The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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The initial flurry of activity in the S.P. was very short lived. As one says, its all right having masses of the stuff but ya gotta flog it profitably and that means getting customers to pay for their useage. So....3.68p - no big deal yet. I guess the market is so wary after so long especially of the theatre in which we are trading
All ways been the problem .
Rise seems short lived!
There is no doubt we can produce a lot more than we can sell.
3cardbrag, I agree lot of debris to be sorted out yet but under budget not a term us LTH are used to VOG so a welcome change heres to more of same
Victoria Oil & Gas has updated on Logbaba well La-108 where perforations have been successfully added to well La-108 safely and under budget. As a result, an additional 42m of net pay has been added
Can't argue about a scintilla of positivity at the moment forest but we are by no means out of the woods yet and any one of a few things could still finish VOG . Long time since we saw 6 x PMEs in one day though
Roy Kelly, CEO of VOG said:
“I am absolutely delighted with this result, delivered safely and efficiently by our excellent team of staff and contractors, which included a local oilfield services company providing the wireline services. We saved time, money and any environmental risks by omitting any testing to flare, and the well was handed over to the production department straight after the perforating phase.
Only now do we have all sands in the development wells perforated, which will eventually allow us to gain a clearer understanding of deliverability and reserves from the current well stock. This takes time but is necessary to ensure we get supply-side forecasts right going forward; as we have seen, there is huge variability in the performance of the wells.”
VOG has been working towards this positive news with a great deal of work being done behind the scenes. It looks to have been a monumental effort by the new team and they have been careful not to over promise and under deliver, indeed this is the first time the market has translated news in the market into serious share price growth.
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A REFRESHING WELCOME CHANGE
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Readers know that I have followed VOG for a very long time and it has tested the patience of investors and myself alike but now it looks like a more positive stance on the company is justified, maybe even that interview with CEO Kelly…
iNTERVIEW WELL OVERDUE
https://www.malcysblog.com/2021/11/blog-from-houston-oil-price-kistos-vog-far-coro/
Yes let's hope it keeps going !
Only another 1000 % to go to get my money back lol
From Warbaby's post on advfn-board 12/11/21
'...While a Victoria/Limbe two train development incorporating both IM and IE fields remains extant, it would certainly be most welcome if the Bioko alternative proceeded given the ongoing Ambazone political unrest which will certainly render financing more expensive given the likely risk premium required by any debt provider. ...'
page 14
We are now left with what are essentially
commercial and large scale governmental
approval issues to resolve. These will
control the nature of the development
plan and determine whether the Etinde
development can succeed both financially
as an investment project as well as satisfy
various governmental objectives,
which may have both political and
commercial foundations.
The most significant change in 2021 has
been the acceptance that, in the current
development and wider commercial
investment environment, the JV partners
needed to examine options which had
previously been considered politically
impossible. This led to examining
the concept of processing all Etinde
production using the existing Bioko Island
facilities rather than just processing and
exporting dry gas as LNG.
The JV partners currently intend to
make a development preference decision
in Q4 2021 and report to SNH on our
conclusion, with the aim of making
this choice the preferred approved
development option.
This could well be the way forward for VOG:
'... In addition, further potential opportunities
may arise from converting existing oil
fired generation capacity to gas powered.
Two such projects include the existing
oil power generation 85MW Limbe
facility and the 88MW Dibamba facility
(on the outskirts of Douala). These are
dependent on the development of new
domestic gas pipeline capacity.
Thanks, Sparty.
https://www.bowleven.com/system/files/press/bowleven-annual-report-2021.pdf
A long read - Page 11 and 12 are of particular relevance.
'The key issue will be resolving the political concerns in Cameroon.'
Presumably Biya's succession and the Anglophone Crisis?
200 dma is at 4.4p. Currently dummy trades 4.2 - 4.4p.
Let's hope we hold on to any gains today!
Dummy trades now 3.82 - 4.17 (not 3.1 - 3.5 as advertised)
Slowly, slowly.
GONE NT ONLY
Perfectly said, Rec. This share will jump on a positive Arb result.
There is a lot to like in this morning's RNS, not least that it was 38% under budget (a considerable improvement on Foo's directorship !). Total of 72m of net pay; the top section flowing all that is needed currently. I found this statement important: '...which will eventually allow us to gain a clearer understanding of deliverability and reserves from the current well stock. This takes time but is necessary to ensure we get supply-side forecasts right going forward...' This, and perhaps a success at Matanda, should give Aksa, or others, the confidence to build their power station at Douala (particularly if the Etinde project is now to be diverted towards Bioko). With supply-side forecasts confirmed, the power contracts should follow - and the entire GDC business, or VOG itself, could then be sold off (if that is YF Finance's ultimate plan)?
I think on current form the arbitration result will be positive. Once that's out of the way, we'll really start motoring. Isn't it great that the work on La108 was done 38% under budget. Makes a nice change. Well done Roy.
Good positive news!
Does seem management have finally got things under control .
But what we need is the ICC arbitration results!!!
JohnH,
i think you will find R Fenn is crying in his cornflakes whilst counting his losses here. Couldnt happen to a 'nicer' more honest (cough cough) bloke.
Good old Roy.
I guess Roy Kelly's honeymoon period is over. He got punters excited again by raising the prospect of retrieving value from Kemerkol and West Med and getting things moving on the Matanda front. Alas it has come to nothing so far in typical VOG fashion. Nevertheless, let's hope he can deliver something transformational this side of Christmas.
From £10k originally to what wouldn't get me half a steak at Salt Bae's restaurant now !! I know its all a gamble but all the surmising and attempts to second guess boardroom and government activity - and we go on about sleaze here !! You couldn't make it up !
Nothing would surprise me with Foo, Cambridge. But I think our main concern remains with his involvement in the 107 & 108 drill funding, and how that impacts on the RSM arbitration ruling. [ imo concerns remain as to where the money went, and was the doubtful drilling company a method to funnel money to someone in government].
With regards to Etinde monetisation I think bigger political moves are afoot, and that the Government may have made some arrangement with Equatorial Guinea to push BLVN towards using BIOKO rather than LIMBE. Definitely something not right with this lack of progress on FID.
Part of my post on LSE BLVN board:
' A lot of politics at play here imo. Note that Paul Biya met with Equatorial Guinea's Oil minister in September:
https://www.africaintelligence.com/oil--gas_state-strategy/2021/09/21/what-really-happened-when-biya-met-oil-minister-obiang,109692997-arthttps://www.businessincameroon.com/economy/1509-11877-cemac-equatorial-guinea-meets-with-cameroonian-authorities-to-boost-cooperation-in-the-hydrocarbons-sector