Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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If you click on 'members' tab just above the 'latest share chat' list then put in peoples usernames you can work out their current status on lse.
Not a good drop here today for genuine holders.
Bookamdanno - you ask for 'rational thoughts' - that might be a big ask whereas VOG is concerned. Am I the only one that's noticed our newish member to the BB, namely RF68 has disappeared.
I guess he will have sold up - he certainly talked it up !
There's money to be made in AIM when an sp is bumping on the bottom - trouble is most of us came into VOG at massively higher levels.
Yes, holding here. Expecting a return to higher levels soon.
Next news is quarterly update; at least one more customer tied-in.
Then news on RSM arbitration - perhaps they will pull the case at the last minute to avoid costs?
The Big News: Eneo, West Med or Aksa could come at any time, but expect all 3 will come in in 2021.
Also news on Royalty Obligations and taxation issues likely to be settled this year imo.
I guess if you were lucky enough to buy from lower levels, is it worth holding into the next update? I had recently considered just taking a 60% loss and just getting out. If I had been at my screen when the price intraday touched 8p a while back, I'd likely had lightened up my position. The question is, what are the odds and likelihood of the next update containing more positive news than negative? In my opinion for it to be positive, it needs to contain something unexpected, like West Med sale or Eneo coughing up some dough.
Any rational thoughts most welcome.
lol :)
Thanks RF
What point are you making sparrow?
RNS needs to be read in full - it was a GDC decision to crystallise the liability post period-end:
Also includes:
Royalty Obligations
The separation of the business into upstream and downstream business units is a requirement of the Petroleum and Gas Codes in Cameroon, and is an industry norm.
Operationally, the separation and a downstream framework makes sense for the Company as the Logbaba Field depletes over time and the Company seeks to source other gas for the pipeline network. In order to comply with the Gas and Petroleum Codes in Cameroon, the Logbaba partners are working with the Cameroonian Government to separate the business into its upstream and downstream components. The parties are in ongoing negotiations with SNH regarding the mechanism and fiscal arrangements for, amongst others: the potential participation of SNH in the downstream activities; the allocation of assets, liabilities, revenues and costs, and the associated transfer pricing mechanisms; and the net settlement required by SNH to take ownership of their entitlement. One of the matters under negotiation has been the parties' obligation to pay state royalties. In prior years this potential liability was disclosed as a contingent liability. Following a GDC decision post year-end, the royalty liability has now been crystalised and the Company has accordingly provided US$10.2 million at 30 June 2020; however, GDC has requested to "net out" against amounts that may be owed by SNH. The presentation of the consolidated Financial Statements has required management's judgement with regard to the outcome of these negotiations to ensure that the Financial Statements present a fair and reasonable view of the financial position and results of the Company.
and:
Accounting for joint operations
On 12 June 2017, Société Nationale des Hydrocarbures ("SNH") exercised its right in accordance with the Participation Agreement to participate for 5% of the upstream operations of the Logbaba Project. This participation is retrospective and therefore SNH are deemed to have participated since first production. The net share of this venture that has been included in these Interim Financial Statements is 57% of the upstream operations and 60% of the downstream operations.
The Interim Financial Statements are prepared on the basis that downstream operations charge cost plus 15% to the upstream operations as a fee for marketing the gas. This transfer pricing mechanism has not been formally agreed to by the Parties of the Logbaba Concession but represents management judgement of the most likely outcome of the current negotiations. Shared services have been allocated between upstream and downstream operations based on management's assessment of the activity during the period.
Most of trades are barely even pocket change.
Yeah and mostly sells
somethings a foot vog dont get this many share trades a day !!?
Yup corruption is rife in that part of the world, but vog did not do themselves any favours. Saying that I recently invested in Wen who are based in Tanzania, but they are in a much better position than vog, no debt and profitable, plus pay a 6% dividend.
just been looking up cameroon and its one of the most coxxupt countries in the world no wonder vog is not getting paid the country is chaotic. all this taking them to court to get our money is laughable would have been been better staying in russia .
