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Isn't West med costing £1 million a year?
Scandalous and the company should just abandon it.
No doubt someone is creaming off the top there too.
3card - "Problem is, with so much cream being skimmed off the top, the only way this company will ever reward shareholders is by selling absolutely humungous amounts of gas. And the Catch 22 is that to get to that point, a lot more debt and dilution will be incurred first."
- only with Cameroon. The BOD confirmed that the sale of West Med would mean a special DIV to all shareholders. They even spent millions doing corporatey things to get rid of certain share classes to 'make way' for the DIV. Mutiple parties have been interested in West Med for years. Surely the deal is imminent and the shareholders will finally get some of the action..?
Anon - re your point about creaming off the top, there's the government's share, then Grynberg, then Foo's royalty. True not currently being paid but in the event of a successful claim against us, we are FOOKED. Then there's the payments to locals and to various companies, let's not forget Foo's daughter being on the payroll at one time with her website work, then there's the massive salaries and the cheap share options.
Problem is, with so much cream being skimmed off the top, the only way this company will ever reward shareholders is by selling absolutely humungous amounts of gas. And the Catch 22 is that to get to that point, a lot more debt and dilution will be incurred first.
Yet the fact remains there's still a load of pipe laid, which is good infrastructure, even if you take out a good percentage for what may have been skimmed off the top.
Which has to have decent value, if only the demand for gas can be found.
It'll probably prove a real bargain for someone.
Left after 7 months?
That's a massive red flag.
I wonder what's to come? There's no way it can be good and I'd have to think really hard about investing even a few bob in here now.
"Victoria Oil and Gas Plc announces that John Knight has resigned as an independent non-executive director of the Company in order to focus on other business committments.
Mr Knight joined the VOG board on 3 April 2019 and was nominated as senior independent director"
Nearly 62 years of age and has only been there for 7 months.
So, either completely useless at his job - albeit still involved with 2 other companies
Or, saw things that he didn't like and got the F out of there ??!
At 7p a share and long overdue updates I reckon it's the latter..
banjo, give it up and stop trolling.
Rufus Short from EDL might come to VOG's aide. He was brilliant with placings at EDL just like scum bag FOO.
i here DT might be available soon.
"The Company will appoint a replacement independent non-executive director as soon as possible, the process for which has already commenced." Read the RNS you idiot!
mind you, what independent oversight have we left (other than the LTHs)?
should save some £££
bye bye John Knight