The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
30 September 2019
Victoria Oil & Gas Plc
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2019
Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2019.
Operational Highlights
· Average daily Logbaba field gross production rate increased by 190% to 9.9mmscfd (six months to 30 June 2018: 3.4mmscfd)
· 1,785mmscf of gross gas sold from Logbaba (six months to 30 June 2018: 650mmscf)
· Gas consumption by grid power customer ENEO Cameroon SA ("ENEO"), throughout the period
· Two additional industrial customers consumed gas during the period (with a further two commissioned post period)
· 18% increase in industrial customer gas consumption for thermal use compared to H1 18
· 61% increase in industrial customer gas for power usage compared to H1 18
· International Organization for Standardization compliance ("ISO") 9001, 14001 & 45001 audits successfully completed, emphasising the Company's commitment to international standards in its management systems
Financial Highlights
· $10.7 million Revenue (six months to 30 June 2018: $5.0 million)
· $3.7 million Adjusted EBITDA (six months to 30 June 2018: $0.03 million)
· $4.2 million cash generated from operating activities prior to movements in working capital (six months to 30 June 2018: utilised cash of $1.3 million)
· $5.9 million Net Debt position (at 31 December 2018: $17.4 million)
Corporate Highlights
· The Company raised $17.0 million net proceeds via a fundraise on 4 April 2019 to strengthen the Company's financial position and provide a stable growth platform for the business
· Completion of board changes effective 3 April 2019:
Ø Kevin Foo stepped down as Director and Executive Chairman
Ø Roger Kennedy assumed the role of Executive Chairman.
Ø Appointment of John Daniel and John Knight as Independent Non-Executive Directors
Subsequent Events
· GDC signed a non-binding term sheet with Aksa Enerji Uretim A.S. ("Aksa Energy") to supply Aksa Energy with up to 25mmscfd of gas to Aksa Energy's planned 150MW power station
· John Bryant resigned as Independent Non-Executive Director on 8 July 2019
· Retrieval of the tool string on the La-108 remediation programme, which is ongoing
More via link:
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns_widget/story/w33kk3w
The link opens an Investor presentation dated 20th August 2019 from AKSA Energy and on page 19 under the heading of ‘Potential Opportunities for 2019 & Beyond’ Cameroon is highlighted!
This is the first time I have seen AKSA Energy mention Cameroon but you can only assume it’s related to VOG/GDC but of interest anyway.
http://img-aksayatirimci.mncdn.com/media/7447/aksa-energy-1h2019-investor-presentation.pdf
30 September 2019
Victoria Oil & Gas Plc
INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2019
Victoria Oil & Gas Plc, the integrated natural gas producing utility, today announces its unaudited interim results for the six months ended 30 June 2019.
Operational Highlights
· Average daily Logbaba field gross production rate increased by 190% to 9.9mmscfd (six months to 30 June 2018: 3.4mmscfd)
· 1,785mmscf of gross gas sold from Logbaba (six months to 30 June 2018: 650mmscf)
· Gas consumption by grid power customer ENEO Cameroon SA ("ENEO"), throughout the period
· Two additional industrial customers consumed gas during the period (with a further two commissioned post period)
· 18% increase in industrial customer gas consumption for thermal use compared to H1 18
· 61% increase in industrial customer gas for power usage compared to H1 18
· International Organization for Standardization compliance ("ISO") 9001, 14001 & 45001 audits successfully completed, emphasising the Company's commitment to international standards in its management systems
Financial Highlights
· $10.7 million Revenue (six months to 30 June 2018: $5.0 million)
· $3.7 million Adjusted EBITDA (six months to 30 June 2018: $0.03 million)
· $4.2 million cash generated from operating activities prior to movements in working capital (six months to 30 June 2018: utilised cash of $1.3 million)
· $5.9 million Net Debt position (at 31 December 2018: $17.4 million)
Corporate Highlights
· The Company raised $17.0 million net proceeds via a fundraise on 4 April 2019 to strengthen the Company's financial position and provide a stable growth platform for the business
· Completion of board changes effective 3 April 2019:
Ø Kevin Foo stepped down as Director and Executive Chairman
Ø Roger Kennedy assumed the role of Executive Chairman.
Ø Appointment of John Daniel and John Knight as Independent Non-Executive Directors
Subsequent Events
· GDC signed a non-binding term sheet with Aksa Enerji Uretim A.S. ("Aksa Energy") to supply Aksa Energy with up to 25mmscfd of gas to Aksa Energy's planned 150MW power station
· John Bryant resigned as Independent Non-Executive Director on 8 July 2019
· Retrieval of the tool string on the La-108 remediation programme, which is ongoing
More via link:
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns_widget/story/w33kk3w
Nothing wrong with a quite thread, just means the short term traders have gone elsewhere!
Victoria Oil & Gas Plc (VOG) has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC). With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by our production wells and pipeline infrastructure.
https://www.victoriaoilandgas.com/
The SP only spiked up very slightly so no need to panic and start posting the usual childish and pathetic post! :-)
Ignore the short term traders!
Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability'
Proactive
Published on Jul 29, 2019
https://www.youtube.com/watch?time_continue=1&v=veHsS2FlGd4
Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability’
Proactive Investors Stocktube
Published on Jul 29, 2019
Victoria Oil & Gas PLC’s (LON:VOG) Ahmet Dik tells Proactive London’s Andrew Scott they’ve signed a non-binding term sheet for an energy supply deal in Cameroon.