Yes, aware of it . No surprise there. Just another opportunity to screw vog into the ground.
Cameroonian State royalty obligation
Following a protracted negotiation with the State of Cameroon, in August 2020 the Group has concluded a long-standing dispute regarding the Logbaba Concession agreement, and in so doing has crystalised a liability to pay back-dated royalties to the Cameroonian State in the amount of US$10.2 million (net amount due by GDC). GDC and its joint venture partner are seeking to ensure that the royalty amounts payable are netted against amounts due by the Cameroon State for their participating interest in the Logbaba Project and accordingly the Directors have included an assumption in their forecast that the amount of US$10.2 million will not be paid within the next twelve months as discussions continue in relation to the State's participating interest in the Logbaba Project. There is no guarantee that the State of Cameroon will accede and any requirement to pay the royalty in the short term would have a material impact on the Group's ability to continue as a going concern.
From the notes there could be a ruling at the end of January. The above was taken from the last set of half year results.
15 years ago this was just over £10 a share today 5p someone must be pig sick what a success story this company is ....... not.
Yes I thought I was seeing things as I was sure there were plenty of posts relating to mine on ENEO Debt.
Look we have all been banned for a period at times when we get carried away.
I don't think Eneo have any intention of ever paying vog back, they screwed vog first time round then after promising to pay vog back on the next lot of gas done the same thing again They must be hoping vog goes bust first so they never have to.
Vog have some how got to find enough other customers to sell plenty of gas to to make a profit which they haven't done so far to date.
just read your post looks like old news to me goes back to july 2020 so why have we not been paid ?
Every little helps!....... oh! It’s not that little......
Most modern and diverse iron processing plant in sub-Saharan Africa to open in Cameroon in 2021
(Business in Cameroon) - In the industrial zone of Bassa, in Douala, the Cameroonian economic capital, a revolution is brewing in the steel industry in sub-Saharan Africa. Indeed, at the end of 2018, the company Prometal, market leader in rebar and many other ferrous products in Cameroon, launched the construction of Prometal 4, presented by its promoters as the most modern iron processing plant. and producing the most diverse product line in sub-Saharan Africa. "? Outside of North Africa, it will be the only rolling mill (machine intended to roll a metallurgical product by passage between two rolls, Editor's note ) of this type on the rest of the continent ?", underlines a source close to the file.
The work entrusted to the German manufacturer SMS Group, which is thus carrying out its very first contract in Africa south of the Sahara, will be delivered during the first quarter of 2021. The commissioning of Prometal 4, meanwhile, is scheduled for the 2nd he semester of 2021, after a trial and running-in period. Investment of around 40 billion FCFA supported by a consortium of four local banks, this new plant will increase the overall production of the company Prometal from 200,000 tonnes per year to more than 300,000 tonnes, says an internal source at the company .
https://www.investiraucameroun.com/gestion-publique/1301-15809-l-usine-de-transformation-du-fer-la-plus-moderne-et-diversifiee-d-afrique-subsaharienne-ouvrira-au-cameroun-en-2021
Some of our clients include:
https://www.victoriaoilandgas.com/wp-content/uploads/2017/07/gdc-client-prometal.jpg
Looks all positive now. Could be a deal on West Med. Eno paying their bills and wanting more gas. Or a number of other positives. Up from here. Good luck LTH
to rf 68 just out of curiosity how much did we pay for wesr med all those years ago.
Roy Kelly, sounds like a tv host for a show. Didn't he used to host Catchphrase or Stars in their eyes? Something along those lines, I swear it. Ha.
Anyway, you'll have to put up with me as I invested long here today, having completed a diligent research study. Seems a good punt to me. Punt. Irish, Roy... I'll stfu now. Have a good weekend all. ;)
I'll buy you a pint of Proper Job if they do Jed.