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Regards 3CBs statement ' the "right noises" have not been converted into increased sales ' I repeat my post from Monday:
'Today's RNS should be read in conjunction with the trading update of 25/06/20.
Cash and cash equivalents at 31/05/20 of $5m.
Q22020 net revenue of $6.8m, an increase of 28% on Q12020 net revenue of $5.3m.
Unaudited net revenue for 2019 is $20.6m (audited accounts delayed currently). Hi2020 net revenue is S12.1m. Thus, with 2 new customers in Q3, we should conservatively expect to exceed 2019 net revenues.
LA-108 remediation delayed (though flights probably into Cameroon by May/June?). This will conserve cash.
Likewise, conserve cash by no drilling at Logbaba until we have better demand (3 bcf used in 2019 for gas sales; new reserves estimate is 19 bcf, so 5 years production at current rate without need to drill new wells).
Possible cash inflows from:
$9m claim against ENEO
Farm-out of improved Matanda prospective resources (1st well 65 bcf at 40% COS) - subject to licence extension beyong end of 2020.
Sale of Russian asset.
But some expensive legacy claims still, as yet, not resolved?
Roy's full strategy update still to come imo. But good recovery progress in a very difficult Q2 quarter; and strong cash conservation.
Overall, positive.'
And it's actually 4 months but who's counting?
Precisely. I'm happy to wait and even be proved wrong as opposed to you who constantly try and convince LTHs not to worry cos it's all in the past, even after only 2 months as you say
It's all very well for rfsparrow to wax lyrical about Roy Kelly but so far, the "right noises" have not been converted into increased sales and, more importantly some profit. Until such time as we see something thing concrete, eg, a sale of Westmed at a decent price, more customers hooked up and paying for gas, progress on farcical insurance claim or ditching it, stuck gun finally sorted etc, I prefer to adopt the "Thomas " position.
?????????
its not courage that is needed, just a functioning brain could help.
Do I have the courage to once again invest in VOG. After 2 secs the answer is no. I dont fancy the risks in those "virtual pipelines". - MT
The best new news is that someone is carrying out due diligence on WM.
"The making of VOG " is not WM . Ho Ho.
Could VOG have a higher Market Cap? Maybe if VOG can export gas. ...and maybe if WM turns into cash. Do I have the courage to once again invest in VOG. After 2 secs the answer is no. I dont fancy the risks in those "virtual pipelines".
"I give up with you. Read what I say. Today was the Q2 update and NOT the strategic update."
Noted although this was also a partly strategic update in addition to Q2.
The Q2 is designed to tell us what we ahve produced over the last quarter. Whereas comments regarding chasing low hanging fruit etc are a strategy.
https://www.energyvoice.com/oilandgas/africa/254990/victoria-eneo-logbaba-gas/
So who now supplies gas to them?
Flights into Cameroon:
Air France in June; other airlines July
https://www.businessincameroon.com/transport/0307-10492-cameroon-prepares-to-officially-resume-flights-after-keeping-borders-closed-over-the-past-three-months
Today's RNS should be read in conjunction with the trading update of 25/06/20.
Cash and cash equivalents at 31/05/20 of $5m.
Q22020 net revenue of $6.8m, an increase of 28% on Q12020 net revenue of $5.3m.
Unaudited net revenue for 2019 is $20.6m (audited accounts delayed currently). Hi2020 net revenue is S12.1m. Thus, with 2 new customers in Q3, we should conservatively expect to exceed 2019 net revenues.
LA-108 remediation delayed (though flights probably into Cameroon by May/June?). This will conserve cash.
Likewise, conserve cash by no drilling at Logbaba until we have better demand (3 bcf used in 2019 for gas sales; new reserves estimate is 19 bcf, so 5 years production at current rate without need to drill new wells).
Possible cash inflows from:
$9m claim against ENEO
Farm-out of improved Matanda prospective resources (1st well 65 bcf at 40% COS) - subject to licence extension beyong end of 2020.
Sale of Russian asset.
But some expensive legacy claims still, as yet, not resolved?
Roy's full strategy update still to come imo. But good recovery progress in a very difficult Q2 quarter; and strong cash conservation.
Overall, positive.
" we have lined up sales to replace over 30% "
if it were so easy, why have they failed to materialise over all the years?
and, "lined up" - classic VOG misty language. Discussions? I assume they have no payment guarantee.
this company is foooked
Comprehension not your strong point, 3CB? Six months from the end of July is exactly that. (As you well know, my posts at the end of 30th April only relate to the New Age/SEY merger). End of.
RF^* on 21 July "All will be revealed in the forthcoming strategic update. Watch this space"
Which bit should we get excited about?
As regards personal comments, I was merely describing your modus operandi
22/7/20
"So I'm taking a six-month punt on recovery with 7p+ target; or a merger/takeover (by New Age or SEY - check my posts at the end of 30 April "
Wrongly, as usual.
Evidence, please.
I was merely quoting you
However, you still make your usual character slurs, innuendos and misquotes (Note: I've always said I'm invested here until xmas - for the AKSA development). Your posts would be much more appreciated if you could avoid personal comments in the debate on VOG.
Have just awoke, 3CB - and thus I put in the main news.
You make some good points, and much I agree with at first glance (well 108 remediation delay, for example).
Will write a better analysis later today.