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Thanks for the debate on where future sales will come from- very useful.
For recovery, the development with Etinde/Aksa is crucial to success (and may result from a NewAge / VOG merger. [Kerogen is NewAge's major shareholder; Roy Kelly and John Daniel are ex-Kerogen].
I am a big fan of 'management'. This is key to success. Back good management (my major holdings are JSE and TXP) and you are likely to succeed in this game. My main losses have come from management being lying cheating bastards. I looked at VOG about 3 years ago, when Malcy first started bigging them up. I took one look at Foo and Dik and instinctively did not trust them; and luckily, did not invest here. Use your instincts.
However, Roy Kelly seems a good egg, and competent with it. He has shown himself to be strong and decisive in both ENEO debts and the ridding of Andrew Diamond. He is shaping up to be a CEO well worth following imo.
You,re just twisting things to suit your argument.
Anyway Logbaba and Bassa power stations were not intended to be temporary. We only got a 2 year contract initially due to cocerns about our capacity. VOG was after a 5 or 10 year contract but once the 2 years was up Eneo could see how desperate we had become due to stagnating industrial sales and mounting costs. We were over a barrel and at their whim.
Re " ENEO were never going to be a big offtaker. They were max 12 mmscf/d and at a very low price paid for gas . "
Quote "Today's agreement with ENEO is truly a game changer for VOG. We have secured a major, near term user of gas for our Cameroon business. We are now becoming an active part of the Cameroon energy equation" Kevin Foo 29 Dec 2014.
Are you really saying that $9 per m/scuff up to 10.4 M/scuffs for 50 m/watts is very low when compared to $16 for companies taking 0.2 m/scuffs?
Well said Brag, this has been yet one more pigs in the trough free for all for years, some should be behind bars IMHO
By the way - after you had done all your extensive research and prior to investing at a snip of 4p per share, did you check to see what had happened to CNG, energy wells, Westmed, Matanda drilling etc?
68 - re "VOG have pulled in all the thermal big users available in Douala. Some smaller thermal customers still can be connected but only for small amounts of gas"
That is not at all what they were saying several years ago. The whole point of the pipeline was that it was carefully routed to go past lots of medium and large industrials and would only require a small branch off to each company it passed. Even before the Wourri River across to Bonanberi they were talking of as many as 60 customers.
And even 0.3 to 0.5 of a m/scuff at $16 was a prize worth having as the infrastructure had already been paid for. I recall the SP would shoot up each time we received an RNS of another 0.3 customer.
If you are saying that all the worthwhile companies have already been snapped up, either you are talking out of your 'arris or the company lied to us. Which is it and what do you regard as small?
as I've said before on here, check out the terms of the last placing/bail out - work out what happens if there is another one..
F disgraceful company, nothing changes except the noses in the trough...
Sorry, my point is, if gas is so cheap compared to HFO, how come they've never been able to pull customers in?
where are the customers?
It seems to me they just aren't there and it's a good idea not to rely on this.
That said, terminating the ENEO contract and suing their asses is the right way to go and decisive action was definitely required.
Only a 10% fall?
Hmm, not enough to get me back in again, but I'll be keeping my eye on things with a view to a small punt.