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Gold now less sparkling for now; oil hovering; minerals, I'm hoping better with GFM, and VOG well definitely worth a punt again. I guess it all depends on the virus, if it attacks again. I see a lot of the numpties are still here. Take care.
Still here?
Two late reported trades for 2.4m shares this afternoon at 3.65p:
Looking at the matching volumes (that is, by counting back a further 2.4m shares traded), this trade seems to go all the way back to the RNS at 12.36 on the 3rd July when the selling price dropped from about 3.65p to 3p on the news of ENEO. Rising from here to the 8th July, then from the 8th July you then got a steady selling price of around 3.65p and buying price at about 4p.
Thus my guess is that these two late reported trades are sells from the 3rd July that caused the drop. They have now been matched by more recent buys. All is equalled out. I would now expect further buys to push the share price up.
Looking on the bright side.
Thanks HS. I'm pretty much spread out at the moments but I see the logic in your suggestion.
Anthony, you probably don't need reminding a further £800 buy would bring your average price down to 11.3p - then perhaps you have a chance of getting your money back in 6 months, imo?
Though maybe your £800 has a better home to go to (NB: this is not my main share, more a speculative buy)?
Good luck.
I suppose its only natural to get frustrated when the huge losses are accompanied with very little action from VOG management and then we see the link from HappySparrow. We can only hope that Mr.Kelly will utilise all of his energy, expertise and diplomacy to solve the impasse with ENEO. I am not a newcomer, I had 400K shares to start with some years back and only have 10k since consolidation which are worth the equivalent of fourpence 'appeny now. Loss of £10k and smarting, but what does one do? The day I dump them for a tripe supper, they'll move up the next one. That's what punting in penny shares is unfortunately - always out for the "ten-bagger" So lets hope the current team resolve ENEO and sell off West-Med and look out for the airborne pork ribs !
Another similar:
https://www.energymixreport.com/cameroon-lowers-the-tension-in-the-electricity-sector-with-a-payment-of-45-billion-fcfa-to-eneo/
Yes I think that's right 3 card the cats out the bag.
Banjo / RF68 is one concerted investor in vog, let's hope he gets a big reward for it.
RF68. Wrong that wasn't me that invested in Debs for about the 10th time. but you can believe what you want if it makes you feel better.
And there you have it Jed. We told you it was PB/Banjo in a new guise. The DEB post just confirms it.
And there you have it Jed. We told you it was PB/Banjo in a new guise. The DEB post just confirms it.
And there you have it Jed. We told you it was PB/Banjo in a new guise. The DEB post just confirms it.
So on tdays move so far it looks like you have lost £1k, but it could be £2k+ tomorrow.
I think I made £50k on vog in my dream last night, but I guess it's all about perspective.
In 2014, Actis acquired a 56% stake in Cameroon's national electricity integrated utility, Eneo. Eneo owns and operates over 900MW of generation capacity and distributes electricity to more than 900,000 customers.
Actis is a british company that makes good profits from other things, so they have the money to pay their debts if they want to but decide not to for vog business, because they can get away with not doing so.
I think they believe vog will go bust and then get away with never paying, after all they haven't paid vog in full on time in the last 3 years or so. So why now.
Glad you added (majority owned). See this from company's own accounts.
"Eneo is a semi-public company with 51% of its capital held by Actis group, 44% by the State of Cameroon and 5% by its employees."
Even in a public company on the London Stock Exchange, a 44% stake is not ideal in terms of balance, but in a one party African " dictatorship" you cannot refer to Eneo as a normal private company. It will do as it's 44% stakeholder bids.
You don't get it. It doesn't matter whether it's true or not. If you fight Eneo, you fight the Cameroon government. And guess what? You lose. May as well get out now while you're only 15% down.
Surely even you must be starting to feel a little nervous about your 4p entry after that statement. When a large African debtor, partly state owned, basically tells you "on yer bike son", the words horse, dead and flog spring to mind. Can't see Cameroon courts siding with vog against government.
Weasel words from Eneo - but a contract is a contract. They must be feeling the heat.
Well done, Roy, for bringing matters to a head.
Article 14th February:
https://www.energymixreport.com/cameroon-will-reimburse-electricity-firm-eneo-a-first-tranche-of-fcfa-45bn/
With a payment of 45 billion FCFA to Eneo, the State lowers the tension in the electricity sector
Cameroon gas case
But things are not as rosy. The proof: Gaz du Cameroun (GDC) announced, in early July 2020, the termination of its contract to supply natural gas to Eneo, through the Logbaba (30 MW) thermal power plant in Douala. The British subsidiary Victoria Oil & Gas (VOG), which claims to the electrician the clearance of a slate of 16 million dollars (more than 9 billion FCFA), even threatens to sue.
At Eneo we say we are surprised. Firstly because "? since September 2019, in reality, Gaz du Cameroun no longer produces for Eneo ?". Then, “? for several months already, Eneo has invited the Gaz du Cameroun teams to formalize the new contract which was to bind us. And Gaz du Cameroun then had to work with its production partner to obtain the licenses and authorizations to resume its activity, in accordance with government instructions ?. ”
Evoking unpaid debts accumulated by the energy company, the Saudi Altaaqa Alternative Solutions which operates the Logbaba thermal power plant stopped the machines on September 14, 2019. This immediately caused the disruption of fuel supply by GDC. At Eneo, we swear we don't know what the more than 9 billion FCFA claimed by the VOG subsidiary correspond to. “? We have a partner who did not provide a service, who had obligations, but did not fulfill them and who claims money. We question ourselves ?, ”reacts the top management of the electrician.
Aboudi ottou
https://t.co/f6gEApLLLt?amp=1
@InvestCameroun
Presumably you took the opportunity to top up yesterday rather than wait until it goes above 4p.
"I keep buying and my next purchase will have to be above 4p sadly."
Nah, just wait until tomorrow. You can pick some more up at 3.6p ish
re "95% of companies in the oil and sector have no revenue and make losses year on year as they explore for hydrocarbons. This is the nature of the beast. Theses losses are funded by share placings and debt finance. VOG is just the same. However VOG is now also a producer with revenue and customers unlike many."
The first part of your post is true as applied to O&G explorers. But as VOG will happily tell you, they are no longer an explorer and class themselves as a gas utility with the unique advantage of its own pipeline to its customers. Which kinda begs the question, "why does VOG continue to need to rely on placings and debt finance when in your own words we are operationally profitable with over 40 paying customers?"
The other point I would make is that we were also operationally profitable 5 years ago but with a slightly smaller customer base and no debt. There was even talk of dividends on the horizon. this was purely off the back of high value sales to industrial and thermal customers. It is big power that has destroyed this company - and of course useless management
Added this morning at 3.63p.
Possible prospects for the next 6 months (that might be mentioned by Roy Kelly in July update, and strategic plan):
a) $9m owed by ENEO will be paid (perhaps after receiving World Bank Funding)
b) Sale, or farm-out progress in Russia (and perhaps some conclusion at Kermokol).
c) Progress on Etinde/Aksa deal
d) resolving of legacy legal disputes
e) Matanda - licence extension, farm-out partner
f) LA-108 well remediation completed (even starting would be nice!)
g) sign up of new gas customers
h) The big one ! - Merger/takeover with either New Age or SEY.