Member Info for bigsmoke

anyway, taking on some water towards the close.

no likey.

come on. be nice. share. you'll live longer.

we have gas resources, a pipeline and good credible customers.
perhaps Foo retires, SP spikes, a debt to equity swap with lender at 90p/p/s and no dreams of grandeur

doff's his cap at foo's DIKtatorship.

this really could have been something but for Foo's conflict of interest and the weakest directors and auditors I have ever come across.

feels like when the pipe failed to go under the Wouri. tough times then also.

if there is excess cash, would a share buy back not be preferred to div? At these levels lowering the number of shares will probably have a better effect than distributing ad hoc profit.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BZT&ArticleCode=1t9d3qd7&ArticleHeadline=Block_Model_AnalysisMankayan_Project_Philippines

this week.
come on PDL.

thanks SOG, but can you explain the relevance of the 2007 article?

How could there be a takeover when foo has interest in production. There is a CONFLICT OF INTEREST. This has ruined LTH investment. It is a bias for the future.

a couple more customers and the company could be breakeven, subject to fair debt repayment terms.
this would mean a tiny company with good pipeline, good gas resources and a potential asset to flog in Russia. While restarting ENEO or new IPPs would be a boon and help any necessary long term growth, I simply do not trust the management at all now. Confidence is shot. Sad to say, but a very large proportion of the sells on Friday was me taking massive losses and reducing my holding 50% after 10 years of pain. I do not trust Foo or Dik or the auditors at all anymore. I think they all need to go.

why are you not screaming to VOG about JS, 3card?
what was all that about?

It’s really sad that this share always has to fallback on takeover rumours. The issue is that the BOD have utterly let us down again. They are scum.

I thought I got the last crystal ball....

Lol, sure you did. Put your repugnant style to one style, you may have well said, ‘guys, I got suckered into buying OPHR and need you all to prop up my insecurity. Such insecurity made worse my the cheap level of AMER.

the 10% drop was a leak on preview of RNS

The Company is actively developing "non-grid" energy solutions and on 26 June 2018 the Company announced an agreement to partner with Naturelgaz Sanayi ve Ticaret A.S. ("Naturelgaz") on CNG projects. Naturelgaz is Europe's largest CNG supplier and distributor and brings valuable expertise within this field to support GDC. The project will afford GDC the opportunity to reach larger customers beyond the pipeline infrastructure and aims to replace relatively expensive diesel and heavy fuel oils in a variety of applications. As part of a customer diversification strategy, active discussions are underway with several such potential customers. GDC and Naturelgaz have completed a feasibility study and a third party has completed a market review in Cameroon with pleasing results.

Overview

Having completed close to three years of continuous gas supply to the two ENEO Cameroon S.A ("ENEO") owned power stations, Logbaba and Bassa, it was a setback when ENEO elected not to renew the gas sales agreement at the start of the year when the agreement extension expired on 31 December 2017. The Government of Cameroon, ENEO, Altaaqa Global ("Altaaqa"), the gas genset providers, and GDC continue to seek a resolution.

The non-renewal of the ENEO gas sales agreement, especially during the peak dry season has had a significant impact on the revenues and results of the Company during the reporting period. The shortfalls in power supply in Cameroon continue, with hydroelectric schemes not meeting the current demand. I believe the current difficulties are a temporary headache and anticipate returning to a more structured and investor-friendly development landscape in the near term.

Due to the current power shortages in Douala, several existing and new customers have expressed interest in the industrial power generation solutions which GDC is offering. We currently have three industrial power generating customers and expect to have several more signed up by year end ready for consumption of gas for power generation. GDC is expediting its support to manufacturers and producers in Douala 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 would increase gas consumption with minimal capital costs for GDC.

The power shortages in Douala highlight the long-term need and viability of grid power systems in Cameroon, and Africa in general. This is a fundamental issue that requires a sustainable solution. My own view is that grid power in Africa has a place but is not the ultimate answer. I believe that alternative local solutions are key to solving this problem and the use of Compressed Natural Gas ("CNG") as a virtual pipeline to local renewable power schemes, be they solar, wind or mini-hydro, supported by modern battery technology, deserves serious attention. We shall inform shareholders of developments in this area when appropriate.

The Company is actively developing "non-grid" energy solutions and on 26 June 2018 the Company announced an agreement to partner with Naturelgaz Sanayi ve Ticaret A.S. ("Naturelgaz") on CNG projects. Naturelgaz is Europe's largest CNG supplier and distributor and brings valuable expertise within this field to support GDC. The project will afford GDC the opportunity to reach larger customers beyond the pipeline infrastructure and aims to replace relatively expensive diesel and heavy fuel oils in a variety of applications. As part of a customer diversification strategy, active discussions are underway with several such potential customers. GDC and Naturelgaz have completed a feasibility study and a third party has completed a ma

Operational Highlights

· Average daily Logbaba field gross production rate fell to 3.40mmscf/d (six months to 30 June 2017: 14.6mmscf/d). 650mmscf of gross gas sold from Logbaba (six months to 30 June 2017: 2,345mmscf), reflecting the non-renewal of the grid power gas sales agreement

· Gaz du Cameroun S.A. ("GDC") added three new thermal and industrial power generation customers to the pipeline network in the six months to 30 June 2018

· CNG agreement to partner with Naturelgaz Sanayi ve Ticaret A.S. announced on 26 June 2018 provides GDC with opportunities to reach customers beyond the current pipeline infrastructure

· GDC remains confident that a resolution with ENEO Cameroon SA ("ENEO") with regards to the grid power supply issue will be agreed in the near term

Logbaba Subsurface Highlights

· Subsurface reinterpretation complete and new subsurface model developed integrating re-processed seismic and new well data with historic field mapping

· Proved reserves (1P) defined by connected volumes to all the wells drilled into Logbaba increased 73% to 69bcf (internal estimates)

· Field remaining 2P reserves revised to 309bcf, an increase of 106bcf (52%) (internal estimates)

· Reserves / production ratio (2P) increased to 10yrs at 90mmscfd which supports growth in the Douala market and is expected to underpin new long-term gas contracts

Financial Highlights

· $5.0 million Revenue (six months to 30 June 2017: $15.4 million)

· $0.03 million EBITDA (six months to 30 June 2017: $4.4 million)

· $18.6 million Net Debt position (at 31 December 2017: $13.1 million)

· BGFI Bank debt successfully restructured with 12 months interest only payments