Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Q4 2021 Operational Update
Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide shareholders with a brief operations update for the fourth quarter of 2021.
SUMMARY
· Sales: Average daily gross gas sales rate for the quarter of 5.3 MMscf/d (up 6.0% on Q3 21: 5.0 MMscf/d) of natural gas, plus gross 5,584 bbls (Q3 21: 3,800 bbls) condensate was shipped to customers.
· Logbaba Performance: The field has been meeting the demand using two of the three wells at any one time, with Well La-108 alternating with Well La-107.
· Matanda: Following the selection of a suitable wellsite to drill a vertical well into the Marula prospect on Government-owned, late-life plantation lands, stakeholder engagement continued, and the preparation of site access roads commenced.
· Litigation: Certain of the non-monetary claims in the ICC arbitration with RSM Production Corporation ("RSM") have been settled consistent with the UNCITRAL arbitration settlement agreement, previously announced on 29 September 2021. The settled non-monetary claims resolve several prospective accounting issues.
Yes but who is on site now and are they pulling oil out the ground? Is anyone on it or is it just barren ground?
Note btw 'seized assets on site'...kettles, filing cabinets...
More recent news on this in an RNS - Kemerkol - time wandering as usual but given covid, kazak unrest etc not surprised.
At the end of December 2020, VOG notified the Republic of Kazakhstan of its intention, failing an amicable settlement with the Government, to commence an investment arbitration under the Energy Charter Treaty. VOG has retained counsel and the arbitration is fully funded by specialist disputes funder Therium. The dispute arises out of a series of actions and omissions by the Government and its courts which ultimately deprived VOG of the value of its investment in the Kemerkol oil field located in Atyrau Oblast. After investing over US$35 million into the Kemerkol Field, Kazakhstan invalidated VOG's rights to the Kemerkol Field, seized assets on site, and VOG was forced to suspend oil production in June 2008. In the event the Parties are unable to make concrete progress towards resolving their dispute amicably by the end of May 2021, VOG will commence proceedings. Kemerkol was fully impaired in VOG's accounts in 2009.
My guess is that all that equipment was never bought by vog but just rented and since been returned. Or it was bought and owned by the old Directors and they sold it all .
So i have been emailing vog about this for roughly years and can never get a reply. I was wondering all the equipment that they had on site what happened to it?
Is anyone working on it right now and if so who?
Update due soon. Assume next week if not fashionably late. Ranging from matanda update with lots if juicy targets, dangote wading in, sale of West end done. Probability of just one of these 5%. More if VOG plodding on, but no cash needed, no real news 90% maybe a new hook up, then 1% per arbi, kem update moving, Bekoko et al, Eneo reconnecting and a small cash raise etc. Hope to be surprised!!
sorry meant for heidi not by pipeline by boat. doula i believe is on the coast near to our gas so whats stopping us exporting the stuff and could ask for a premium well above the price companies we supply to in cameroon pay, what i was asking is there anything like the cameroon government stopping us. im sure roy reads this and an explanation would be nice i did send an email on the v o g website but no answer.
no by ship
Yes, I’ve never understood why that option has not seriously been considered with the necessary facilities and market so near at hand.
Yeah the yanks are shipping huge amounts of gas to UK. Surely African gas would be cheaper
What about shipping if from the port of Douala? It's just down the road.
Other than it being uncommercial to do so, and the lack of an infrastructure (be that an LNG plant, or the installation of thousands of miles of pipe to transport it overland and sea requiring the approval of over a dozen nations).
Do you mean those reasons ?
my take on this company is why they are not exporting the gas to europe there is a clear market there that should be able to transform this company from loss to profit my question is what reason is this not happening it would be nice to know why
Having recently seen Serbia take away a mining licence from RTZ in revenge for banning Djokovic, and with imminent threat of a conflict between Russia and NATO over Ukraine, I'm not holding out much hope for a deal on Westmed anytime soon.
BUY !!
Hopefully !
But he is wanting to buy Arsenal FC and waste 2 billion !!
He could but VOG for lose change ??
Even though I have a large holding and a larger LOSS this bugger or is it beggar keeps tempting me back, just a gut feel ( HR are always telling me there is no such thing)....
All gone quite !
Might be of interest to some.
Thought I'd mention TXP, (for the last time I'll mention it here) - a tip for those with some spare cash. Last night there was a new presentation (see proactive video link on LSE TXP chat, and presentation slides on TXP website). There will we an independent Reserves Report on/about March 14th - that should settle one way or other what they have found at Royston. So far the market has valued it at zero, or less than zero. The company does not agree, and has arranged a reserves report for credibility of their view that it is a massive oil find (their Barrackpore analogy is 114 million barrels of oil).
Question: why arrange a Reserves Report if you think it's probable there's nothing there?
The share price has not responded significantly yet, and I doubt this information on the Reserves Report has been widely spread. Perhaps worth a punt for those with spare cash.
Not intended to deflect from VOG - apologies to those to whom it's not of interest.
Now, back to VOG.
I thought this was the week but as usual seems to be dropping back .
Come on Roy give us LTH something positive .
Just a feeling, for now, perhaps a reasonably breakout, fairly soon.
Something's going on! Fingers crossed for some long awaited good news.
57k
And yet again lrg late trade from yesterday !!