orapaboy i am not saying vog are cash strapped yet. but if you look at the spend over the last 2 years it adds up to around $30mill a year. all i would like to know is where has this money been spent? if you look at the pipe laid from feb 2013 till oct 2014 when they had $8mill left it's not a great amount of work done. lets say $8mill end of oct, $10mill from grimm = $18mill less $2mill say for river crossing, $16mill, at the last two year monthly cash burn = $2.5mill,so anothers $5mill spent till end of december gives us $11mill in the bank. i wondered at the time when they got that $9mill loan from the bank why they would need it with all the money from the dilution and grimms money. but as you can see now without this loan we would have been sailing close to the wind again. also explains why foo did not go ahead and buy the processing plant, or get a new CEO in place. if you don't want to know the facts i'm sure some do. sorry if pointing out a fact, is getting you upset good luck.
LOL I will try and get that blood out of stone , blimey ok how about this I found a link earlier that one of the thing that was delaying things for dangote was something to do with their power at customs strange may it be .
Thanks for the link MrJim, I have seen that before but it does not say gas electrical generation will start this year, just that they intend to switch from grid supplied power in a ''short while, & ''they intend to construct their own power supply station''. Circumstantial evidence is they ''might ''switch this year, but you should not conclude that Dangote have said they ''Will'' switch this year. I know I am pedantic at times lol
Just did a bit of research into this dog, management got 77,5 mln option last December plus another 6 mln new shares for the CFO and there are 2,7 bin shares outstanding, so with this rate it will move fast towards the old share count of VOG, Clear is that the management is the one who will benefit from some very very low flow rates. Wonder if they can produce when oil hits $40 dollar a barrel. No reason to switch from VOG to this oen that is very clear.
U have a point. However Kevin says they will be expensive drills wihout saying why. We understand there is high pressure and blowout would help nobody. However, If drill rates fall by 30-40% , a Director of a company has a duty to ensure nepotism is not involved and that VOG shareholders benefit from the best rates in the market.
Talking about the issue of power supply, the company boss explained that they will take power from the National Grid, ACTIS Energy but explained that it will be only for a short while since they intend to construct their own power supply station on the site as it operates in all of Dangote’s factories the world over.
So ENEO just signed up to a 2 year legally binding contact with a company thats cash strapped and potentially might run out of money before they hook up. Sorry but rather put my faith in ENEO's CFO than a disgruntled ex-shareholder
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