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Perenco now in pole position for the purchase of New Age's assets on the Etinde oil and gas block in Cameroon
(Invest in Cameroon) - The 30-day period given to the British Bowleven and the Russian Lukoil by New Age, to exercise their right of pre-emption as part of the process of sale to a subsidiary of Perenco of all its assets on the Etinde license in Cameroon, expired on July 9, 2022. The information is revealed by an official statement from Bowleven.
« Neither Lukoil nor Bowleven exercised their right of pre-emption over New Age's interests ", which enjoys the status of operator of this oil and gas licence covering an area of 2 316 km2 in the South-West region of Cameroon. However, before the conclusion of the final deal with Perenco, which now has free rein thanks to the non-exercise of the right of pre-emption by Lukoil and Bowleven, certain conditions still have to be met.
« A number of conditions for Perenco's acquisition of New Age's stake in Etinde's license remain pending, including customary regulatory approvals by the Cameroonian government, approval of competition, and confirmation of exclusive operating authorization (EEE) through a letter issued by the Minister (of Mines). Bowleven explains.
According to Eli Chahin, Managing Director of Bowleven Plc, the looming change of partner "is a key development to accelerate the process of making the final investment decision within the joint venture set up as part of the Etinde project, which will then be led by a high-calibre international operator, with strong and long-standing roots in the Cameroonian ecosystem". Indeed, Perenco is a well-known operator in Cameroon, where it already holds significant assets in the oil and gas sector.
'''''''''''''''''''''''''''
However, the Etinde project is also of interest to Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), which has set up the country's first natural gas processing unit, on the outskirts of Cameroon's economic capital. Indeed, on February 5, 2020, VOG signed a "non-binding letter of intent" with the project leaders, to source natural gas from the Etinde field, which could well become on the 3rde operational gas field in Cameroon, after Kribi (South) and Logbaba (Littoral).
https://www.investiraucameroun.com/energie/0807-18170-perenco-desormais-en-pole-position-pour-le-rachat-des-actifs-de-new-age-sur-le-bloc-petro-gazier-etinde-au-cameroun
Again, why grant Dir's options if the company isn't going to be in existence in 3 days/weeks/months time!
Victoria Oil & Gas PLC Result of Annual General Meeting
Source: UK Regulatory (RNS & others)
TIDMVOG
RNS Number : 8677Q
Victoria Oil & Gas PLC
30 June 2022
Victoria Oil & Gas plc
("VOG" or the "Company")
Result of Annual General Meeting ("AGM")
VOG is pleased to announce that, at the AGM of the Company held this morning, all resolutions that were proposed in the Notice of Annual General Meeting were passed on a poll. Resolutions 1 and 2 were passed as ordinary resolutions and resolution 3 was passed as a special resolution.
The number of votes for and against each of the resolutions proposed, and the number of votes withheld were as follows:
Resolutions Votes for % Votes against % Votes withheld
Resolution 1
To re-elect Roger Kennedy
as a Director of the Company. 24,121,394 96.87% 780,021 3.13% 112,329
----------- ------- -------------- ------ ---------------
Resolution 2
To authorise the Directors
to allot equity securities
in accordance with the
limitations set out in
the Notice of Meeting. 22,922,137 91.90% 2,020,394 8.10% 71,213
----------- ------- -------------- ------ ---------------
Resolution 3
To empower the Directors
to allot equity securities
for cash and exclude the
application of pre-emption
rights in accordance with
the limitations set out
in the Notice of Meeting. 22,783,757 91.33% 2,164,224 8.67% 65,763
----------- ------- -------------- ------ ---------------
As at the date of the AGM, the number of issued ordinary shares of the Company was 259,392,519 shares. In accordance with the Company's articles of association, shareholders are entitled to one vote per share held. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes "for" and "against" a resolution. Proxy appointments which gave discretion to the Chairman have been included in the total.
Morning. VOG have very options left. Creating extra shares/placement will achieve nothing from a running the business point of view - and who would buy them. Loans option a dead end too - can't service the interest at present and very little/no security. So we are left with assets which if all sold would I suspect give a nice positive balance. To stay in business as aid I am hoping that Matanda is the key. We have been told a drill rig is I assume now in situ from Chad. If reserves can be proved then RSM may well take a stake in lieu of part/all litigation or could be sold to a JV/Dangote etc. Last chance saloon! IF this does occur VOG could come out of this very well in my opinion - last skeleton put to rest, new reserves in a market desperate for gas/energy and AFEX and RSM in situ to shoulder part of the explo costs and no /less reliance on the current reserves and piped clients and all of the 'will they ever happen and where's the cash to do it' Cam gov energy plans. Happy digging Roy!
