Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Exactly sparrow. Most longtermers on here were fully aware of why Savannah was set up and what has happened to it since.
However, RF68 seems to want to tell a different story.
I can find limited information on this company, 3CB.
From their website: https://www.savannah-osc.com/en/
Looks defunct?
A front company?
Set up for just the two VOG drills under Foo?
Conspiracy theories abound.
I would expect Roy to thoroughly investigate. If something can be proved perhaps we can expect a tens of millions of dollars refund to come our way?
Re "Savannah have drilled numerous wells in Nigeria since they failed at VOG"
Once again. Where on earth did you get that information from?
RF68 re "7.7.20 Move on from Savannah. It will eat you up. It is old news. I have no interest in past issues. That was the Foo era. I have invested in new Directors. Savannah have drilled numerous wells in Nigeria since they failed at VOG"
Where on earth did you get that information from?
this aksa that some people bang on about am i correct that its not even been built yet if so its going to take some time to build in the meantime we run out of money and if eneo is not paying us because there not being paid what does that say about the state of affairs. !!!
RF - as I have said - even more investment (new processing plant, new section of pipeline) is needed to connect that customer (once it is sanctioned and installed). It is years away IMHO.
If that was not bad enough the "new customer" is actually the same customer we just disconnected for not paying their bills!!!
RF - yes you are right the costs are sunk.
The infrastructure and customers have some value, but the fact is that VOG is loss making and doesn't have a credible path to profitability. Bleeding cash every day on debt and money going out to foo.
Even foo saw that and came out with those crazy schemes of VOG charging mobile phones or some such!
You couldn't make this stuff up. Agree with the comments being made today. Paying customers needed and I just can't see where they are coming from.
Drills are far too expensive. Hundreds of millions spent by VOG and a failing business to show for it.
AiMHO of course
You're missing the point, if AKSA aren't paid for their electricity then they can't pay us.
so we have been awarded more exploration licences by the very people that are major shareholders in eneo (cameroon government) but wont pay us the money they owe us none of this makes sense to me dont see the point unless someone can enlighten me.
Government extends Gaz Du Cameroun's exploration license to Matanda for one year
(Business in Cameroon) - Satisfied with the previous exploration phase of the Matanda block, the Cameroonian government has just extended Gaz Du Cameroun's permit on the site for an additional year. The company said it has boosted prospective resources on the perimeter and is planning a drilling campaign for 2021.
In Cameroon, the gas and condensate producer and distributor Gaz Du Cameroun (GDC) has been granted an extension of its exploration license for Matanda by the Ministry of Mines, Industry and Technological Development. This new extension will take effect, as of December 17, for a period of one year. In accordance with Cameroonian positive law, this authorization will be confirmed in the coming weeks by a presidential decree.
It should be remembered that the Matanda block is adjacent to the production perimeter of Logbaba. It thus offers an easy monetization route for its gas potential which, in July, rose to 1,196 billion cubic feet of risk-free raw prospective resources, against 903 billion cubic feet initially.
This increase is the result of a detailed internal outlook assessment, which identified 19 gas prospects in shallower Tertiary Era reservoirs, plus 7 prospects in deeper Cretaceous Era reservoirs.
It should also be said that during the first phase of exploration which began in 2018, GDC carried out an environmental and social impact study (ESIA) which should be completed in the first quarter of 2021. This will ensure that all aspects risks to the environment and social factors have been assessed and the necessary precautions taken.
A work program will begin next year and provides for the drilling of an exploration well. The company will soon finalize the ranking of the main onshore prospects.
Covering 1,235 km 2 , the Matanda block is 75% operated by GDC, a subsidiary of Victoria Oil and Gas, and 25% by Afex Global Limited. According to the production sharing agreement, the Cameroonian public company of hydrocarbons (SNH) has a right of return of 25% after the granting of an operating license.
Olivier de Souza
https://t.co/xC1OQDb0cz?amp=1
https://pbs.twimg.com/media/EnltlaTWEAAc0C-?format=jpg&name=small
20 MW taken from Yaoundé to fill the energy deficit in the North of Cameroon
Gaston Eloundou Essomba, the Minister in charge of Energy, recently ordered the process of transferring part of the energy produced by the Ahala thermal power station, in Yaoundé, to allow the installation of additional capacity in the towns of Garoua and Ngaoundéré.
And for good reason, indicates the Ministry of Water and Energy, the regions of Adamaoua, the North and the Far North have been confronted for several weeks with rationing of electric energy due to an imbalance between supply and demand.
Still according to the same source, at the end of the rainy season which ended in September 2020 in the North Region and in the Bénoué hydrographic basin, an abnormally low level of filling of the hydroelectric dam was observed. de Lagdo located in the Bénoué basin in the Northern Region.
In general, the towns of Garoua, Lagdo and localities experienced extremely low water supplies in 2020. The Lagdo dam had a 48% filling rate during the 2020 rainy season, while the filling rate was 105% in 2019.
This is confirmed by the assessment of the dam's water resource on November 15, 2020, which shows that the volume of water available is two billion m3. While in November 2019 the dam had 4 billion m3 of water. That is to say a deficit of 2 billion m3.
