Member Info for happysparrow

Apologies, Maisy' my previous post was misleading: 'Roy Kelly, John Daniel Directors; Kate Baldwin Head of ESG.' referred to VOG - these are the 3 people that are now named directors in Energy to Africa.
Eneo has been heavily refinanced recently, so, with government backing, could potentialy be a bidder.
But agree, unlikely.

Rayfenn's view on advfn :
SNH have for some time requested VOG split their upsteam and downstream operations. I think this new company could have something to do with that.

Interesting, maisy.
Here's another curveball - VOG's entire pipeline network to be sold to Eneo.
Highly unlikely, imo - for this is where our value is, monopoly supplier to the main industrial city in the CEMAC region, can get much higher price from industrial customers for the gas. It would seem a backward step unless sold for a huge amount (probably cheaper to buy out VOG as a whole).

Perhaps a coincidence, but Eneo-Genco was also being set up in February 2021, same time RK and JD became directors in Energy to africa:
'This operation began in February 2021 with the creation of a legal vehicle in which Eneo holds 100% of the shares and voting rights. This entity, called Eneo-Genco, will be transferred all the assets, rights and obligations relating to the production activities currently operated by Eneo through a partial asset contribution operation....'

Correction: Roy Kelly, John Daniel Directors; Kate Baldwin Head of ESG.

Another remarkable find from Rayfenn on Advfn (Excellent find, Ray. Well done.) :

https://find-and-update.company-information.service.gov.uk/company/12481715/officers
Energy to Africa ltd:
The 3 officers are all VOG directors.
Nature of business: 82110 - Combined office administrative service activities
Incorporated: 25th Feb 2020

It is hard to know the significance of this, if any.
donaferentes on advfn speculates 'Subsidiary set up to own some VOG assets to be floated off?'

Rayfenn writes on Advfn: 'Marlborough Fund Managers Limited have acquired 1,800,000 shares in VOG in the past 2 weeks.'

Hi, N2M, good to hear from you.
Yes, easy terms in that only 4 of the 10 invoices settled, the other 6 written off. (However, as take or pay, no gas was supplied). Vog was in stronger negotiating position than many realise, I suspect. It was Eneo that approached VOG for settlement it seems, after Eneo board meeting 9th March - Eneo desperate to restructure and Eneo/Cameroon need the gas (powercuts, problems with hydro, industries in decline without power, etc.). Vog was also working with Eneo on Aksa deal; so some cooperation already taking place. If VOG wasn't going to get a new contract from Eneo then could have held out for more imo. New business with eneo may be done on letters of credit or some form of guaranteed payment with new eneo subsidiary? New man, Roy Kelly, seems the no nonsense sort. And he knows amicable settlement was best for long term relationship - so I expect there to be a GSA with Eneo sometime soon. But, if not, we do have other options for supply to Eneo indirectly - Aksa, Dibamba, Grenor, Karpowership for example - so was not totally a 'gun to the head' deal imo.
Where sp goes from here? Roy has options at 14p and YF Finance bought about 27% of the company at 13p. So, if no hiccups, I think we will see 12p sometime this summer; and if Matanda farm out + drill goes well, then wouldn't be surprised to see 15-20p year end. But we all like to dream!

Apologies to SAVE shareholders. No more from me on this topic here.
I'm still looking in, and biding my time with SAVE (too, got hammered with both TXP and Panr recently, so funds are pretty tight currently) - I think this will jump when Niger activity resumes, and would like to be in just before then.
Good luck.

https://www.investiraucameroun.com/energie/0305-16323-alucam-doit-encore-une-vingtaine-de-milliards-de-fcfa-a-eneo-malgre-la-reprise-par-l-etat-d-une-dette-de-34-milliards

(Business in Cameroon) - According to the general management of Eneo, by signing on April 16, 2021 the document confirming the takeover by the Public Treasury of the debt of the Cameroonian Aluminum Company (Alucam) vis-à-vis the distributor exclusive of electricity in Cameroon, the Minister of Finance, Louis Paul Motazé, only committed the State on an envelope of CFAF 34 billion, representing the debt of the aluminum producer as of December 31, 2019, while the total debt would now exceed 50 billion FCFA . “? Through this debt recovery, the State has somewhat cleaned up Alucam's balance sheet. This is a very positive sign ?, ”we rejoice at Eneo.
The problem is that since December 31, 2019, the Cameroonian Aluminum Company (Alucam) no longer officially has an electricity supply contract with Eneo, the concessionaire of the public electricity service in the country. And for good reason, the last contract concluded in 2009 expired on December 31, 2019, we learn from sources familiar with the matter. As a result, since January 2020, Eneo has been supplying electric power to the aluminum juggernaut in Cameroon "on a flat-rate basis of around 130 MW per month", we learn from good sources.
This lack of a formal contract (the government has failed for months to propose a unit price for the supply of electricity to Alucam, editor's note) had the direct consequence of not allowing the State to take over all of Alucam's debt to Eneo, with a view to future clearance.
Moreover, despite the absence of a formal contract between the two companies since the end of 2019, Eneo continued to supply energy to the aluminum producer throughout 2020, without this industrial often rushes to pay their electricity bills. “? Alucam is clearly experiencing serious difficulties. Because the bills have not been paid since mid-2020, with rare exceptions, ?”revealed Éric Mansuy, CEO of Eneo, in a recent interview with Business in Cameroon .
Simple translation, since June 2020, Alucam has hardly paid its electricity bills to Eneo, which corresponds to a period of 10 months. The actual volume of Alucam delinquencies since mid-2020 is not disclosed. But, according to sources familiar with the matter, the average monthly consumption of this aluminum producer is around 2 billion FCFA. Compared to ten months of unpaid bills, this represents around 20 billion FCFA. And the envelope continues to grow over the months, anything that contributes to disrupt the financial balance of the electricity sector in the country.

