Member Info for happysparrow

This is YF Finance, BmD, a subsidiary of Meridian - they don't look like short term players, easily spooked, or short of funds. These people are out to make serious dosh.
https://www.occrp.org/en/paradisepapers/kazakhstans-secret-billionaires
(Nb: they've done deals with Lukoil before).

Hopefully we will never get to that position, 3CB. Not much debt, cashflow neutral, 3 big events perhaps this year, and excellent new management here. But the closest example will always be SAVE's Accugas business - and clearly the assets did not go for peanuts - and, if it comes to it, nor will VOG's imo.

https://www.businessincameroon.com/finance/1202-11282-cimencam-partners-with-societe-generale-cameroon-to-facilitate-payment-in-its-distribution-network

I put a post just now on the VOG board about 7E liquidation that may be of interest to some (also mentions PANR). Posters here are probably in a better position to comment (perhaps put replies on the VOG board?).

Been busy with PANR today, added to my holding - great result, and I would recommend looking at the advfn board for those who wish to invest.

Back to VOG. Well, glad everyone thinks I'm a nutter :-)
I think what is overlooked here is that VOG have very valuable assets (infrastructure and wells). This is not like an exploration company, whereby when they run out of cash they go bust and the SP is worthless. The closest example here that must always be referred back to is SAVE's Accugas business. When 7E effectively went bust, the shareholders got almost nothing, but I think, if I recall correctly, SAVE paid about $700m for the assets to the bondholders - 7E was worthless as no cash to continue, but the assets are not worthless. I Don't think VOG running out of cash makes the assets worthless; and I don't think VOG have bondholders (?) so the return from the assets, even through a liquidator, would go to the shareholders (please correct me if I am wrong here). If someone wants the assets there will be a lot of competition for them from a larger entity with the cash to continue the VOG business - I can see SAVE being one of the bidders, as there is already some talk of SAVE buying something else, outside of Nigeria and Niger. Lukoil would almost certainly be a bidder. From the top of my head, VOG's assets are worth $100m+ (?); and YF Finance would at least want their 13p back. The value of the assets backing the company give me confidence that VOG will turn out to be a wise investment.

BmD- I think VOG is at about cash flow neutral by this summer? AKSA's concern is not with VOG, but with being paid longterm by ENEO and the Cameroon Govt - that is why Eneo/Govt has to repay Altaaqa/Vog if Aksa is to have the confidence to invest (and so Eneo repayment is likely to occur in the next 6 months imo). However, my initial investment was based on a merger/ takeover (either by New Age / lukoil, or by SEY). YF Finance paid 13p for their large shareholding; so I can't see a merger/takeover below that price. I think this could still happen, perhaps by Lukoil soon after Etinde FID. I think it is likely that the SP will hit 10p at some time this year - that's why I added to my holding the other day. Agree, the govt is not to be trusted. Too, if VOG went bust (cashflow), there would be many interested parties in picking up VOG's assets, not just Aksa - it would not go for peanuts; YF's 13p minimum would be necessary, imo.

I disagree, but not as much as you might think. This company was going bust before Roy took over. My initial investment was based on a takeover - asset-stripping, effectively; I was not here for a recovery play. However, what Roy has done in 9 months is steady the ship - which is quite some achievement, for this was a dog of a company before - by the summer VOG should be cash neutral; too, he has aborted or delayed some scenarios that would have resulted in imminent collapse. However, as you say, this is not enough. If the share price is to progress from the 5 p level, we now need some big events to come in - Eneo, West Med, Aksa (or similar). This is what I'm here for; and from my research (which I post here) I expect at least one of these events to come in, in the next 6 months (and with no serious negatives either). That's the gamble - and only 5% of my funds are on this. If this come in, I can see a share price heading for 15p before year end, 25p even. A good risk/reward in my book.
I am not bothered that Roy doesn't do the PR stuff - the big events will speak for themselves.

Some worthwhile posts on the other board today.

A fairly ordinary article until you get to the last line:
'...To mitigate the multiple power cuts, many households are being seduced by the adoption of solar kit solutions and companies are opening up to the possibility of offering solutions from the company Gaz du Cameroon.'
https://www.energymixreport.com/cameroon-energy-firm-eneo-to-generate-promised-cash-to-carry-out-future-borrowings/

Aligator - I think I was with you in IOG when we got stuffed by the 10p placing. I argued against voting for it, but was a lone voice, so got out as I couldn't ever see it rising above 20p after that. I'm glad we both found TXP in time (my main switch was from SAVE at 16p to TXP 25p last spring). This is very much a diamond in the rough - and, like all, hope we can see £5+ before any predators arrive. This week looks like it will be one to remember on that journey.

