Member Info for 3cardbrag

What I don't get is that we were told in the latest RNS as follows relating to the 47million overspend. " However, the well control event during the drilling of La-108 was the main cause of the delay and cost overruns" And yet in the April 17 RNS we were told that the well event was responsible for a 5 week, 8 million overspend. So what happened to the other 39 million? Oh and of course the other 9 months delay.

That's not even enough to cover the annual royalty fee. lol

And, more to the point, who's going to pay for it.

Would have preferred an RNS stating we were to distribute our products in Switzerland but at least it is extra business. Perhaps the RNS could have given some indication of the level of business they are anticipating from the agreement.

Was that too outrageous?

DIK mentioned unfair comments by shareholders on blogs and dismissed them all in that everything is the fault of Cameroon and Eneo not VOG. This is of course only part of the issue and having read the blogs he must know that shareholders hold them responsible for a host of errors, cover ups half truths etc on top of the Eneo situation. He also mentioned when questioned that VOG still has a healthy base of thermal customers keeping the company going, coupled with comments about the drastic shortages of power and the demand for power. No mention though of why they have shown scant ability to tap into the concerns of more industrials and sign them up for our gas. By the way when did perforating GUN become perforating GUNS, and why have they still not sorted it 3 months after it happened? TOTAL JOKE, but not a funny one.

Exactly which are the comments which you believe to be so outrageous may one ask?

Fly on the wall at negotiations reports as follows. Gazprom - Ve vill offer you $5000 for Westmed. Is a good offer, yes? Foo - No we want at least $50m. Do you realise how much oil is there? Gazprom - You are landlocked and ve control Ze infrastructure. $10000 tops Foo - Make it $20000 and Savannah gets to drill it and you're on. I'll make up some bull**sh8ite excuse to the shareholders. They're used to the craap we shovel at them. Gazprom - Ve haf a deal then Foo - Don't suppose you could throw in in a little royalties deal could you? No thought not!

Have to echo thoughts of OT and naks. So Eneo aren't paying us so let's take on more power stations, which, presumably also get paid or not by Cameroon! The outlook reminds me of the fixed odds betting machine gambler who, despite having lost his shirt, still claims that the big win is just around the corner. And Westmed? Same old one-liner bullcacka. If negotiations are genuine, why have they taken such an incredibly long time. And no mention of any Savannah culpability or redress over the drilling shambles and overrun. Surely, even if an insurance claim is successful, this would only be for a fraction of the 47m overrun. Biggy, could you please give us some indication as to why you are so chipper this morning. Have you heard something the rest of us haven't?

Of course you are

Sorry, who were you prior to today mate? Just so we know who we are conversing with.

Never thought I would be pleased to see the SP rising to the dizzy heights of 36p.

I'm just hoping we get an RNS stating we have made a fantastic oil/gas discovery in Antarctica which will be a "game changer" for the company.

Not wishing to speak for PP but I got the impression he was saying that if he didn't get the extra 50p, he would settle for 40p and exit leaving him around 90p ish. In the event of a subsequent 120p offer I could see why he might be a tad peed off. We've all done it in the past. Regs

Yes the old airfield is an area that has been talked about in the past for a mining operation but one problem discussed at the time was that a number of industrial units/businesses had sprung up over the years on the site which would be very costly to remove.

Does anyone know if they still operate a final salary scheme moving forward? I assume that with the financial problems we have had, any future employer contributions go into a defined contribution scheme.

Solar not so much though

I first invested at 4p old money. Equivalent price now is around 3/4 of 1p. Shocking when you think how long that has been.

The one thing that has changed from 2015 is that solar and hydro investment has gone up several gears in that time. And with all that sunshine and spare land, and the ability to build solar farms in months, they are starting to make serious inroads into our market. And whilst we are constantly told that demand is increasing at 7% pa, the country seems to hobble along making do with power cuts, at least at a local level. If the Douala area can survive without our gas for the whole dry season, the writing may be on the wall for us. Just goes to show what a lamentable performance there has been in converting companies to gas. You have to wonder how much influence the Foo royalty deal had in taking us from a profitable, balanced and organically growing company to a busted one-trick pony.

Just goes to show that there are lies, damn lies and statistics. Wonder what the report would have said if it had taken into account halving of turnover, loss of biggest customer, remaining cash coming solely from a recent placing and drilling problems. Would be interesting to see how the statistics stack up in 6 months time, although perhaps we will have had another placing by then to top up the cash reserves.