Member Info for 3cardbrag

I'm not sure many people do fully accept the Savannah situation.
Those who were at the meeting in the main felt the directors were holding something back and there remains a bad smell in the air.
Not sure we will ever fully find out the truth about Savannah and what if any connection there is with the directors. Does anyone know if Savannah have secured any further business since the VOG drilling debacle? That would speak volumes about whether or not they are a genuine drilling company.

Sorted

Hi MT - been trying to email the group but my email won't accept the name
Just to confirm is it unite@voginvestorgroup.org.uk ?

Honest enough to confirm mine isn't massive but every bit helps.
What exactly does one have to do?

I think it's called voter apathy

I stand corrected

In after meeting discussion, Kev did say the new contracts would be very different from the last one. Can't remember
exactly what he said as regards who would be paying with the new power companies but remember feeling more reassured. Perhaps Brancher or MT can recall.

DC50 - It's probably due to all that Aussie sunshine, lol

you stated earlier:
"This company will be gone within 12 months I’ve already started to reduce my considerable holding so Ple*s like you can get in fast."
Why on earth, if you expect it to go bust within 12 months would you sell them piecemeal on the way down. Sorry Bud but you're a pure fantacist, who obviously doesn't own any shares and, conveniently, lives 12000 miles away.

I am 50% down on my investment despite have topped up/ averaged down several times over the years. I could sell and take a hit but I still hold a hope in there somewhere that price will rise eventually. If it spikes above my average, I might sell all or half. In the meantime, whilst I am very unhappy with performance in recent years, I am not desperate to sell so will hold for now.
Looney, what I don't understand is that you seem absolutely convinced this is going down the tubes this year. If so you would lose everything, so unlike myself who retains a glimmer of hope, why have you not sold up and taken the hit?

I did ask about 109 although not specifically what you are raising. My question was that bearing in mind the success of 107/8 adding to reserves, with chairman stating the other day that we now have sufficient reserves to last 10 years, what has happened to the funds that were raised and how do the placees feel about it.
Ahmet replied and his response included an admission that following loss of the Eneo contract, some of the funds had inevitably been used f0r cash flow. Don't recall an answer to how the placees feel about it.
As regards the Savannah rig, they did say that it came fully supplied and kitted out to go whereas apparently most rig contracts only provide the bare rig and all the extras have to be funded separately. It's fair to say that they were all very solid together on Savannah and nothing MT could throw at them would shake their faith in Savannah. I think it's also fair to say that most of us were unconvinced about Savannah.
I think MT or someone else asked about whether a fixed price contract would have been better in hindsight and the reply was that these rig contracts are almost always on an hourly or daily basis.

Good point re Westmed. Had forgotten that. The general feeling seems to be that there are a lot of oligarchs wandering around looking for somewhere to invest their repatriated ill-gotten gains. Hopefully not all into football clubs.
I think I'm right in stating Westmed is a stranded deposit, albeit huge, and as long as, I think, Gazprom control the infrastructure, a British company is going nowhere with Westmed. However with an oligarch involved, either by purchase or JV, then it's a whole different ball game, although price wise they would be in a stronger bargaining position than us.
That said, at a maintenance cost of £1m PA, at some point we will need to think long and hard about whether to keep it if no offer is forthcoming.

Re "I have come to the conclusion you are just an attention seeker!!"
What's taken you so long to come to that conclusion mate? I would have thought "nob" was more fitting personally.
Cheers.

Not quite sure what else you expected attendees to do. We asked searching questions and were outvoted on key resolutions. Should we have just shot the board en masse.
Perhaps you should have turned up yourselves instead of bleating on. Grow up.
Agree with comment about the bearded NED on the end. Thought he was ignorant and condescending. Gets my vote next year for the chop.

Did my eyes deceive me or did England just throw that game?

To summarise my take on today, the directors know that the natives are restless, and whilst some questions/comments were simply batted away, they seem absolutely convinced that current problems are temporary and that the medium term future of VOG is rosy with massive levels of scuffs being sold alongside very profitable CNG.
When quizzed about the fact that Cameroon had survived the dry season without our gas, they were not concerned about this and are convinced that we are the only player in town until the big hydro schemes come on tap from 2025 ish.
Whilst we have heard a lot of these hopes before, if they can pull it off after surviving the next 6 months, then who knows? I'm not selling yet anyway but won't be topping up in near future.

Thanks to MT for some fairly persistent questionning of the board. Keep up good work on the action group.

Home at last. On the point of royalties, Kev would not comment at all on this and passed to, I think, an NED. It was pointed out that Kev had stepped in all those years ago when nobody else would, to keep the company alive. I countered by saying that LTHs would have thought that a reasonable dael at the time but 10 years or more down the line, and having been diluted to hell, with no profits being made and SP on it's knees, it doesn't seem such a good deal now.
It was pointed out that the directors would like to get this resolved but recent issues, especially the loss of Eneo had prevented any meaningful discussion on this.

Initially get Eneo back on board then looking at increasing Eneo and taking on others. Kev quotes five to one ratio so look at up to 100 mscuffs over 2 to 3 years

Talking to a small group. Kev was very upbeat about cng which, whilst not massive volume, is very profitable with apparent margins of up to $15 per scuff compared with $1 or $2 on big power. He was also very confident that within 2 years or so big power contracts will be up to 450 megawatts.