By the way, I think I've worked out your strategy with the cut and paste posts. Keep posting huge C&P posts directly following unfavourable posts by certain individuals, with the aim of pushing said posts off the first page or 2 in the hope that fewer people see them unless they trawl back through posts.
Is the reference to "nasty people" about the firingroom post? If so it seems rather short sighted to criticise in such a personal way, someone who is clearly doing the board a service by highlighting possible reasons why PIs appear to be getting shafted. The question is do you accept that the royalties stitch-up could possibly be having an adverse effect and scaring off IIs, particularly in view of other previous failures and missed deadlines. If you have no concerns whatsoever and take the criticisms so personally, then one has to wonder if AJs digs about your true identity are not too wide of the mark.
“The first half of 2016 has been a stabilising period in the Company, as we deliver on our strategy to increase production and grow our pipeline network in Douala, Cameroon. Our market assessment indicates a growing demand for our gas, for both thermal and grid power markets.
The Matanda acquisition was a major extension of our influence in the region, whilst the drilling programme is expected to unlock new reserves for sale to customers. The preparation for drilling at our existing Logbaba production site is complete, and spudding is expected shortly.
Expansion work on the Bonaberi pipeline is on track, and with Gas Sales Agreements in place, we expect to deliver to these new customers before the end of the year. As we deliver on our expansion targets we will look to increase the process plant’s capacity. The settlement of the reserve bonus and termination of the 1.2% royalty was an important matter to resolve and will mean greater revenue for the Company going forward.”
INTERIM FINANCIAL REPORT FOR THE SIX MONTHSED 30 JUNE 2016
Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2016.
In the prior year the Company changed its accounting reference date to 31 December. These interim results report on the six-month period to 30 June 2016, with the comparative period covering the six-month period ended 30 November 2015. Owing to the seasonal nature of our business, where production statistics are reported they will be compared to the equivalent six-month period to 30 June 2015, to provide a more accurate comparison.
-- $23.6 million Revenue (six months to 30 November 2015 was $18.9 million) -- $14.2 million Adjusted EBITDA (six months to 30 November 2015 was $7.9 million) -- $1.9 million Net cash position (at 31 December 2015 was $6.0 million) -- $9.0 million Net cash position at 23 September 2016 -- Cost recovery milestone reached on Logbaba Gas and Condensate Project on 31 May 2016 after which revenues will be shared in accordance with the participating interests
-- 93% average daily production rate increase to 13.1mmscf/d (six months to 30 June 2015 was 6.8mmscf/d)
-- 2,282mmscf of gas sold (six months to 30 June 2015 was 1,525mmscf) -- Phase II Bonaberi pipeline expansion well underway to connect new thermal customers -- Major drilling preparation work completed, drill rig arrived and is being commissioned
-- 75% interest in the Matanda Production Sharing Contract assigned to the Group -- $26 million debt facility secured to support Logbaba expansion -- Group CEO appointed - Ahmet D ik; Group Finance Director appointed - Andrew Diamond
Some very nasty people on this thread, always is when there is money to be made!
"Arbitration, on the other hand, involves two parties in a dispute who agree to work with a disinterested third party in an attempt to resolve the dispute. The arbitration process is private, between the two parties and informal, while litigation is a formal process conducted in a public courtroom."
Too many fingers in pie before shareholders get a look. From iii chat -- "depending on which report from VOG you read the royalty figure ranges around somewhat. There is therefore considerable confusion over the extent and nature of Foo's royalty. The last accounts have it that it is '15% of cumulative revenue greater than $30m up to $240m' and then '6% of cumulative revenue above $240m' until the end of Logbaba. The reported figure has trended upwards over most recent years, so don't hold your breath on the 2016 accounts." Also where are the paid customers is the big question - told previous that all scuffs be taken up with gusto so 15 per cent increase worrying.
What does it matter if it's litigation, arbitration or sanitation. The value of VOG is decimated and many pi's are down to the tune of 1,000's if not 10,000's. While fatty fingers at the top keeps dipping his fingers in the Plum pie. Mr Kevin mentioned in his last statement I quote "The settlement of the reserve bonus and termination of the 1.2% royalty was an important matter to resolve and will mean greater revenue for the Company going forward.”
Well the sub committee looking at Kev's pitiful 4.5% straight off the top are dragging their heels are they not? How long does it take to sit Kev down with a bottle of Castel beer and say "right Kev what works for you"
I particularly like this snippet of information as I know this is very close to AJ's heart:
"Elsewhere, Victoria paid professional fees of $400,000 last year (2013: $800,000, 2012: $1.1m) to Blackwatch Petroleum Services Limited, a firm of upstream oil and gas consultants of which Victoria’s chief operating officer, Radwan Hadi, is a director".
Wouldn't want to be out of this over the weekend....
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