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'How is it that individual freedom is more important than national wellbeing'.
Because that is called democracy; and that is what our forefathers fought two world wars for.
Too, the virus has been a globally-coordinated fraud of gigantic proportions, mass destruction of global economies and loss of liberties for something little worse than the flu.
Havelot, for your own sake WAKE UP. Try reading this website regularly to really understand what is going on. https://lockdownsceptics.org/2020/11/27/
This article is a good place to start:
https://lockdownsceptics.org/pcr-based-covid-testing-has-failed-us/
Too, I would be very careful about being vaccinated. A survey of UK doctors suggested 40% would not take it. They could have severe side effects; RNA vaccines have never been used before; and they are not likely to be much more effective than just to ameliorate symptoms. And why bother having a vaccine when your own immune system works very well in 99.9% of cases?
Something to think about for the weekend, sir?
There is a lot of activity on this board these days despite not much activity from VOG. Are you all bored working from home -:).
Joking aside I have not posted for some time on this board as am not currently invested but still have VOG on my Watchlist and drop in frequently to read the comments. VOG has been my one and only African investment to date and quite a learning experience. The company possess valuable assets and as such downside would appear limited. I agree with RF68 that big power will save this company eventually, but will it be in one year or ten. Not sure that LT investors will necessarily benefit but at the current SP, I suppose downside is limited. Supply will be increased to meet demand once payment for the electricity can be assured. Africa like Asia must be the future for growth, once the infrastructure is in place. Western nations seem to be going nowhere fast.
I am very fortunate at the moment as I am living in NZ where life is normal and Covid free. I plan to return to the UK once I am suitably vaccinated. Reading UK newspapers and comments, I am left wondering what is going on. I don't know whether we have reached peak oil, but we seem to be well passed peak IQ. How is it that individual freedom is more important than national wellbeing. With a world beset with problems of possible more frequent and deadly pandemics, oceans filling with plastic, more atomic weapons, population exploding and many people struggling to survive, western politicians are bent on spending vast amount of money attempting to regulate the Earth's weather. You could not make it up.
With an investment horizon of 5 years, I am not sure whether VOG will be my best bet for care home fees. But with FOO gone, DIK going and others I would prefer not to mention sent packing I do think that the company has a chance.
Best wishes to you all.
Distribution and availability rate
The fourth performance indicator relates to the distribution yield. In fact, we learn from sources familiar with the matter, in recent years, the company's distribution yield has averaged 70%, ie losses of around 30%. In other words, 30% of the energy that is produced is not invoiced which generates enormous financial losses for the electricity sector of around 90 billion FCFA / year. This contributes to further weakening the financial balance of the sector.
At the end of the signing of appendices 2 and 3, Eneo is expected to increase distribution efficiency from 70.5% at the end of 2020 to 77.5% at the end of 2025. And at the end of the concession, we should be 88%.
The fifth indicator is the availability rate of hydroelectric and thermal power stations. This is for the State to ensure that the production assets (hydroelectric and thermal) granted to Eneo have a high level of performance in order to produce electrical energy at all times.
Here too, disparities in terms of equipment performance were observed. Certain isolated thermal power stations which supply several towns and localities of the national territory, sometimes operate 12 hours a day, thus plunging several households into darkness due to energy rationing. It is to break with this state of affairs that the output of production plants in isolated areas must be compared to plants supplying large urban centers.
The sixth performance concerns the rate of availability of fuels in isolated power plants. Because, the government noted that certain power stations sometimes remain several days without fuel autonomy; which also generates significant rationing of electrical energy. The aforementioned appendices 2 and 3 therefore provide that each power plant should now have a minimum of 10 days of fuel autonomy.
Quality of service: the State of Cameroon sets ten new performance indicators for the electrician Eneo
(Business in Cameroon) - We know a little more about the content of Annexes 2 and 3 of addendum number 3 to the concession agreement binding the State of Cameroon to Eneo in the fields of production, distribution and sale of electricity until 2031. On November 3, 2020, the general manager of the British subsidiary Actis, Éric Mansuy, the Minister of Water and Energy (Minee), Gaston Eloundou Essomba, and the minister des Finances (Minfi), Louis-Paul Motaze, signed a report confirming the finalization and adoption of these two annexes which complete the electrician's concession contract.
