We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
25 % equate to...37,500 tons of LPG per year, 325,000 tons of liquefied natural gas per year, 17,000 million cubic feet of natural gas per day, 7,500 barely of oil....
25 % of these figures is mind blowing... Share price should be �3.80 not 38p....
The figures in this are huge.... Energy. New Age in charge of Etinde gas exploitation Posted on11 June 2018 Since last June 8, this British company and the State of Cameroon are bound by the terms of a contract to equip Cameroon with a second floating gas treatment plant off Limbe. Olivier Bokale New African Global Energy (New AGE). This is the name of the company chosen by Cameroon to install and operate the Etinde gas block, located off Kribi in the South West region. The project provides for a 20-year operating life and the construction of a floating plant for the treatment and liquefaction of natural gas. The operating agreement has been signed since June 8th between the British company New Age (New African Global Energy) and the State of Cameroon. From this exploitation of the Etinde gas block, Cameroon plans to generate 150,000 tons of liquefied petroleum gas (LPG) per year, 1.3 million tons of liquefied natural gas (LNG) a year, 70 million cubic feet of natural gas per day that will be transported by the pipeline to the shore for the supply of local projects selected by Cameroon, 1 million tons of LPG for export and 30,000 barrels per day of oil condensate . According to Cameroonian officials, the realization of this project guarantees a minimum of direct taxes of US $ 2.4 billion during the two decades of operation, US $ 3 million of local development contribution, about 7,000 direct and indirect jobs. in the downstream sector. In addition to these spin-offs, nearly $ 7 billion of revenue generated in the upstream sector is added. In the same vein, this project will allow the State of Cameroon to develop its energy potential through the availability of natural gas, a source of clean energy and less expensive for the industrialization of the country. For the Minister of Water and Energy (Minee), Gaston Eloundou Essomba, the start-up of the Etinde gas block will allow Cameroon to limit or even cancel its dependence on the import of domestic gas.As part of the development of the country's gas resources, the New Age company was authorized to exploit the Etinde gas field by presidential decree no. 2015/001 of 6 January 2015 establishing an exclusive exploitation license for gaseous hydrocarbons. "Since the studies were conclusive for the exploitation of this gas field by the construction of a floating natural gas liquefaction plant (Flng) off our coasts in Limbe, the New Age company has requested the signature of an agreement gas with the State ... The signing of this agreement marks the culmination of a long process that actually takes shape today and which also opens a page in addition to the history of natural gas in Cameroon, "says Gaston Eloundou Essomba, Minee.
Most concrete news we have had in years, it is 100 % happening and no movement.. we will probably get 200% increase in reserves and still sit at this level.. this should have opened mid 40's today based on this news...
Etinde...
Here is a question for many long termers, I have been in these for about 5 years and if I remember correctly didn�t we strike a big gas find many years ago, enough to supply a big fertilizer plant. Now was that on the Etinde field or was that on Bomono and do we still have that gas but no pipeline, or has something changed. Can anyone remember?
Specul8, Just showing that the original post at 0828 was from a slightly biased source. More good macros for LNG ... "" .....Governments and energy traders are signing long-term contracts to guarantee supply for decades, with Sanford C. Bernstein & Co. predicting that LNG demand will double to about 1.28 billion cubic meters by 2030 ..."" https://www.bloomberg.com/news/articles/2018-06-06/african-oil-giant-needs-12-billion-to-avoid-missing-lng-boat
Rivendel if you are gonna post something try to make sure its uptodate news not months and years old are you trying to spook investors or just being a pr k 70p next stop on the journey GLA
The English and French regions of Cameroon have been fighting for decades. All based on tribal stuff, of course and past "wrongs" https://en.wikipedia.org/wiki/Cameroonian_Independence_War https://newsvoice.se/2018/05/06/civil-war-cameroon/ Seems to be getting a bit worse recently, though. Mr Market doesn't seem to be too bothered, and, as modern wars are conducted though social media, we should expect to see more negativity of this kind. Given the number of BigBoys who have a stake in Cameroon (and it's Gas), Russia, China, France, UK, I think the upright honest Government of Biya and his cronies will not fall ....AIMVHO
I wondered how long it would take for a negative article to appear in the local rag. In Africa we all know that there are deals within deals within deals and there are always winners and losers. Seems that the losers are venting here does it not? We all have a choice either o believe that U.K. Gov will be on the side of the winners in this instance and to wait for the company to explain how it will impact us going forward or sell and go elsewhere. Shareholders who sell on this type of one-off local fake news story need some investment advice but there will be some, there always is - but not me Gov!!
That article says it all. The largest gas project in Cameroon and BLVN hold 25 % of it..
https://oilvoice.com/Press/17976/New-Age-Signs-Gas-Convention-Agreement-with-Cameroon-Government
I would agree is it was just in the press.. But its on the UK government Website and New age have confirmed.. https://www.gov.uk/government/news/international-visits-pay-off-for-british-business
Looks like an article from someone with a particular agenda, rather than honest reporting. I'm taking less notice of that than the previous reports this weekend, and I didn't particularly believe them!
On this deal is very interesting and we will see if there is any come-back or truth in it, but it does look like an article by a press reporter and than in it's self doesn't mean it's true. But that could well be why the sp hasn't moved if the market think it's a bit dodgy.
I think the trouble is , the new bod's have been very silent about what they really want to do. Do they really just want to sell the company for cash within the next 6 -12 months, is that just to get some money for Etinde or do they also want to wait for some sort of deal with Bomono. They have already said that blvn is more or less just a shell company now without explaining to much, so maybe all this press regarding new age will not have much impact on sp. who knows. we need more info or even an rns from the bod to confirm everything.
A few articles on line along these lines this morning :-( https://scbctv.com/post/new-age-african-global-energy-contract-with-french-cameroun-is-a-money-laundering-scam-to-sustain-a-collapsing-crime-syndicate
Madness.. for a signed 1.5 billion USD contract to build a FLNG scheme to take lng from Etinde.. our 25 % is worth a huge premium from here... looks like we will have to sit it out. New age's share is 37.5 % and they feel comfortable investing 1.5 billion USD..
I think the lack of official news and the first part of the trading day, suggests that this news isn't as we had hoped. There would have been traders with large wads of cash steaming into this first thing if it had been.
And the market still sleeps.....
see what tomoz brings then, hopefully PI's will get wind of this
If it doesn�t .. the market is asleep 😴... this could go way above a 💷