This is admittedly a plug for VOG, and apologies to those who are not interested, but as part of our shared destiny is linked to Etinde / AKSA, I thought this opportunity might interest you. The country's electricity supplier Eneo is setting up a new subsidiary for generation in June. [This is highly relevant to BLVN imo - see my posts on LSE VOG]. In March Eneo also paid the debt owed to VOG on very easy terms. My guess is that VOG will gain a gas supply agreement from Eneo's new subsidiary soon. {Too, Eneo was heavily refinanced at the turn of the year, are settling their debts, and plan to entirely turn around this sector. They will pay off Dibamba power company in 2 years, but Dibamba sold this debt on so they have the cash to get up and running now, as the opportunity is now). More prosaically, we might expect money from the prospective West Med sale by the end of May, and perhaps something from Kemerkol. A drilling programme and farm-out are expected for H2 2021. Gas sales are growing organically and should see 7 MMscf/d by Sept. There is possibly a deal with Bowleven and Aksa power station H1 2022. We have cash (with recent loan added), and debt is reducing. Downsides could be RSM litigation, and possible tax owed. Share price has risen from 2p to 6p in the last 6 months. Worth a look?

This is admittedly a plug for VOG, and apologies to those who are not interested, but as the business is similar to Accugas, I thought this opportunity might interest you. The country's electricity supplier Eneo is setting up a new subsidiary for generation in June. In March Eneo also paid the debt owed to VOG on very easy terms. My guess is that VOG will gain a gas supply agreement from Eneo's new subsidiary soon. {Too, Eneo was heavily refinanced at the turn of the year, are settling their debts, and plan to entirely turn around this sector. They will pay off Dibamba power company in 2 years, but Dibamba sold this debt on so they have the cash to get up and running now, as the opportunity is now). More prosaically, we might expect money from the prospective West Med sale by the end of May, and perhaps something from Kemerkol. A drilling programme and farm-out are expected for H2 2021. Gas sales are growing organically and should see 7 MMscf/d by Sept. There is possibly a deal with Bowleven and Aksa power station H1 2022. We have cash (with recent loan added), and debt is reducing. Downsides could be RSM litigation, and possible tax owed. Share price has risen from 2p to 6p in the last 6 months. Worth a look?

I listened to the conference call and will probably add more after speaking to the management again, today has been full of calls. However it does seem to make a lot of sense even if the tax bloke lost me at hello. The significant add to both production by a half, and 2P reserves by a third, ups the cashflow and whilst it is a new jurisdiction Jadestone clearly like Malaysia.

Knowing that the company look at almost everything for sale in the region makes me happy that they have snapped up this little gem with some alacrity and for good reasons and whilst I am quite surprised that the shares have been such a poor performer of late, this has rightly kickstarted the process and 80p should be the very minimum short term target with twice the low of 45p the next stop. After that I expect good results, further acquisitions and delivery of targets to take the shares well above 100p, this is a class act with top management and a fine portfolio and I’m sure it won’t let the grass grow under its feet.

http://afexglobal.com/operations/cameroon

https://www.scrmaya.com/en/company/

https://www.investiraucameroun.com/agriculture/3004-16317-en-depit-du-covid-19-la-societe-camerounaise-de-palmeraies-affiche-un-benefice-net-de-11-5-milliards-de-fcfa-en-2020
(Business in Cameroon) - Société camerounaise de palmeraies (Socapalm), a company listed on the Central African Securities Exchange (BVMAC), based in Douala, closed the year 2020 with a net profit of 11.5 billion FCFA. This figure shows a decrease of more than 700 million FCFA year-on-year (12.2 billion FCFA in 2019), reveal the company's financial statements.