These documents define ten new performance indicators at Eneo. "? These new indicators correspond to international standards, particularly with regard to the quality of services? ", comments the electrician.
Reliable service
The seventh indicator is the reliability rate of medium voltage lines by feeders from sources or power plants. And for good reason, to deliver electrical energy to the majority of its customers, Eneo has power lines with a voltage of 15 kV or 30 kV. The former mainly serve urban areas, while the latter are intended for peri-urban and rural areas.
However, it was found that the 30 kV lines to peri-urban and rural areas are more unavailable than those of 15 kV. The consequence is that said zones undergo more interruptions than those supplied with 15 kV. The causes of these 30 kV unavailability are linked to the lack of maintenance of the corridors of these lines which are regularly invaded by brush. To avoid any discrimination between urban and rural areas, Eneo was recommended to have the same level of availability of medium voltage lines.
The eighth indicator concerns the replacement times for defective medium voltage (MV) and low voltage substations. As part of the consideration of these complaints, the State has set a deadline for Eneo to replace transformers of 12 hours in urban areas and 72 hours in rural areas. more
https://www.investiraucameroun.com/energie/2711-15643-qualite-de-service-l-etat-du-cameroun-fixe-dix-nouveaux-indicateurs-de-performance-a-l-electricien-eneo
Jed. They may have had a target of 103p but it only reached 69p. Based on that maybe the current target should be 20p?
Even Numis had a price of £1.03 back in 2015, but I think things have changed some what since then !!!!!!!!!
68, you take great delight in cramming this board with repetitive comments and questions as you harass other posters, so how about a taste of your own medicine. Still waiting to understand where on earth you got that Savannah information from.
Not necessarily in the correct order:
a) Quarterly update - end of Jan 2021
b)Matanda Licence ESIA is scheduled for completion in Q1 2021
c) New gas customers.
d) Processing facilities enhancements (30th Sept: "Stage 2, focuses on execution, which at the time of writing, has commenced, and includes detailed engineering, design, equipment and materials specification, procurement, fabrication, shipping, construction and commissioning")
e) RSM Arbitration - currently scheduled for hearing at the end of January 2021.
f) West Med sale
g) ENEO settlement (+ GSA?)
h) Aksa project given go ahead + GSA
i) Etinde project agreed.
Good or bad, there should be plenty of news in the next 6 months.
Not really, we didn't actually have the 40%.
Foo was relying on a very subtle clause in the contract which indicated that RSM were in default and had forfeited their share as a result.
Still waiting RF68
I'm assuming they are up to date with cash calls. Seem to recall it got a tad messy last time they were in default. Lol
Mind you it cost us 40% of our business
Hope is not word associated with VOG in a good way.
The RSM action for the remedial works I cannot see working. For the drilling itself, who knows.
Do we know if RSM owe us?
Still waiting RF68
Mal I think it's fair to say that whoever is behind Savannah, the company and the website were hastily scrabbled together seemingly for the sole purpose of the 107/108 drill campaign.
Which makes it all the harder to swallow when as you say, we were fobbed off at the AGM with the best deal we could get bullshhite.
With this in mind, one might hope that an astute incoming CEO would have sought some form of counter indemnity as part of the Foo deal, to cover things for instance such as Grynberg's action.
Not sure whether he meant end of day close of 4.5p or 5.5p?
and if so, then looking to a rise to above 8p within month probably.
I did email them previously, asking them to list the legal and insurance claims outstanding.
Reply was: Sorry, but confidential.
Still, no harm in you trying, Malbrun.
I can't really see us getting anything back regarding the drilling.
The Savannah website doesn't look like it has been updated since it was created which adds to the level of suspicion.
Perhaps the current BOD can investigate and advise us.
Perhaps this matter can be resolved after January?
