I suppose we can only await news hookups hope the drop does not continue it will cause the usual panic.We have a huge drop on good news.Maybe as the hook ups come we will be cheaper.Many other stocks have not even drilled the site and are 20 pence let alone discovered and marketed and broke even have funds in the bank hook up to take place.The pipe line being subed out is brilliant the job will be quicker and more efficiently done motely fool has written that is why the price has dropped they should stick to the Blnx recommendation or the qpp for there beginners club.Or perhaps get more 15 year old school boys to give to the good advice which changes daily.Good Luck.
Yesterday, Victoria Oil and Gas (VOG) announced an update for the Logbaba gas fields in Cameroon, operated by its 100% subsidiary Gaz du Cameroun (GDC). In the last five day commercial week, gas supply averaged 4.2 million cubic feet per day (mmcfpd), with a daily peak of 4.5 mmcfpd. However, including the weekend, production averaged 3.9 mmcfpd. The company is implementing a new procurement strategy – Genset (electricity generation set), to source gas-to-power generators to suit the requirements of individual customers. VOG contracted with Socapursel to supply gas for thermal use in its industrial boilers, while discussions over a prospective deal to supply gas to national grid power stations continued. Meanwhile, the Dangote Cement Cameroon suggested that it would start its new Douala cement plant in August 2014. Currently, VOG is awaiting orders to start final gas connections at the plant, with pipeline to the Dangote site already laid by GDC. VOG has completely outsourced the development of its gas pipeline to Britanica HDD International under a fixed price agreement (in terms of US$ per metre). Drilling activities under the Wouri River are now scheduled to begin in July.
Our view: VOG is witnessing substantial increase in consumption rates from both thermal and power business units compared to April, when the gas supply had averaged only 3.2 mmcfpd. On the flip side, announced outsourcing of the pipeline development work has further pushed forward the commencement of the gas pipeline under the Wouri river. The work, that was originally scheduled to complete in Q4 2013, would now begin this month. Nevertheless, considering the wide customer base of Victoria, stronger position as a supplier of gas-fired electricity after recent expansion, and further progress towards establishment of thermal supply pipelines, we retain a Speculative Buy.
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