The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Sparrow
Not at all surprised you only quoted the "positive" bit. That's how you operate in your quest to suck more mugs into VOG.
No mention of the reduced gas sales.
No mention of the fact that nothing is going to happen in Matanda, assuming of course we even get an extension.
No mention of more delays on big power.
No mention of the company admitting they don't need further drilling because the demand isn't there.
No mention of more delays in well remediation with Covid19 to blame for lack of flights. Christ the engineers could've walked to Logbaba.
No mention of the company admittance that the forseeable future focus is indeed in picking up small customers near the pipeline.
The only crumb of comfort for you is the possible"divesting" of Westmed. but even then no indication of when or how much. Noticeable we didn't even get a comment like "divest for a significant sum". They are desperate to offload it for whatever they can get. Hopefully more than the annual running cost.
You said in April and again this month you are here for 6 months with an exit target of 7p+. Let's hope VOG get their skates on cos you've only got a little over 2 months left in here.
Note:
'This short-term increase in supply should amount to an incremental 1.5 mmscf/d or so, or 31% of the ENEO Take-or-Pay levels, notwithstanding any natural swings in demand. This increase represents over 50% of the revenue lost through the termination of the ENEO contract.'
Note:
Just awake, here, and this comes in:
Roy Kelly, Chief Executive of the Company, commented:
"We are pleased with the resilience the Cameroon business has shown through recent times and the early strides made to replace the gas sales volumes previously allotted to ENEO. The Logbaba reserves reduction reflects adjustments based on the current well stock but leaves the Company with years of supply with or without the grid power demand even without further development drilling. The work programme on Matanda has yielded encouraging and significant prospectivity on the licence, in what is a rich hydrocarbon province. We are also encouraged by the unsolicited interest in the SGI asset."
Typo "typing "
And to save happyRF the trouble of tying that if I feel that way why not move on, I'll reiterate yet again that with my shares worth such a nominal value now, it's marginally worthwhile to hang about for a bit and see if i can catch a small spike.
In fact just like happyRF.
MT makes a valid point. Kelly may have very admirable qualities as a troubleshooter. The same could have been said about South African, Michael Edwardes who Maggie appointed to try and sort out British Leyland. At first he was a breath of fresh air sorting out quality issues and putting the Union lion back in its cage.
But in the end the problems at BL were too far reaching and endemic and the rest is history.
Foo was very close to Biya for many years and still got nowhere because at the end of the day, you're up against a greedy, self-interested elected dictatorship.
A good post by Zengas, full of information:
"I wouldn't remotely make comparissions between Vog/Save and if Save directors did what VOG did since inception then i wouldn't be here.
Vog either lost or did nothing with most of its assets since it came to market in 2004 with 60m shares in issue and an £11m m/cap value. Over the next 16 years later it ballooned to over 4 billion shares in the process, burned through millions, consolidation of shares and has a m/cap of under £10m today.
Any deal it ever done was either imo over priced and came to nothing. It lost Kermekol - yet where did the cash go ?. Tamdykol slowly hidden from view about how poor it was. Still sitting with West Med that it can do nothing with. Been mired in arbitration, disputes, side deals and not surprised it is where it is because nothing was every straightforward so who ultimately knows why ENEO is not paying up which is part owned by Actis/Cmeroon Govt.
Never mind Kermekol, Logbada was imo peculiar to say the least (where was the initial $16/mcf customers signed and also LsOI for 7 mmcf/d 12 years ago ??? yet only averaged $5.80/mcf all in in Jaune 2017). From the Mail last year " 30/6/19 In a trading update VOG reveals it is the target of legal action by CHL because VOG suspended a royalty payment from it's logbada gas project in Cameroon to CHL. VOG has a 35% interest in CHL but 43% of it is owned by HJ resources - a company ultimately controlled by VOGs former CEO K.Foo and his family. Foo was booted out in April. Foo is not happy about the deal ending having pocketed millions since it started in 2009" https://www.pressreader.com/uk/the-mail-on-sunday/20190630/283562337098634
This article was an eye opener back in 2014 and any investor or potential investor would have seen alarm bells given their past issues with asset deals (see Kermekol/Tamdykol etc). https://www.rolandhead.com/oil-gas/who-is-getting-4-5-of-victoria-oil-gas-plc-revenues-straight-off-the-top/
Even now they are still in arbitration/dispute with RSM irrespective of ENEO and non payment. Not surprised that VOG under new manangement has actually terminated the ENEO deal over non payment. They didn't even have a payment guarantee. The peak delivery was about 6 mmcf/d with 80% 'ToP' which is small for a 30 MW p/station and even though it's their lowest priced, but supposedly highest offtake customer and part government owned - $6.75-$6.95 per mcf seems steep. I think it's follows a long line of problematic assets and deals that new management now have to deal with."
https://www.nsenergybusiness.com/projects/cameroon-chad-interconnection-project/
'.....The Cameroon-Chad Interconnection is intended to help millions of people in both countries with access to reliable and affordable electricity by enabling the supply of clean electricity available in southern Cameroon to northern Cameroon as well as Chad........
....The £592m ($744m) interconnection project will comprise three main components. The first component will involve the interconnection between the southern Reseau Interconnecte Sud (RIS) and the northern Reseau Interconnecte Nord (RIN) transmission systems in Cameroon, collectively called as the RIS-RIN interconnection project
I know Roy. I know how he operates. That is why I have taken a punt.
Oh well, that's all right then. Didn't realise he was your mate. I'll sell the car and the missus and have a punt right away.
English article not yet arrived so I've used Google Translate.
Last question was of interest to our settlement claim?
'IC: Since this extension, information has been circulating about the existence of negotiations with a view to disengaging Actis from Eneo. Some have also viewed your arrival at the head of the company from this perspective. What is it exactly?'
'My arrival at the head of the company was more in the perspective of improving the performance of the company and stabilizing the sector. If it turns out that one day the State's strategic partner in Eneo, Actis, wants to withdraw, the press will, I think, be informed.'
"The history of VOG is with the useless Foo and Dik in charge."
On the contrary, they were incredibly efficient, at making shedloads of money off other peoples backs.
Why should new boy Roy Kelly be any different from most other AIM directors
3.31 - ouch!
"The history of VOG is irrelevant to people buying now."
- what a naive statement.
have you checked for unexercised warrants etc.?
was it that said last week or the week before there would be no chance of buying below 4p goign forward.
ahhhh, they live and learn.
Rf68. So if HFO is so ridiculously expensive and dirty, why are vog not able to sell their cleaner cheaper more efficient gas?
Is that deal happening again??
MT if so concerned about jam tomorrow then sell and reinvest then you don’t have to listen anymore and we all win because then we don’t need to read your crap which amounts to same old same old. Any idiot other than you it seems can recognise board changes at VOG as change, eh, doh? So not same old same old. Move in for your own sake.
Things looking a bit cheerful here again, if they get this virus under control. ATYM is also interesting. Good to see the old-faithfuls still here. NB Only ever had one handle - check with admin - tricky times, but turbulence means movement. Take care.
Why would people be selling into the upcoming news, assuming of course you still think said news will be great?
Still waiting for my Buy this morning to be shown - guess the MMs want to give the false impression that people are selling ahead of the upcoming news.
PB. Good to hear from you again. Must be very tricky remembering which handle you are posting under these days.