Member Info for happysparrow

Current market cap: £12.85m @ 5p (257m shares in issue)

Eneo debt (when last stated) about $9m @ 1.39 = £6.5m = 2.5p to our share price (50% increase)

However, more importantly, the dispute is being settled amicably. Eneo needs the gas badly, and so we should restart our business relationship and increase our consumption by about an average of 6 mmscf/d (double current production). I expect Roy will negotiate a better unit price than Foo, too. We are just about cashflow positive already; so we will now be able to pay down debt, and find it easier to raise funds at good rates when needed, or get more institutional support. VOG looking much more solid now under Roy's leadership.

Given today's progress, I'd expect Eneo agreement to be settled before the end of this month?

At a guess, 9 - 11p share price on Eneo settlement - or too conservative, considering the response we got with the recent CHL settlement (about 2p to 8p rise if I recall correctly,) and with the possible resolving of West Med sale and Kemerkol dispute before the end of May?

Forest: I now see your point. This has been altered by Business in Cameroon (or google translate?). I also note some of the articles are missing from the BinC website eg. Alucam, and Nachitagl Dam.

The government had to act.
The Hydropower policy was in disarray in the south given the problems at the Nachtigal dam.

https://www.energymixreport.com/strike-movement-disrupts-construction-of-420mw-nachtigal-dam-in-cameroon/

Too: note the arrival of the British minister in Feb/March. Both Eneo and Globeleq (?) are part-owned by Actis (the spin-off from UK's DFID).

THanks, Forest. Worth emphasising that this is Eric Mansuy being quoted.

https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/x2j02nw

Imo, the loan note was not so much that we currently needed cash for working capital; rather, it seems, Hadron Capital wanted to buy more shares but were unable to do so in the market without pushing the price well above 6p. This deal works well for both parties.

https://eneocameroon.cm/index.php/en/actualite-communiques-en/communiques-communiques-de-presse-en/3074-press-release-of-the-wednesday-9-march-2021-board-of-directors

'Finally, various recommendations of the Board Committees were endorsed, including a specific approval given to the General Manager for the amicable settlement of certain disputes.'

It appears Eneo has approached VOG to settle the matter out of court. This has been in the public arena since the 9th March, or at least from the 24th March.

Note the following:
' -The raising of FCFA 100 billion from local banks to finance investments in the sector in the generation, distribution and commercial segments. This amount represents one fifth of the CFAF 521 billion that Eneo needs for these segments alone over the next ten years;
- The legal creation of the subsidiary that will manage Eneo's generation activities, once the process of transferring the generation activities to the subsidiary has been completed.'

https://www.investiraucameroun.com/energie/1604-16253-delestages-dettes-vetuste-du-reseau-de-transport-les-revelations-du-dg-d-eneo

On Alucam debt he says: 'IC: At the start of 2020, Alucam and Eneo signed a contract for the validation of receivables and debts on December 31, 2019. Where are Alucam and the State of Cameroon at with the debt clearance agreed to on that date?

EM : The process of taking over Alucam's debt by the State is well under way. Nevertheless, Alucam is clearly experiencing serious difficulties, as the invoices have not been paid since mid 2020, with rare exceptions. This always leads to an increase in its debt and impacts Eneo's ability to pay other operators in the sector.'

on Gaz du Cameroun he says: ' IC: Where are you with Gaz du Cameroun, another fuel supplier who recently claimed unpaid bills from you?

EM : The dispute is appeased and in the process of amicable settlement.

More on the Alucam story here:
https://www.investiraucameroun.com/energie/1504-16242-alucam-le-mastodonte-de-l-aluminium-au-cameroun-ne-paye-plus-ses-factures-d-electricite-depuis-mi-2020

For emphasis : 'In addition to giving life to Eneo, the effective payment of this debt will make it possible to consolidate the financial balance of the electricity sector in Cameroon.'

The same source reveals that this downward trend has been observed for 10 years.

Moreover, this drop in production enabled this state-owned company to substantially reduce its electricity consumption, from 200 MW to only 130 MW each month. All of which has, at the same time, made it possible to avoid further increasing Alucam's unpaid bills vis-à-vis Eneo.

