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Victoria Oil & Gas Share Chat (VOG)



Share Price: 69.00Bid: 69.00Ask: 69.50Change: 0.00 (0.00%)No Movement on Victoria Oil
Spread: 0.50Spread as %: 0.72%Open: 70.50High: 71.00Low: 68.00Yesterday’s Close: 69.00


Share Discussion for Victoria Oil (VOG)


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jointhedots
Posts: 170
Off Topic
Opinion:Strong Buy
Price:57.25
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RE: jointhedots
30 Jan '15
I took the figures from memory, but I know I have seen them somewhere and I'm not exaggerating. In fact the pipeline capacity is double what you suggest and that is before they make enhancements to increase.

Taken from the operational update provided 13th June 2011

"The pipeline has a capacity of 60 mmscf/d, which is of sufficient size for the Douala industrial market over the medium term. "

55 or 56 scuffs was the maximum test flow rate recorded, I suspect a lot of recent investors don't realise the wells have such high flow rates, not good at blowing their own trumpet are they, though to be fair they published in the test results Good old Bowleven did repeat the figure as part of their justification for investment in their license in their prospectus to raise money for their drilling campaign, they also confirmed a low drill cost, something I challenged VOGER on and got a load of drivel, Bowleven said

"It is understood that the La-105 well tested at flow rates of up to 56 MMscf/d with between 210 and 1000 barrels of condensate per day (at a flowing wellhead pressure which varied between 2,750 - 4552 psi)."

and VOG said

"Well La-105, the first well drilled by VOG at Logbaba, was completed to a depth of 8,700 feet in early January. Commencing on 22 February, multiple pay zones were tested over a period of two weeks at depths between 7,005 - 8,500 feet. Over the testing period, various zones of La-105 flowed at rates between 11 - 56 million standard cubic feet per day (MMscf/d) of natural gas and 210 - 1,000 barrels per day of condensate. Flowing wellhead pressures varied between 2,750 - 4,552 psi. The theoretical Absolute Open Flow (AOF) capacity for the well is 90 MMscf/d. The gas is sweet, with a high calorific value and the condensate has an API gravity of 47 degrees."

Notice the 90 MMscf/d is the theoretical max based on known information, however who is to say some specialists can't improve and don't forget they also said in the same update

"The Upper Logbaba A through C sands, although indicated as the best quality hydrocarbon-bearing sands encountered in the well logs, were not tested as the well indicated more than sufficient production capacity to meet initial gas demand of 8 MMscf/d."

Best sections not tested so we could have much more, and my point about the work over on the other well and Bowleven's outcome proves the Upper Logbaba sands contains major gas deposits that could mean we don't need any more deep wells. A couple of cheaper shallow wells at most.
 
GozoMike
Posts: 485
Off Topic
Opinion:No Opinion
Price:56.00
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jointhedots
30 Jan '15
The pipeline is capable of 30 scuffs and the gas plants are 20 scuffs as I recall, stand to be corrected. Don't recall ever seeing pipeline capacity at 45 scuffs. Also don't know the source of your 55 scuffs. If all the levels of both wells were producing at maximum it would be considerably more in my opinion. Trouble is that would take 10 wells in all probability. However it should be possible to drill more than one well per site as indeed they do in the States. Marathon are experimenting with 4 to 6 wells per pad. Don't know why we did not go for the low hanging fruit in the form of the shallow wells first, would have been so, so much cheaper and would have proved up the reserves for our purposes adequately.
There is an outside chance of striking oil in the deepest target though, rather remote, so why bother. Oil and wet gas to the SW Douala basin and dryer gas as you progress to the NE.
The way forward is to join forces with others to produce enough gas together to justify linking our pipeline to the national LNG train.
SpaceHoppa
Posts: 985
Off Topic
Opinion:No Opinion
Price:56.00
View Thread (3)
RE: Dangote
30 Jan '15
Mr Jim, source has tried digging up informtion about Dangotes intentions, however has come up with nothing to indicate eitherway. My view is not any time soon, but VOG may be playing a Dangote electrical Gsa very secretly, as it would be highly sensitive!!
mrJimV
Posts: 8,651
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:56.00
View Thread (3)
RE: Dangote
30 Jan '15
Space
Did your sourse mention the power plant at Dangotes factory . just that I heard it is going to get running sooner than we thought , the grid connection will still be there but as a back up.
SpaceHoppa
Posts: 985
Off Topic
Opinion:No Opinion
Price:56.50
View Thread (3)
Dangote
30 Jan '15
Get your behind in gear Mr Dangote. You are making Vog look great at hitting targets!!! Lol
jointhedots
Posts: 170
Off Topic
Opinion:Strong Buy
Price:56.00
Don't Underestimate the Opportunity
30 Jan '15
I recall the well that requires a work over tested at 22 scuffs/day whist the higher producing hole tested at 55 scuffs, apparently neither hole has fully tested the shallower and potentially even more productive gas bearing sands.

I suspect VOG is capable of getting up to 50 scuffs/day if they optimise both holes, and things appear to be definitely changing in Gas's favour, with another contract from ENEO and CNG we will be well on our way. I believe the pipe network is estimated to be capable of supplying 45 scuffs. All is in place accept a large enough processing plant. VOG have created a market from scratch and there is no reason to believe the slow rate of acceptance so far will continue, the fear of Gas that was prevalent must now be subsiding and take up could snowball.

As verification of the potential we need look no further than near neighbour Nigeria, a major oil producer and world largest waster of gas, the article extract demonstrates the accelerating and huge take up of Gas as an energy option, attributed to a Nigeria gas Master Plan. Though Cameroon's economy is much smaller that Nigeria it doesn't have the luxury of large oil reserves so there is no reason that Gas usage could not grow in a similar manner. I believe we have every reason to be optimistic. Ghana have also signed a deal with VITOL and ENI this week to develop a supply of approaching 180 scuffs/day at a cost of $7bn, makes VOGs little niche market look like a very cheap development and money well spent.

"Nigeria’s Gas Supply Market Skyrockets

The Nigerian National Petroleum Commission in a recent report claims that Nigeria’s gas supply gas supply market has increased from 300 million cubic feet to sky rocketing 1 billion cubic feet per day.

The achievement was attributed to the successful implementation of the Nigeria gas Master Plan.

Group Director of the NNPC of gas and power, Dr David Ige said the implementation had already positioned Nigerian to be the largest producer of fertilizer on the African continent by 2018."

http://www.nigerianewsday.com/business/7879-nigeria-s-gas-supply-market-skyrockets
rodlin
Posts: 2,659
Off Topic
Opinion:No Opinion
Price:56.00
View Thread (2)
RE: rodlin
30 Jan '15
thanks for that.
stockbreaker
Posts: 1,355
Off Topic
Opinion:No Opinion
Price:56.75
View Thread (2)
rodlin
30 Jan '15
Tried at Share Centre with reducing quanties got a quote for 99 shares @ 56.08!
rodlin
Posts: 2,659
Off Topic
Opinion:No Opinion
Price:56.75
View Thread (2)
RE: TD Direct
30 Jan '15
Tried that. Didn't work still going to the queue. Tried a dummy sell on other stock and they went through just fine.
Mr.B
Posts: 276
Premium Chat Member
Answer
Opinion:No Opinion
Price:56.00
View Thread (2)
TD Direct
30 Jan '15
+ 1.

I keep hitting the refresh button until it goes through.

My understanding is it happens when they are busy and you get put in a queue.





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