Not sure if turnover and debt are the issue
It's about if income can support/finance any debt?
Agree would be interested to see if the debt included the RSM award? Makes a massive difference!. They are still talking so will All have to wait , but it does look like even if vog survive it will be at LTH cost .
But just look at the numbers, it says total rev was about $14+m with total debt about $15.9m,
Now is that without the money they have to find to pay off RSM?
Not looking to good is it.
Can see RSM Taking total control of vog in exchange for the debt they owe them. Looks like game over to me.
Reading this morning's report it sounds like there may be some hope of a revival. Fingers crossed.
The offices are now at Scott House, Suite 1, The Concourse, Waterloo Station, London SE1 7LY, - still advertised at £3250/m on LONG TERM let basis. Hence breakage fees. Strange behaviour for a company with 'issues'. Also Hadron waiving a could have been paid debt payment (VOG should have some cash at bank from drill cost raise) and having exercisable options Strange behaviour for an investor in a company with 'issues'. Hoping tis is pointing to some good drill results and RSM coming on board perhaps at Matanda in lieu of litigation settlement - would you want to be locked out of a gas reserve on your doorstep that could be in competition to your stranded gas asset?. Or ...just idle musings!
probably
So does that say they have been kicked out of their current Reg office because they haven't paid the rent ,and now moved into a box office without any staff on the station so they can do a midnight flit when the time comes without anyone knowing ?
ParanoiaBlue Premium Member
Posted in: VOG
Posts: 34,275
Price: 3.45
No Opinion
happysparrow27 Aug 2021 10:25
Share price of 30p+ would be great.
Present range for me 3.9p - 22.4p
Keep up the good work
Take care.
I heard he used to have a lot of run ins with captcash and Travis ref his ramping.
Lost them all apparently.
Interesting off-market "mutual" deal.
No0ne's offering to buy mine I see
So, that's 5% of VOG bought and sold... as a LTH I am classing it as a buy ;-)
Executive Chairman of the African Energy Chamber, NJ Ayuk, adding, "We hope that Perenco, a company that knows the region very well, will be able to fast-track development of the Etinde field, as well as the field’s surrounding prospects. We look very much forward to seeing Perenco expedite the prospects for local, African gas development, as well as the development of gas for export markets, particularly to Europe."
https://www.marketscreener.com/quote/stock/BOWLEVEN-PLC-4004978/news/Perenco-s-Acquisition-of-New-Age-s-Participating-Interest-in-Etinde-Asset-Offshore-Cameroon-is-a-boo-40668450/
Hydrocarbons: British New Age about to sell its assets on the Etinde block in Cameroon to Perenco
https://www.investiraucameroun.com/energie/0806-18019-hydrocarbures-le-britannique-new-age-sur-le-point-de-ceder-a-perenco-ses-actifs-sur-le-bloc-etinde-au-cameroun
Bowleven soars as Perenco moves to replace New Age in Etinde joint venture
https://t.co/oNRyuWlhbo
Interesting rumblings in the oil and gas exploration/exploitation scene in Cameroon.
@jed more like where 'has' the money been going... i bet Foo's bank account isnt in the red
I guess a white knight to put in £10m . Somehting doesn't add up here they are trying to hire a drilling rig that they don't have the money to pay for, and they already have debts they cannot pay off with the court case plus they are NOT making any/ enough profit to keep running.
Just where is the money coming from.
Excuse my ignorance but what are we voting for?
TheAnswerIsNo-brainer, there's nothing you can tell me about PB that I don't already know. But I make my own investment decisions and live with the consequences. You've got monies? Good for you. Primark will be pleased to see you no doubt.
Glad things have worked out ok Newdealz. I've been at this for about 25 years now & certainly made some expensive mistakes along the way. I may make more but only with money I've made along the way. Good luck going forward. K
Krust person, you also have soggy cloth brain haha! PB is biggest cloth and encourage people and pretend he expert. He bad man. I got monies as not listen to his cloth rubblish haha!