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Victoria Oil & Gas Share Chat (VOG)



Share Price: 54.75Bid: 53.75Ask: 56.50Change: 0.00 (0.00%)No Movement on Victoria Oil
Spread: 2.75Spread as %: 5.12%Open: 54.75High: 0.00Low: 0.00Yesterday’s Close: 54.75


Share Discussion for Victoria Oil (VOG)


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voger
Posts: 7,210
Off Topic
Opinion:No Opinion
Price:60.25
View Thread (15)
RE: voger
9 Jan '15
spacehopper

this was in the accounts for may 2014
3. GOING CONCERN
For the year ended 31 May 2014
The Directors have given careful consideration to the
appropriateness of the going concern basis in the preparation
of the financial statements particularly as the Income
Statement reports that the Group incurred a loss of $1.7 million
for the year ended 31 May 2014 (2013: $15.9 million) and the
Consolidated Balance Sheet shows that the Group had net
current assets of $8.1 million at the year-end date
(2013: $1.7 million net liabilities). Net current assets includes
the receivable from RSM of $8.6 million (refer Note 20) and
current borrowings of $4.4 million relating to the Noor
Petroleum loan and $5.0 million relating to the BGFI loan
(refer Note 23), all of which remain outstanding as at the date of
this report.
At 31 May 2014, the Group had $17.0 million of cash
(2013: $13.1 million). At 21 October 2014, the Group had cash
of $8.5 million. Based on their forecasts, the Directors expect
that if the Group were to terminate its exploration and
development programme, the Group would generate enough
revenue to fund its base operations for the 12 month period
from the date of approval of these financial statements.
 
SpaceHoppa
Posts: 931
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Opinion:No Opinion
Price:60.25
View Thread (5)
RE: Why drill 2 new wells?
9 Jan '15
Mr Dots, the current wells are being slowly depleted so Vog will need to drill new wells eventually, however not for a good while. I read somewhere that Vog only intend to drill new wells once scuffs are over 10mmscf/d. I do not think the two power plants will overly tax the current infrastructure, however if Dibamba is to be supplied in a year or so then more voulume will be required. A nice problem to have !!
SpaceHoppa
Posts: 931
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Opinion:No Opinion
Price:60.25
View Thread (2)
RE: Space
9 Jan '15
That sounds about right Mr Jim, breakevens. However Vog are looking very healthy cash wise looking at the accounts & Grims cash. Connecting up the power plants in a month or three, depending on how quickly Altaaqa can clear the generators through customs, should boost Vog into the profit zone!!
jointhedots
Posts: 115
Off Topic
Opinion:Strong Buy
Price:60.25
View Thread (5)
Why drill 2 new wells?
9 Jan '15
Why should VOG drill 2 new wells and do they have to?

I have just taken a look at the reserves report and well flow rates and it's unnecessary up to 20 scuffs. what's more if the lower flow rate well gets a work over then they can supply a second gas plant without a new well and expand to 30 scuffs for the next 25 years.

As the drilling is not urgent and if you look at the numbers it doesn't appear to be, we come back to the same question. why drill in 2015?

Perhaps it's for the next step of building a relationship with ENEO and a much bigger deal, or to see off the likes of Bowleven who won't stand an earthly chance of building a market in Douala if VOG hits gas. Maybe is for resilience to assure customers that they have secure supplies. Whatever, it's not to cope with current demands

Incidentally, VOG have their exploitation licence for the field so I assume the new wells, if drilled, can be linked to processing plant as and when VOG withes to. With that in mind perhaps the next capital expenditure should be on a processing plant.

If the wells are indeed drilled in 2015 then it will be for good reason and the sort of problem most companies would love, sky rocketing sales
mrJimV
Posts: 8,309
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Opinion:No Opinion
Price:60.25
View Thread (2)
Space
9 Jan '15
Ok getting 14.5mil - 15mill self funding 10min`s in on interview , Not profit but self funding .
https://www.youtube.com/watch?v=mlDkDU79dOM
buzzlightyear4
Posts: 6,111
Off Topic
Opinion:No Opinion
Price:60.25
View Thread (2)
Voger
9 Jan '15
Just got back in and you're still in full flow lol

You posted less than this when you owned shares in VOG,now you're a spectator you're posting every 5 minutes????
Massey37
Posts: 527
Off Topic
Opinion:No Opinion
Price:60.25
View Thread (15)
RE: voger
9 Jan '15
I am surprised that we are not in profit yet tbh with less pipelaying i can see and thats been outsourced.

Oh but then the boards salaries have gone up 33% to $1.8m from 1.3m.

AIM is so unregulated and with our Nomad only just getting up to speed VOG could be holding this 'bit' of news back to put with the minor increase from Bonaberi
mrJimV
Posts: 8,309
Off Topic
Opinion:No Opinion
Price:60.25
Space
9 Jan '15
Let me check
SpaceHoppa
Posts: 931
Off Topic
Opinion:No Opinion
Price:60.25
View Thread (15)
RE: voger
9 Jan '15
''voger ,KF said in an interview that he had $15 mill profit''

MrJim, if Vog were making ''group'' profits I think Mr Foo would have Rns'd that. Vog are most likely at breakevens when costs are subtracted.
Massey37
Posts: 527
Off Topic
Opinion:No Opinion
Price:60.25
View Thread (10)
RE: Voger
9 Jan '15
yes "costs" are covered by revenue, including the cost of pipelaying at circa $8m for 12months to May 14. Had a quick look and maybe 8km of pipe laid which is probably about right at $1m for 1km?!

So why are you reducing the cash balance of VOG? And calling it "burn rate"?





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