Brice R. Mbodiam

https://www.investiraucameroun.com/finance/1904-16255-l-etat-du-cameroun-reprend-la-dette-d-alucam-vis-a-vis-d-eneo-d-un-montant-de-plus-de-50-milliards-de-fcfa

[Note: 1 XAF = 0.0018 $ ]

(Business in Cameroon) - The Cameroonian Minister of Finance, Louis Paul Motazé, signed at the end of last week the document confirming the takeover by the Public Treasury, of the debt of the aluminum producer Alucam (Cameroonian Aluminum Company) , vis-à-vis Eneo, the concessionaire of the public electricity service in the country, reveals a source familiar with the matter. This decision follows the signing between the two companies, at the beginning of 2020, of a contract to validate a debt of 40 billion FCFA as of December 31, 2019, claimed by the electricity company from the public company. Alucam.

But, we learn, the signed document concerns not only this envelope of 40 billion FCFA, but also the bad debts accumulated by Alucam since mid-2020, that is to say approximately 9 months. “? 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 .

Alucam's debt volume since mid-2020 is not disclosed. But, sources familiar with the matter, the average monthly consumption of this aluminum producer is around 2 billion FCFA. Referred to only six months of unpaid corresponding to 2 th half 2020 this represents about 12 billion CFA francs. This brings to more than 50 billion FCFA the envelope that the State of Cameroon will have to pay to Eneo, under the cumulative debt of Alucam.

Worries

In addition to giving life to Eneo, the effective payment of this debt will make it possible to consolidate the financial balance of the electricity sector in Cameroon. But, at the same time, this takeover of Alucam's debt by the State reinforces the concerns of donors and other rating agencies, who maintain that the indebtedness of public enterprises in Cameroon is increasingly weakening the economy. country's budget balance.

As a reminder, the aluminum juggernaut in Cameroon has been plagued by financial difficulties since December 2014, following the announcement of the departure of Rio Tinto, its former strategic partner. In fact, thanks to the reorientation of its economic model, this partner had to retrocede to the State of Cameroon, in 2015, the 46.7% of the capital it held in Alucam. Having become the sole shareholder of this company since that date, the State of Cameroon is struggling to entice a new investor for Alucam, whose performance is increasingly declining.

According to statistics from Banks of Central African States (Beac), the issuing institute of the six CEMAC countries (Cameroon, Congo, Gabon, Chad, RCA and Equatorial Guinea), since 2017, exports of Alucam fell almost in half, from over 80,000 tonnes in 2017 to just 49,000 tonnes in 2020. The same source reveals that this downward trend

The dead parrot speaks to me: " Results 7am Monday".

'screening a pipeline of opportunities resulting from the accelerating Energy Transition'
This suggests to me unloved oil as a major gets out. Although it could mean being part of that transition i.e gas.
You pays your money...

Etinde buyout?
https://www.sterlingenergyuk.com/about-strategy

yes. - unmistakeable.

Apologies - the link goes to Poole, Uk.
If you copy the full link, then paste it in search you will get poole valley road, Trinidad

https://www.google.co.uk/maps/place/Poole+Valley+Road,+Trinidad+and+Tobago/@10.2830362,-61.1817491,565m/data=!3m1!1e3!4m5!3m4!1s0x8c4a732ee357aab7:0xd69ccab274530f1a!8m2!3d10.2810549!4d-61.1921883

Is this what they are looking at?
https://www.google.co.uk/maps/place/Poole+Valley+Road,+Trinidad+and+Tobago/@10.2830362,-61.1817491,565m/data=!3m1!1e3!4m5!3m4!1s0x8c4a732ee357aab7:0xd69ccab274530f1a!8m2!3d10.2810549!4d-61.1921883

https://www.youtube.com/watch?v=OIIvGl4khiI

Care to debate it with these people then, Chuck?
https://gbdeclaration.org/

Chuck - so you would conduct medical experiments on, and imprison, people who have a different opinion and view of the world? Seems a long way from democracy.
Let's stick to VOG.