This performance comes in a context marked by the Covid-19 pandemic, which, however, has not had an impact on the demand for palm oil in the country, we learn from operators in the sector. This is because, officially, Cameroon has an annual structural deficit of 130,000 tonnes of palm oil.

“? The structural deficit of 130,000 tonnes that we often talk about is a nominal deficit, which is different from the actual deficit. This nominal deficit is calculated on the basis of 50% of the capacities of processing companies. On the basis of the real capacities of the processors, the deficit is indeed much greater? ”, explains Emmanuel Koulou Ada, chairman of the regulatory committee for the oilseed sector.

As a result of this deficit, each year all of the production of Socapalm, the market leader, is generally taken up by households and local refiners. These manufacturers, although having barely operated at 50% of their capacity in 2020, due to the health crisis, are also very often forced to resort to imports, in order to be able to meet their crude palm oil needs. For the year 2020, for example, the Oilseeds Regulatory Committee had validated imports of 90,000 tonnes.

Due to this structural reality, which led to the good performance achieved in 2020, Socapalm should distribute to its shareholders, no later than September 30, 2021, an overall dividend of FCFA 17.5 billion for the financial year ended. as of December 31, 2020. At the rate of 3 825 FCFA per share, before withholding tax on income from movable capital (IRCM), we officially learn.

https://www.rns-pdf.londonstockexchange.com/rns/3009G_1-2020-11-24.pdf
Background on Matanda
The Matanda Block is situated in the northern part of the Douala Basin, in the transitional zone between the Wouri estuary and the neighbouring onshore area to the south-west of the city of Douala. The block borders GDC's Logbaba concession at the southern boundary. Approximately 30% of the block is in shallow water, whilst the remainder is onshore.



The North Matanda Field was originally discovered by Gulf Oil Corporation in 1980, and to date three wells drilled in the shallow water of the Wourri Estuary on the block tested gas and condensate from the Logbaba Formation of the North Matanda Field. One onshore well, Missellelle-1, also encountered gas reservoirs in the Logbaba Formation. During 2008 to 2010, Glencore and AFEX acquired 200 square kilometres of 3D seismic survey over the North Matanda Field and 150 kilometres of 2D seismic survey over the northern, onshore portion of the block. In May 2013, Glencore spudded well NM-3x, an appraisal well into the North Matanda Field to further define and delineate the Cretaceous reservoirs.
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/w3ge4dx

https://www.victoriaoilandgas.com/our-projects/cameroon-operations/

Management has been conducting sub-surface analysis of the various prospects, onshore Matanda and a ranking exercise has lifted, two prospects, Marula (Pmean Unrisked Prospective Resource of 69 Bcf) and Theobroma (Pmean Unrisked Prospective Resource of 25 Bcf), to the top of the list, though the Company is carefully considering all the surface issues including impact on nearby residents (if any), footprint of the site, access from major roads, and so on. The quoted prospective resources for these prospects are Company estimates, which form part of the previously disclosed estimate for Matanda Onshore of 1,196 bcf.

The Marula Tree (Sclerocarya birrea) is one of the largest African indigenous plants. Belonging to the Anacardiaceae family as the mango, pistachio and cashew nut, it has always been part of the life of the inhabitants of the southern regions of the african continent.
https://www.aurumafrica.eu/en/marula-oil-rare-pure-natural/marula-tree/

Theobroma cacao, the most well known species of the genus, is used for making chocolate. Theobroma cacao also cacao tree and cocoa tree, is a small (4-8 m (13-26 ft) tall) evergreen tree in the family Malvaceae,[2] native to the deep tropical regions of Central and South America.
http://theobroma.co.uk/

I think the local people will much appreciate having the wells named after these trees, and perhaps they help give international publicity to the products from them. This is a good PR move by VOG, part of gettlng and keeping the locals onside, and I think this is probably down to Kate Baldwin's actions. Well done VOG.

Agreed, 3CB. I don't think any shareholder here who has lost serious money under Foo's directorship can enjoy seeing Foo benefit from this company in any way. However, looking to the future rather than the past, settlement by Roy was a good move, which saw an instant 2p - 8p share rise, and allowed Vog's current management to get on with running the business rather than being bogged down in legacy issues.

Regards Larry's post on advfn, '... If the info at the time was correct and as widely reported on here the supplier of Safety PPE and the website designer employed by VOG were some sort of relatives of Foo. I don’t believe anyone has got to the bottom yet of who benefitted from the exorbitant drilling contract.....' and something I think I mentioned before, if the RSM litigation goes against us, then I would expect there has been some clawback arranged from payments to Foo under the CHL settlement. Too, there may then follow some wider investigation into Foo's dealings?

Yes, excellent.
As a quick response, with a very undervalued sp at 60p - if you increase the size of the business by about 35%, you might then expect to see a respectively undervalued sp of 80p. Until then, Jadestone is even more undervalued than it was yesterday.