An independent oil and gas exploration and production company. Their main projects are based with in Africa and the FSU. Their biggest producing asset (as of the beginning of 2012) is Logababa which is in Cameroon.
Like many other long termers in vog I am also concerned about the cash revenue, by now I would be looking forward to revenue being dramatically higher than it is so by the time we reached the point where we had to start sharing the revenue ( less 40%) we would still be raking in the cash, but at this rate it will take years to be cash rich. Looks to me like things have to start turning much better with bigger deals being done for this sp to get to the �1 mark.
Latest RNS hasn't set the market on fire, so to speak. Can't see too much happening now until much later in the year. Hopefully, good drilling results, and 12 additional connections will have some impact. Back in the bottom drawer for six months.
VOG Chief Executive Officer Ahmet Dik said: "The period saw GDC complete a series of major workstreams that underpin our ability to expand our gas production and supply to the Cameroon energy market. All site preparations for the well drilling campaign were completed within the period and the new train rig is through customs and now being assembled on site for drilling operations to begin shortly. Whilst we are setting up for the drilling campaign, the pipeline extension into Bonaberi area… Read More
As previously reported, GDC will be drilling two wells to move some of our 2P (Proven plus Probable) reserves into the 1P (Proven) reserve category. One of the wells to be drilled will twin the La-104 well drilled in 1957; the other well will be a 'step-out' well that will be drilled into a target that is intended to prove up more of our Probable reserves.
Both wells are intended to be production wells from the Logbaba Formation at depths of up to 3,200m. A… Read More
The sales figures are in line with internal expectations as the quarter covered the second half of the dry season, where gas consumption by grid power is higher due to lower availability of hydroelectric power.
GDC achieves Payout with RSM Production Corporation
During the period, the Logbaba gas project reached a significant milestone in its development. GDC, which has a 60% participating interest in, and operates, the Logbaba gas project, agreed to fund the… Read More
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