The agreement is with Aksa Energy to supply up to 25mln standard cubic feet a day of gas to Aksa Energy’s planned 150-megawatt power station in Douala.
https://www.youtube.com/watch?v=veHsS2FlGd4
Aksa Energy deal to put Victoria Oil & Gas 'on the path to profitability’
Proactive Investors Stocktube
Published on Jul 29, 2019
Victoria Oil & Gas PLC’s (LON:VOG) Ahmet Dik tells Proactive London’s Andrew Scott they’ve signed a non-binding term sheet for an energy supply deal in Cameroon.
The agreement is with Aksa Energy to supply up to 25mln standard cubic feet a day of gas to Aksa Energy’s planned 150-megawatt power station in Douala.
https://www.youtube.com/watch?v=veHsS2FlGd4
The inaugural flight from Cairo to Douala via Ndjamena took place on July 21, 2019.
EgyptAir launched a new route to Cameroon with the inaugural flight between Cairo and Douala which took place on July 21, 2019. The company says they will be operating three flights per week on Sundays, Tuesdays and Thursdays. The Cairo-Douala EgyptAir flight via Ndjamena takes off 2.05 pm and arrives at 10.30 pm. The flights will be operated with the new Airbus A320 Dreamliner planes capable of carrying 16 passengers in the first class and 129 people in the economic class. According to Tarek Galal, the choice of Douala is due to the fact that it is the first commercial city in Cameroon and also aimed at reinforcing relations between Egypt and Cameroon.
https://allafrica.com/stories/201907300230.html
Douala town and some places you have to know |2019|
https://www.youtube.com/watch?v=nqCFINbrdiM
From yesterdays interview "A couple of news items to come out very soon" so looking very positive for VOG and especially for anyone investing now but still a risky share which is looking better by the day!
to name and shame the LSE posters without me being banned-lol
Been a few over last few days :-)
We are delighted to have begun a partnership with such a high-profile, professional and reputable company such as Aksa Energy which has a depth of experience in installing and operating successful gas facilities across Africa. Additionally, I would like to thank the Government of Cameroon for their support of this project, and we look forward to working closely with them through to the delivery of first gas and power."
29 July 2019
Victoria Oil & Gas Plc
("VOG" or the "Company" or the "Group")
Term Sheet signed with Aksa Enerji Uretim A.S.
to supply up to 25mmscfd of gas to 150MW Douala Power Station
Victoria Oil & Gas Plc, whose wholly-owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the fully integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to announce that it has signed a non-binding term sheet with Aksa Enerji Uretim A.S. ("Aksa Energy") ("Term Sheet") to supply Aksa Energy with up to 25mmsfd of gas to Aksa Energy's planned 150MW power station, to be located in Bekoko, Douala, Cameroon.
The Term Sheet is subject to various conditions precedent, including government approvals and the signing of a Power Purchase Agreement by Aksa Energy with Eneo Cameroon S.A. ("ENEO") or "Sonatrel" (the Cameroon Government owned manager of the national electricity network). The key commercial terms between Aksa Energy and GdC include:
· Gas Price: US$6.75 per mmbtu;
· Term: 25 years, plus option to extend for an additional 5 years; and
· 70% Take or pay component.
Aksa Energy is one of the largest independent power producers in Turkey, selling 14 TWh/year of energy globally.
On 2 July 2019, the Minister of Water Resources and Energy of Cameroon ("Minister"), on behalf of the Government of the Republic of Cameroon, and Aksa Energy, entered into a Memorandum of Understanding to develop a 150MW of power plant project in Douala, subject to receipt of the requisite approvals and licenses
The location of the proposed power plant is expected to be near the Bekoko substation, near to GDC's existing gas pipeline network.
GDC's management has been working closely with Aksa Energy and ENEO to develop this exciting gas-to-power project, and GDC, Aksa Energy and ENEO gratefully acknowledge the support and guidance they have received from the Minister.
The Term Sheet, which the Company expects to lead to a long term grid power contract requiring natural gas from GDC gives support to the long term field development plans of GDC in Cameroon for both the Logbaba Field and Matanda Block in order to deliver the contracted gas for this project.
Ahmet Dik, Chief Executive Officer of VOG commented:
"Considerable progress has been made in our Gas-to-Power strategy, as evidenced by the term sheet signed with Aksa Energy, one of the largest global independent power producers. Upon commencement, which is planned for late 2020, production levels would dwarf the current level of gas sales and propel VOG into a profitable trajectory of growth which has always been our aim. Much work and effort by all stakeholders has gone into progressing this project and I am confident the additional power expected to be generated will be highly beneficial for the Cameroonian people and the economy as Douala continues to attract industry into the busy port town.
We are
You are an idiot!
lol, trolling you! Just highlighting to others that these boards are not what they seem! No doubt get another 5 posts of rubbish from you :--)
On the PDL thread a few months ago you stated:
"I have had to extracate myself from 10 years in the nightmare that is VOG."
"I assume you mean 'extricate' as in you are no longer a shareholder of VOG, sold at an all time low just before the rise! :-)"
Are you back in now
and run by a new website publishing company!
https://www.victoriaoilandgas.com/
idiot!
Do you get 50p for each post, f /idiot! :-)