It's a binary bet, simple as, and the odds aren't with LTHs.
The bit that said the update was positive.
Sorry sparrow which was the bit we didn't know?
Finally, we are also pleased to have received an extension to the Matanda license for which we thank the relevant Government of Cameroon departments and we have started the well planning process for a shallow well to target one of the many Tertiary prospects, most of which are within a few kilometres of existing GDC infrastructure.
So it looks like they are getting ready to drill again,
Who are they going to use for drilling
How much is that going to cost
Where is the money coming from ?
They are already in high debt, Eneo still haven’t paid them
Looks like another placing very soon, so what price 2p--3p--4p
and millions of shares so another consolidation ?
Good progress on all fronts;
- RSM litigation postponed to Q2 earliest (perhaps RSM hoping for an out-of-court settlement?).
- Daily gas sales up by 0.4 MMscf/d per day and further organic growth by summer of 1.5 MMscf/d representing a 40% increase on Q3 2020.
- LA-108 put into production early February.
- well-planning process started for shallow well on Matanda licence (presumably to be drilled this year)
- CHL settlement provides net revenue increase from Dec 2020.
The problem is that quarterly figures are heavily influenced by cyclical and seasonal factors where as yearly are not.
It's very easy to look back on year on year but that is old data, quarter on quarter production increase are far more important.
Garbage
no nasties.
You beat me to it kill joy. I was about to say , less of an update, more of a rehash of what we already knew.
In 2 months time Roy will have been at the helm for a year
I would prefer to see year on year production values rather than just referring back to the previous quarter,
Sounds positive. WIll shares react?
https://www.investiraucameroun.com/energie/2501-15869-le-britannique-new-age-va-solliciter-un-nouvel-accord-d-exploitation-sur-le-projet-gazier-etinde-au-cameroun
(Business in Cameroon) - The British oil and gas operator Bowleven announced, on January 25, 2021, that New Age, its compatriot and partner on the Etindé gas project, in the southwest region of Cameroon, has received the approval from the Cameroonian side to request a new authorization to operate this oil and gas block.
"? We are pleased to announce that following a constructive dialogue between the partners of the Etinde joint venture (Bowleven, New Age and Lukoil, editor's note) and the SNH (National Hydrocarbons Company), the authorization of request for a replacement operating agreement was granted. This is very positive news for the development of Etinde. Because, it eliminates the possibility for the government of Cameroon to withdraw the Etinde license from the partners of the joint venture, after the end of the initial six-year development implementation period in January 2021 ?”, welcomes Eli Chahin, CEO of Bowleven.
According to Bowleven, the new operating agreement concerns "? the production of hydrocarbons, including the delivery of gas to thermal power stations or any other project confirmed by the State ?". Thanks to this envisaged agreement, the Etindé license partners hope, at the end of new exploration campaigns, to reveal sufficient reserves to make an investment decision in 2021, and thus to produce and market natural gas.
This project is also of interest to Victoria Oil & Gas (VOG), parent company of Gaz du Cameroun (GDC), which set up the country's very first natural gas processing unit, in the suburbs of the Cameroonian economic capital. On February 5, 2020, VOG signed with the promoters of the Etinde project, which covers an area of ??2,316 km 2 , a “? non-binding letter of intent ?” to be able to source natural gas from the Etinde field, which could become the 3 e operational gas field in Cameroon, Kribi and after Logbaba.
Interesting post on Advfn Blvn:
'imo if the russians help sonara/cameroon to restructure their debth and help them to bring the refinery back on track with repairing their infrastructure they will also buy us and probably vog.'
Background:
https://www.energyvoice.com/oilandgas/africa/refining-africa/283633/sonara-cameroon-reconstruction-debt/
https://www.businessincameroon.com/economy/0702-9948-russian-lukoil-in-cameroon-to-negotiate-the-reconst
https://www.thevoicenews.net/2020/04/06/anglophones-crisis-russian-guns-to-protect-oil-deal/
BookMD - Aksa will have looked into this from the outset and taken a view then. It is still very much a part of BLVN's FID considerations. See p18 of presentation:
Key Uncertainties
? Domestic supply is hampered by the need to sanction and
fund new gas fired electricity generation schemes.
? Electricity transmission infrastructure improvements required.
? Concerns regarding surety of funds from electricity sales.
They certainly would if the had a bit of sense and didn't want constant headaches in trying to get paid. They also have other potential new projects, so will likely weigh up the risk reward and decide thanks but no thanks. I guess we will see whether there is any mention of it in the next update, as there must be discussions ongoing.
i agree totally would a company not firstly do some due diligence before making an investment in a country and take into consideration the state of affairs first.
Happysparrow, I will have a look. Do you not think Aksa watching the whole saga of Vog being shafted by a government backed company, may not have put them off a little?
Our government are ****s.
https://bylinetimes.com/2021/01/21/the-brexit-effect-trade-deals-outrank-human-rights-concerns/
BookMD - Regards Aksa: well worth looking at the Bowleven presentation - https://www.bowleven.com/system/files/uploads/financialdocs/agm-presentation-2020-master-1_2.pdf
Blvn have 2 options for the domestic route - Aksa or Limbe. They have 1 tcf of gas to supply. Both they and the Cameroonian Govt want this to happen. An FID needs to happen in the next 6-12 months. The Govt is likely to make terms attractive enough for Aksa to invest. Too, both VOG and BLVN are dependent on Aksa investment. This will happen this year, imo. [Nb: Blvn licence renewal end of this month. This will be a big blow to all if not renewed - highly unlikely to be withheld imo].
i couldnt possibly say, but its not your first thought :)
Still on advfn tho if interested in his 'contributions'
dactions- I think RF was recently banned and looked to come back with yet another name a couple of days ago but that has been removed too by the looks of it.
There is no doubt there is money to be made in GOOD QUALITY Aim stocks, 75-80% of stocks I hold are currently list on Aim, SLP, JIM and TSL are 3 which have done very well. I even took to buying another African gas supplier in Wen, as small company like Vog, but at the other end of the management and profit spectrum.
happysparrow- Something on Eneo and West Med is possible, yet I would not hold my breath on Aksa being a surprise anytime soon, as I previously went onto the basic Aksa website to see where it looks to be in their own pipeline of projects, and it is only listed as a potential future project. Lets see if the potential project gets a mention in our next update. My main concern is without any of the previous mentioned surprises happening, they have little to drive the SP up, as we know based on current operations, they will need to tap the market for more cash within 6 months, as their operational costs are too high to turn a profit. I would feel more comfortable if Roy Kelly had spent more of his professional career in the Magic Circle as opposed to also rans in the oil and gas industry, as it's rabbit out of the hat time, rather than strawberry conserve in the distant future. I continue to hold more in hope rather than expectance, which is seldom provides a rosy outcome, but we shall see Mr.Sparrow.
Daytradenovice - yes - that was my point as his member name is no longer active - either he's taken himself off or he's been banned.