Member Info for 3cardbrag

Recognise this?
"Management is expediting its support to manufacturers and producers in Douala, which are facing regular power disruptions, by providing bespoke gas fired power generation for individual customers or groups of customers. As most of these proposed power customers are already connected to the gas pipeline network, adding a gas to power generation solution will increase gas consumption with minimal additional capital costs for GDC. Furthermore, we are actively pursuing a Compressed Natural Gas (CNG) solution which will afford GDC the opportunity to reach some larger customers beyond the current pipeline infrastructure"
No it wasn't from today's RNS. It was from the 2018 Outlook issued in February, yes February. It just looks the same as today's RNS

Was that a cut and paste from the last RNS? Same old jam tomorrow buullsshiit.
So having had 8 months to drive the business forward following loss of Eneo, we have put on a further 2 customers this last quarter despite so called massive power outages and demand from big businesses. Feckin' joke.

Yeah so frustrating and as you say, quite possibly all bullcaca. But just imagine how you would feel if you gave up and sold your VOG shares then they announced a £30m sale or a JV. We can all dream eh?

Kinda makes you wonder just why they wanted to steam ahead with drilling 109 when clearly the urgent need for more gas had passed. A brand new redundant drill rig would have fitted the bill perfectly being already in situ

Watched it, thought good idea to use recipe to make my own tikka. Carefully noted the initial ingredients and divided by 25000 to get one portion. Came to adding the different spices and, surprise surprise it's a secret. Waste of time that was. Impressed with the modern and well equipped factory though.

Don't know why he doesn't update the website himself. He's got feckall else to do these days.

RNS 4/7/17
"4 July 2017

Victoria Oil & Gas Plc

("VOG" or "the Company")

Â

Update on Logbaba Participation Agreement and Bomono Project

Â

SNH Participation in Logbaba

Â

Victoria Oil & Gas is pleased to announce that Societe Nationale des Hydrocarbures ("SNH"), RSM Production Company ("RSM") and Gaz du Cameroun S.A. ("GDC") have agreed and signed a Participation Agreement that will govern the relationship of the parties going forward on the Logbaba Project (the "Project").

Â

Project participation, prior to the Participation Agreement, was split GDC 60% and RSM 40%. The Participation Agreement formalises the participation of SNH, acting on behalf of the Republic of Cameroon, alongside GDC and RSM. The Participation Agreement follows SNH exercising its right to participate in 5% of the Project and, accordingly, Project participation as a result of the execution of the Participation Agreement will be split GDC 57%, RSM 38% and SNH 5%.

Â

SNH is entitled to a 5% share of revenues from the sale of all hydrocarbons from the Project and is also liable for 5% of exploitation costs of the Project. The parties have agreed, in accordance with the Participation Agreement, for SNH to conduct an audit of the exploitation costs for the Project to determine the Participation settlement"

Where does it actually say they must pay for joining the project. Biggs your post 14.17 seems to infer paying for 5% for their share of the project rather than exploitation costs

Are you actually sure that they have to pay 5%. I may be wrong but I thought the set up was that once a certain milestone was reached the Cam Govt could receive a 5% share of logbaba project rather than buy a 5% share, albeit that they would be liable to a share of the development costs. I assume they could have gone out and bought into VOG anytime they liked if they wanted to be involved with the Logbaba project.but avoid extra costs.

On that point it may be that ENEO are playing a waiting game to see if pressure on our finances gets them a better deal on our gas. In which case I would have thought the BoD would be issuing regular positive updates on, eg, new customers, increased gas sales, CNG project to shout out that we are still in business and not for walking over. That is of course if we have anything to shout ABOUT.

So if Borelli is no longer taking a salary, (and hopefully not accruing vast amounts of in-lieu-of shares), and all the construction work is being covered by JLP, then presumably we have ample cash to keep us going in the short to medium term. But who knows? Who knows anything because our dear leader is hiding in his bolt hole fearful of saying anything which might incriminate him. Feckin' disgraceful that the last RNS stated updates would be via website from now on but the last entry was by twitter in February. Hope he can sleep at night.

Oh dear. Hope you're feeling better now. lol

"I bet Utah has an alarm go off every morning at 7am, wakes up, checks the RNS feed then smashes up his alarm clock and goes to buy another!"
I thought everyone did that. At least the first part anyway.

He was probably comparing it in size to his royalty payments in which case very small amount outstanding

Think he was last seen supping a pint with Ernest Saunders of Guiness fame

Trouble is he can't REMEMBER where he is

Am absolutely feckin' furious at this latest gold digging theft.
Firstly Darby has guaranteed he won't budge for at least another 3 years.
Secondly under the LTIP terms a director could stand down tomorrow and become a part time janitor at one of the factories and still pick up a massive wedge of free shares on the vesting date.
Thirdly there is no mention of details attached to the 2 x LTIP conditions so we have no idea how taxing they will prove.
Bunch of overpaid thieving robdogs IMHO

I think your question regarding the cost of the drilling was covered at the AGM. From memory, MT asked why an open deal was done and the drilling expert said no-one would operate on a fixed cost basis. Therefore a cap would have been meaningless if the plug was then pulled halfway through. I stand to be corrected though.

Good post Eric. Wonder if AB is getting an itchy feeling around the neck area, usually associated with having your collar felt. I hear paper shredder manufacturers have had a good week. lol

I would be happy with any of Marketimer, Malbrum, Mel Boardersman and The Brancher

Hi Brancher
Yes that's correct it was around £2 million and they weren't planning to do it any time soon. But digging through my grey cells, I had a feeling it was the Expert that was called on to talk about the drilling campaign, or Amit Dik, rather than Foo. I may be wrong though
Cheers 3card