From RNS 30/09/20:
RSM
RSM has instituted an arbitration in Texas, USA under ICC rules in which it is asserting material claims primarily related to final invoices for the drilling of the two wells, La-107 and La-108, and certain audit exceptions raised by RSM following audits of the Logbaba operations between 2015 and 2018. RSM has made two attempts to obtain interim rulings which GDC has successfully defended and the substantive matter is currently scheduled for hearing at the end of January 2021.
Separately, on 3 February 2020, RSM filed an arbitration application under UNCITRAL Rules pursuant to a Participation Agreement for the project. Much of the relief sought in this second arbitration duplicates the claims in the ICC arbitration save that it also challenges the validity of cash calls GDC issued in November 2019 for RSM's share of expenses in relation to the La-108 well remediation (in aggregate US$2.9 million) and raises issues relating to the primacy of the underlying governing documents relating to the Logbaba Project, and the process of approvals for certain actions of GDC as the Operator on the Logbaba Project.
This arbitration will be heard in London under Cameroon Law.
Arbitrations under ICC and UNCITRAL rules are con?dential processes. VOG is not permitted to provide detailed comments on them, beyond saying that it continues to vigorously defend the claims raised by RSM.
Note the RNS of 12th November:
The Settlement Amount ($12.5m) will be paid monthly over many years unless it is satisfied earlier by other means, including the realisation of cash from certain trade receivables, which have been fully provided in the Company's accounts, active and planned claims (insurance and legal) and the sale of one of the Group's non-core assets (the "Alternative Assets").
Perhaps compensation to the company is part of 'active and planned claims'?
For the next fiscal year, the government is counting on internal revenue and donations amounting to CFAF 3,456.6 billion, an increase of CFAF 506 billion, an increase of 17.2%. They break down as follows: 393 billion for oil and gas revenues; 2,743.1 billion in tax and customs revenue; 213.5 billion in non-tax revenue and 106.9 billion for donations.
As regards the expenditure of the general budget (4670 billion), the breakdown by broad masses is as follows: 2 335.5 billion for current expenditure (excluding interest); 1,352 billion for capital expenditure; 982.4 billion for the public debt. The 2021 finance bill notes that a reduction of CFAF 66.5 billion has been taken into account, concerning the principal of the external debt vis-à-vis G20 public donors.
The overall budget deficit resulting from the above assessment of revenue and expenditure stands at CFAF 661.7 billion, thus corresponding to an adjustment level of 1.7% of GDP of said deficit compared to 2020. .
In addition to the need related to the financing of the budget deficit in 2021, other financing and cash charges total CFAF 820.3 billion and consist of the following items: 327.5 billion for the amortization of the external debt ; 287.8 billion for the domestic debt; 72 billion for the reimbursement of VAT credits; 66.5 billion; 20 billion for the net exit for the benefit of correspondents.
To finance this budget deficit, which amounts to CFAF 1,484.9 billion in total, the government intends to use the following instruments: drawing on project loans (703.4 billion); issuance of government securities (350 billion); bank financing (102 billion) and budget support (260 billion).
Among the innovations, the government indicates that this finance bill completes the rationalization of special purpose accounts, strengthens discipline and raises from 40 to 200 billion, the ceiling of endorsements and guarantees granted by the State to institutions and public companies as well as private companies.
HER https://t.co/iTteyJpYFr?amp=1
The BOD were questioned on this at the AGM a couple of years ago, they basically said it was the best deal available.
#BulletinBoardHeroes #AFC #ESL #GPH #HUR #IES #PERE #RR #STOB #TLW #TGP #VRS #VOG #ZOE
https://t.co/pV7czKQzwM?amp=1
Clearly we need to know who was ultimately behind the private company.
And where did the money go. (as unsubstantiated conspiracy only, some of it - perhaps to Foo? perhaps to VOG directors? perhaps to Government official?)
And was it fair payment for services provided by the drilling company.
Shouldn't be too hard to do.
Roy must have a good idea what's gone on - and investigated before taking on the job.
But a can of worms indeed.
At the time the conspiracy theory revolved around the similarity of their logo and VOG's.
It seems that once again RF68 is in possession of information beyond the ken of normal man.
Banjo was one of these "special" people too.