interesting they say pre cost cutting, they know as well as i do it will be RNS tomorrow or friday, its been planned for months and the money has been sat in the bank awaiting this date, this is in foos hands so he better RNS the fact by friday at the latest.
So let me get this right, it's a good thing to supply gas to a third party generate electricity to help them stabilise their supply . In the process destroying the need for customers to connect direct to gas to ensure a stable energy supply...something seems fundamentally wrong with that business model
Victoria Oil & Gas (LON:VOG) Back in the Driving Seat Following what has been a quiet period, where top line growth has suffered a hiatus, today’s update, in which the Company outlines the new customer base, sees forward momentum re-established. Historically we have estimated that the breakeven point (pre cost cutting) was around a sustained production level of ~4.0mm scfpd, hence the news that the average for a 7 day week is 3.9 mm scfpd is a significant step forwards for the Company. So too is the fact that the delivery time to first revenue, from the point at which the revenue potential is recognised, has become shorter. We have always recognised that the Company would suffer from first mover disadvantage, and the delays to the deployment of VOG’s good work in developing a gas market from nothing could have been superseded by gas from Bowleven’s consortium. While this renewed forward momentum is important, and supportive of a brighter outlook, we believe that the initiation of discussions on the central generating facility is more significant. While we have no doubt that the award of this contract will be contingent on a second well, for supply security, this will be a luxury problem to have, and more importantly put VOG’s back in the driving seat for the development of the gas market in Cameroon.
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