Member Info for bigsmoke

"Included in the acquisition was drilling equipment, acquired for $Nil, with a market value of approximately $3.8 million."

- so why did we use Savannah? or did Savannah use our rig?

I am pretty sure that I read a reference to some future obligaiton. but the 2016 interims state $nil:

Matanda Acquisition
The Group reached an agreement with Glencore Exploration
Cameroon Limited to acquire a 75% participating interest in the
Matanda block PSC and completed the transaction, on 6 April
2016, after receiving confirmation of approval of the assignment
from the State of Cameroon. The Matanda block neighbours the
Logbaba block in Douala, Cameroon and provides the Group
access to additional gas potential in the area. The Group will be the
operator of the PSC. The consideration of the transaction was $Nil,
however the Group has assumed the work programme obligations,
which include seismic work to be performed in the near term and,
pending the results of the seismic testing, further exploration costs.
Included in the acquisition was drilling equipment, acquired for
$Nil, with a market value of approximately $3.8 million. The
acquisition has been deemed an acquisition of assets and the
drilling equipment is therefore included in the accounting records
at its cost of $Nil.

http://www.victoriaoilandgas.com/sites/default/files/160926%20VOG%20Interim%20Results%20to%2030%20June%202016_0.pdf

Does VOG need to disclose the deal if it was with GDC Matanda??

"The terms of this agreement include the assignment by Glencore Cameroon of its 75% participating interest in the Matanda Production Sharing Contract (“PSC”) to VOG, and VOG becoming Matanda’s operator through its 100% owned subsidiary, Gaz Du Cameroun Matanda S.A. (“GDC Matanda”). As consideration for the assignment, VOG or its subsidiaries will assume responsibility for carrying out a Work Programme to be agreed by the Government of Cameroon. The assignment is conditional on this being agreed and other customary approvals from the Government of Cameroon."
http://www.victoriaoilandgas.com/investors/news/vog-interest-matanda-block-cameroon

i hope you are right JR, but I do not agree. it was not a freebie.

SP needed a rest, but the RSI is cutting back quick. golden cross imminent. let's hope good news tomorrow.

"VOG are looking to farm down a portion of Matanda (see recent RNS)"

back knocking on intentions door are we? we have NOT farmed it out (yet). did BLVN find many farm out partners for Bomono? nope, only us. we shall see how many people want to deal with these assets. not like Glencore wanted it. and that reminds me - how much did we pay Glencore? oh, that's right, the majic number is kept secret for a future day.

"2 RNS in a few days saying the same thing."

why?

they have not done that before. desperate to reassure.

i think something is still in Mr Foo's bag.

i agree, compass007. but i see this as a ‘stabalising’ RNS, not a momentum one.

i agree, compass007. but i see this as a ‘stabalising’ RNS, not a momentum one.

they should have kept monthly updates IMO.

can hear the nails jingling.

no mention of finance.

desperate to try and keep the SP up to get a placing away, IMO.

Production Update

Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide an update on the increasing production levels at the Logbaba Project.

Highlights:

· Average production rate MTD for January 2019 of 8.5mmscfd as at 19 January 2019

· 91% increase on Q4 18 daily average production levels

· 9.9mmscfd average production for the 7 days to 19 January 2019

· 12.96mmscfd peak level reached on 18 January 2019 YTD

· ENEO consumption levels at the Logbaba Power station have doubled to 30MW since the resumption of the contract in late December

The Company announced on 24 December 2018 that Gaz du Cameroun ("GDC") had entered into a binding term sheet on the 21 December 2018 with ENEO Cameroon SA ("ENEO") to resume gas supply to the 30MW Logbaba Power Station. Gas supply and power distribution commenced 22 December 2018.

Since the resumption of the contract with ENEO in late December, ENEO consumption levels have doubled from 15MW to the full 30MW at Logbaba as the equipment has been recommissioned. ENEO gas consumption has recently exceeded take or pay levels of 4.88mmscfd.

The term sheet with ENEO sets out 3-year contract duration with peak delivery of 6.1mmscfd to be made available to the Logbaba station on an 80% minimum Take or Pay basis throughout the year, which equates to a minimum average additional gas supply of 4.88mmscfd. This differs from the previous contract, which contained a seasonal minimum take or pay element of 90% during the January to June dry season and 30% during the wet season July to December. The initial gas sale price of $6.75 per MMBtu will increase over the three-year term of the agreement by $0.10/MMBtu on each anniversary of the effective date of the agreement.

Whilst gas supply for grid power to ENEO and to others will always be a key strategy of the Group, the Board, as previously announced, is focussed on the importance on the diversification of the customer base to reduce dependence on any single customer. Our industrial customers are consuming at record levels as reported in our Q4 18 operations update and the business development of these and other routes to market continue to be developed.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=VOG&ArticleCode=iswxrlx0&ArticleHeadline=Production_Update

HH - i think you are also in PMO, so maybe we will do alright overall.

on a positive note (and again, the cyber warriors do not post any research, only make personal attacks - worth bearing that in mind for those bigging up their posts):

China to cancel Cameroon’s debts
https://www.journalducameroun.com/en/china-to-cancel-cameroons-debts/

The Peoples Republic of China will cancel Cameroon’s debts estiated to be worth about 3000 billion Francs CFA, it has been announced.
It is the major outcome of a meeting on Friday January 18 between Yang Jiechi, special representative of the Chinese President Xi Jinping and Paul Biya at the Unity Palace.
The Chinese envoy said the move shows the country’s willingness to cooperate with Cameroon and reinforce economic ties.
The Head of State Paul Biya during the new year wishes from the diplomatic corps said Cameroon will carry on its active cooperation with China aimed at mutual development.
China is Cameroon’s first commercial partner, and highest investor in the country in terms of develoment-oriented projects.
During Paul Biya’s last visit to China from the 22-24 March, for the China-Africa summit, Chinese President Xi Jinping had promised to cancel Cameroon’s debts.

couple of other points:
1. i do follow (as we should all) the general douala and wider Cameroon news. and over the last 4 weeks the humanitarian crisis does not like it is improving.
2. the CEO of certain other shares I hold have stated their preference to have a provincial UK office to save sharheolder money. but VOG pays for for unnecessary London rates. the BOD seem to be thinking of themselves.

hi hereshopin. i don't think mr good's personal comments (which are offensive to those with mental wellness issues) merit response. as I have said, yes it is fair that the Christmas Eve news brought a very welcome boost to morale. however, the impression (hastily formed) was that VOG had turned the corner. if you recall, i did a quick reckie and posted material to support my enthesiasm (unlike others I may add). then, on reflection, like so many times before, i realised that i was filling in the business plan and that the support for the company 'belief' was being applied by me. i was duping myself as a LTH that the company might pull through without dillution. i should say that an important point was the end of Jan payment gurantees (in a form unspecified). THEN, came the matanda news and the Q4 update. We now have the obligation of another well, when Mr Foo - in the August video - claimed that there would be no more drilling. There was a mysterious absence of finance news. Then, as I have stated, the classic fudging of the wording. The LTHs have seen that too many times. What was payment gurantee in Jan became Q1. We do not have the luxury of timeline slippages. Not without dillution I suspect. In conclusion, I am not so uber positive on VOG. I have lost much here and I have the right to be skeptical.