As for the demand for electricity, it is estimated at 65 MW. With an exceptional hydrological deficit of 2 billion m3, the Lagdo hydroelectric power station with an installed capacity of 72 MW, cannot produce more than 25 MW.
In order to mitigate this loss of power, the Minister of Water and Energy instructed the CEO of Eneo to use the thermal power stations of Garoua (20 MW) and Maroua (10 MW) on a daily basis. Despite this contribution, there remains a deficit of 15 to 20 MW in the northern regions, causing daily rationing of electric power.
In view of this exceptional hydrological crisis, the government then authorized the dismantling of part of the Ahala thermal power plant (20 MW) in Yaoundé in order to strengthen the production supply in the regions of Adamaoua. , the North and the Far North.
According to the Ministry of Water and Energy, The process of transferring this 20 MW capacity from the city of Yaoundé has already started and will allow the installation of an additional 12 MW in the city in the coming weeks. de Garoua and 8 MW in the city of Ngaoundéré. This configuration will provide the northern regions with production tools to ensure a balance between supply and demand in electricity.
more ....
Sylvain Andzongo
https://www.stopblablacam.com/economie/2411-5514-20-mw-preleves-a-yaounde-pour-combler-le-deficit-energetique-dans-le-septentrion-du-cameroun
Think I need a new battery in my keyboard!!
sory 'Best move I have made'
Indeed I am well. A bit more weathered and wrinkly than ten years or so ago but time waits for no man... I trust you have given up the barmaids and are leading a divine life!
I avoid the Taylor Wimpy board now. What happened to the Mouse was truly awful. He was a character and a nice person. I feel for his wife and still am unable to understand what happened. Use you red badge on private if have not heard what happened... Still have a few here but not worth selling at this price. I was going to retire from investing but this pandemic gives one plenty of time to spend reading and researching . The move I have made though is to move to the seaside... Be good
I guess that's good news , but now they need to raise the money to cover any work even if it's shared etc.
So what do they need £5m-£10m ? here comes another dilution at what 2p-3p will the sp is high.
I'll try repasting the first link below (otherwise you'll need to copy and paste):
http://mergersandacquisitionreviewcom.blogspot.com/2011/06/cameroon-oil-and-gas-exploration-in.html
http://mergersandacquisitionreviewcom.blogspot.com/2011/06/cameroon-oil-and-gas-exploration-in.html
https://www.ogj.com/exploration-development/article/17251525/victoria-oil-gas-secures-interest-in-cameroons-matanda-block
This explains BLVN/New Age/Lukoil interest in merging/acquiring the Matanda block.
For those who only read as far as Roy Kelly's quote:
Background on Matanda
The Matanda Block is situated in the northern part of the Douala Basin, in the transitional zone between the Wouri estuary and the neighbouring onshore area to the south-west of the city of Douala. The block borders GDC's Logbaba concession at the southern boundary. Approximately 30% of the block is in shallow water, whilst the remainder is onshore.
The North Matanda Field was originally discovered by Gulf Oil Corporation in 1980, and to date three wells drilled in the shallow water of the Wourri Estuary on the block tested gas and condensate from the Logbaba Formation of the North Matanda Field. One onshore well, Missellelle-1, also encountered gas reservoirs in the Logbaba Formation. During 2008 to 2010, Glencore and AFEX acquired 200 square kilometres of 3D seismic survey over the North Matanda Field and 150 kilometres of 2D seismic survey over the northern, onshore portion of the block. In May 2013, Glencore spudded well NM-3x, an appraisal well into the North Matanda Field to further define and delineate the Cretaceous reservoirs.
Figure 1. Map of the Douala & Wouri River Area showing the Matanda Block
http://www.rns-pdf.londonstockexchange.com/rns/3009G_1-2020-11-24.pdf
Yup you sum it up pretty well there. Its more customers we need not more gas, especially at the ridiculous cost of the last drilling program!!
so we have permission to look for more gas that no one wants to buy, so we have permission to drill for new wells with no money to do it with.
Roy Kelly nails it again. An excellent CEO.
This was by no means a done deal. The fact that the government is supportive of this is that they have confidence in VOG to deliver. VOG need to fund a well. VOG also know that there is no point drilling and developing this well unless there is an arrangement to sell the product. Thus the government most likely know these conditions can be met by VOG - because they are dependent on the Government giving the go ahead for building a power station soon (and perhaps because they have refinanced Eneo with an instruction to them to negotiate a new supply agreement with VOG).
Too, maintaining Matanda licence is very important for our future success, or for anyone (New Age?) who wishes to merge or buy out VOG.
Too, it means we have a drilling programme to look forward to in 2021.
Commenting today Roy Kelly, CEO of VOG, said:
"We are extremely pleased to have received this extension for one year. The first well will undoubtedly be in the onshore area where nearby wells in the Bomono license have derisked the shallower plays, and proximity to the GDC-operated gas distribution infrastructure allows easier monetisation of discoveries. We are further encouraged by the ESIA that will soon be completed. We thank the Minister and also SNH for expediting this extension."
Matanda licence extended as expected
You still alive, you old git?
Take care guys.
I see there is a bit of "SP thrashing" at this level - I am tempted.
However, as I said a while back, I have various positions in the teens, and twenties that need to make a bit of profit.
VOG has always been a pain in the butt for so many reasons, but one day.....................
Hold firm.
.