Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Mr.Sparrow- apologies, I take that back I just noticed the 27th July one. That was when Kelly announced being pleased with the resilience the Cameroon business had shown, and how he was targeting 'the low hanging fruit.'
Apologies
Where is your strategic review Sparrow. Admit it, there isn't one is there?
Sparrow, apparently I keep confusing you with RF68. Apologies for that although It's understandable as you make such a brilliant double act, working as the mouthpiece for VOG.
How can you decribe the comment on LA08 remediation as top news when compared to all the other issues at hand. Surely top news would be something revenue related, such as successful insurance claim, Westmed sold, lots of new customers with lots of new gas sales, Eneo paying what they owe us, any of the various claims against the company being dropped. Those are top news.
And why is it that you are so grateful to 68 for the news that Kelly is going to Cameroon, without even adding a rider as to whether or not he is correct? Again you call this top news. It's very hard for bystanders not to imagine you are both on the inside of VOG
Danno - not correct. Update 27th July; update today; next update end of January.
Mr.Sparrow- six months have past since the decision to update shareholders on a quarterly basis, so have 2 updates failed to materialise?
If Kelly does find his way to Cameroon, he will literally have to get down on his hands and knees and plead with Eneo to give us some money, and let us supply them with very cheap gas. If anyone from Eneo had bothered to read our 6 month report this morning, they will know they have Kelly over a barrel. The survival of Vog may be in the hands of Eneo paying us and again supplying them gas, but ask yourself, if they were that desperate for our gas, surely they would had coughed up a few quid by now?
LA108 remediation.
Post period, the workover crew returned to Cameroon and recommenced the La-108 well remediation in early October. At the time of writing, we have retrieved the fish from the well, and we are cleaning out the wellbore.
Again, this is top news. Too, I was concerned that this work would be delayed due to cash shortages as a result of non-payment by Eneo (as perhaps implied by the 30th Sept RNS). Obviously not.
Too, it seems the problem has largely been resolved and the remediation will be successful.
Perhaps worth reminding ourselves of what we have to look forward to with this well:
'... Flow testing of the Lower Logbaba sands has now commenced, with flowrates from these sands up to 15 mmscf/d being achieved on a 40/64ths inch choke with a flowing wellhead pressure of 2006 psi. This is ahead of expectations and substantially better than the 4mmscf/d which was obtained from the Lower Logbaba sands in La-107. This is very encouraging and further evaluation will be carried out on these sands in 2018 before the well is put into full production. This work will also recover a spent perforating gun which currently remains stuck in the well.
When full production potential of the Lower Logbaba sands in La-108 has been evaluated, a decision will be taken on the timing of adding more perforations into the highly prospective Upper Logbaba sands.
As previously announced, analysis of the La-108 logs indicated 84.5m of net gas sand in the Logbaba Formation and current production results have been obtained from perforating 18.7m of sands in the Lower Logbaba only....'
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/x4qkydr
'Mr Kelly is far from "in hiding". He is actually travelling to Cameroon this weekend for talks with ENEO.'
RF68. Thank you. That is top news. Clearly Roy is not the sort to go out there for a jolly. I think it will have to do with the refinancing of ENEO in October. Eneo and the country need our gas, and need VOG/GDC to be successful. My guess is settlement will involve dropping the court case and penalty payments; money advanced against the unsettled bills; and the recommencement of supply to Eneo, with guarantees of regular future payments. A positive move for all parties. Fingers crossed for a good outcome.
Regards strategic review, I assumed it would be communicated to shareholders. My assumption is wrong, presumably:
RNS 17th April 2020
NEW CEO & BOARD MEMBER
We are pleased to announce that Roy Kelly commenced as the new CEO of the Company on 23 March 2020.
We also welcomed Rob Collins to the Board this past quarter as a Non-Executive Director and Head of the Audit Committee.
A complete strategic and operational review was commenced, including the decision to provide our shareholders and the market with regular operational updates on at least a quarterly basis.
Just nipped in for my weekly check to see how this goliath is progressing after the rns notification came up, another waste of 5 mins :)
Couldnt hope to disagree with you Noveckingood. A superb username for this particular business.
RF68- I would say this is going exactly same way as TC and Deb, the only real difference is vog will go bust without ever making a profit or providing any shareholder value over the years.
BTW do you still rate this loss making company which is soon due to run out of money, a strong buy?
No comments from RF about the strategic review. Noveck has found him out
Ouch. Truth hurts
3CB- Roy looks to of gone into hiding, its all gone very quiet on the strategic review, it did not even get a mention. I believe Roy is here for when this is no longer a going concern and us shareholders are no more, thats when he will start working.
re "still working on his strategic review."
Danno. Roy has been in charge for over 7 months. If there was to be a strategic review, don't you think it would have happened by now?
RF68- I doubt the market will share your positive stance, is it still a strong buy in your opinion?
Nothing positive at all in there, they're simply going to run out of money by the spring, what a mess.
I found it odd we did not hear from Roy Kelly, is he hiding in his bunker, still working on his strategic review.
We can at least be sure of one thing, the SP will be continuing its current trend, down!
Despite growing revenue, more debt, still loss making, and decreasing consumption