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Mentioned “the anomaly” in a while. Wonder if that chessbut will peek its head up again
Just what plan are we working to here?
We still not on project 2020. 100 scuffs p day by year end?
Still being banded about here?
Well, we know the tried and tested way of propping that up..
Crashing again?
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...
and in the meantime who will stump up the cash to keep the company running ??
"but all other approaches have failed to secure timely payment of aged debt, putting the company's cashflow under pressure."
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.
Wrong wrong wrong. I didn't say 60-100 mscuffs. I said 60-100 customers. One might reasonably assume that if they had delivered what they promised, the industrial sales would be at least double their current level.
Banjo - several posters on here, including myself, stood talking to Foo and the newly appointed Dik at the AGM over 2 years ago and Foo all but promised that by now we would be selling over 100 m/scuffs. This was only a few months after many of us had been persuaded to part with more cash at the 57p raise.
How stupid were we?
Banjo - Jed is correct when he says that originally VOG aimed to sell to 60 and even 100 industrial customers all those years back. It's utterly ridculous to praise VOG as having a bright future due to having 30 customers, when they had more than that years ago. We have gone backwards BECAUSE of the greedy grab for big power.
Jed - Careful what you say about Foodik. I got a temporary ban last week for much the same thing. Not allowed to criticise.
Presentation about 6 + years ago had 40mmscuffs per day which included eneo gas take, I never said eneo had agreed to take 40mmscuffs, but then again it was vog's gas number plucked from the sky that again never came to plan. Stop trying to make this personal it's about vog and all that info is available if you want to look it up.
I am not sure how long you have been invested in vog if you are but I am sure there are many other posters that can up-date you on their business should you need help to understand it.
It's not worth getting into a discussion about this, eneo may be small in terms of energy companies but when this pipeline was first put down the plan was to supply about 60 customers which never came through or were signed up and so the pipelines were extended to the power plants with an agreement to supply to eneo and regardless of size they were the only company vog could sign an agreement with to get the volume vog needed to stay afloat.
But again eneo never bought the full volume vog put out in their plan which I believe was 40 mm scuffs a day, and it's been down hill ever since.
Sorry RF68, don't try and tell me I don't know what's been going on with vog. I was invested in vog for about 10 years, involved in what about 4 cash raising issues, talked to Foo on the phone and emails for about 4 years and like many lost many thousands of pounds.
This business was never profit making for any shareholders apart from Foo & Co and vog has changed direction to many ideas over the years all of which have failed. If you know better and are happy to put more money into this company then fine, but I think you will find they now have very few options left.
The whole business was set up to supply eneo with volume gas and vog has spent what about £200m building a pipeline to the power plants. VOG could never sign up enough gas customers to make this pay without eneo and has kept them on the books more or less to justify vog was a going concern.
But now eneo supply is finished vog are dead in the water and will either be bought out on the cheap or go under without many more customers, but now the world oil price is so low many will stay on oil for power.Many saw this coming and so the sp will / could now end up at 1p again.
'... Over the last few months, the management has conducted a thorough review of the business identifying key issues which need firm and decisive action....'
Issues - plural - what's next?