Agree, Jed/3CB - it read very much as Foo's last throw of the dice. He had to go.
CNG could always be a small part of the sales mix - but in itself it was never enough to keep the lights on.
However, as we've done the initial planning, and formed a partnership, I think it might be easy for Roy to pick up where Foo left off on CNG. Though clearly Roy has far bigger fish to fry before using much time on this. Nonetheless, the CNG RNS pushed SAVE's sp up by 5-10% - so a similar agreement here would not to be sniffed at.

:) as similar as a slug and snail, Mr B.
10-bagger for VOG is 45p, SAVE £1.80 - who will get to the lettuce first?

I've just put some posts on the LSE VOG board regarding VOG's 2018 CNG partnership that might be of interest to some.

This was also proposed in that Oct 2018 RNS (after which Foo got the order of the boot):
A new business concept: The Energy Well



The term Energy Well is derived from the timeless tradition of villagers drawing from local water wells. VOG has taken this tradition and adapted it for the purposes of energy supply.



Seventy four percent of the Cameroon population has access to the National Grid and 86% of the population lives within 15km of the power network. However, household electrification stands at only 23%. There are approximately 8 million rural Cameroonians who have no access to grid electricity. This situation is replicated in many African nations where less than 10% of the rural population has access to reliable grid electricity.



The average rural household in Cameroon requires about 1kWh of energy per day.



VOG believes CNG is the bridge between renewable energy and traditional hydrocarbons and that its Energy Well system can provide a seamless, clean and reliable energy solution to regions that are currently poorly served.



CNG produced by GDC would be trucked to cell towers, or other locations where electricity is generated, to power the cell tower and create energy to store in large onsite batteries or for distribution to local mini or micro grids. Villagers can collect or have delivered smaller rechargeable batteries to use them in their homes as standalone energy banks or to augment solar or wind power if available, to meet their domestic power consumption needs. Consumers would pay upon receipt for battery rental or CNG bottles via mobile phone Apps.



Underpinning the Energy Well concept is VOG's ability to monitor, manage and immediately monetise energy, be it in the form of compressed natural gas in transit or the electricity stored in batteries throughout the supply chain. GDC has teamed up with leading edge US company Blocksyte Inc on development of the Blockchain elements of Energy Wells. The Company is working with Blocksyte, Altaaqa and others to start limited field tests this year on the key components of the business.

Any potential in developing this concept?

CNG Development



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 allow GDC to reach to reach larger customers beyond the pipeline infrastructure and aims to replace diesel and heavy fuel oils in a variety of applications. In 2017, Naturelgaz produced and sold over 5.2bcf of CNG in Turkey.



GDC and Naturelgaz have completed positive feasibility and marketing studies on the CNG project in Cameroon. CNG, which is a cleaner fuel at a competitive price competes with liquid fuels such as fuel oil, LPG or diesel. Marketing studies by GDC/Naturelgaz have concluded that five types of customers would use CNG in Cameroon; thermal, off-grid power generation, commercial trucking, public transportation, and domestic transportation. The studies indicate the near-term potential of the CNG market, within a 60 km radius of the Logbaba facilities, is 2mmscf/d thermal and 2mmscf/d industrial power. The pricing of CNG will be benchmarked against competing liquid fuels. To date, 20 customers have expressed interest in CNG within a 60 km radius of Douala.



The partnership will provide CNG infrastructure for customers in and around Douala, with the intention of rolling the concept out further in the longer term. GDC will supply natural gas, land space and support services to the CNG production facilities, whilst Naturelgaz will design, build and operate the CNG production, distribution and offloading facilities. Negotiations on the commercial structure of this initiative are ongoing and expected to be concluded during Q4 2018.

However, end of 2018 FOO was out on his ear - and the idea of CNG was quietly dropped?

Will Roy Kelly reinstate such a project soon (given how SAVE are advancing with it in Nigeria)?
Seems to have potential?

RNS SAVE 05/02/21 - https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=31626339&company=savannahpetroleum
....Mulak is a member of the Mansour Group, the leading Egyptian multinational conglomerate with operations in more than 100 countries and annual revenues exceeding US$7.5 billion. The agreement for the supply of gas to Mulak's Compressed Natural Gas ("CNG") Nigerian project represents Savannah's first Gas-to-CNG sales agreement. Mulak initially plans to distribute CNG to its industrial customers in Rivers State with the CNG to be substituted for diesel in generators supplied by the Mantrac Group, also a member of the Mansour Group and one of the world's largest dealers in Caterpillar machinery, power systems and equipment. Mulak is in a unique position to exploit the synergies with Mantrac's business in Nigeria through the conversion of Mantrac's existing customer base of approximately 400MW of diesel-fuelled generators to CNG-fuelled generators. This is expected to provide Mantrac customers with up to a 40% saving in energy costs and a 30% reduction in their carbon footprint.1 Sales under the GSA are expected to commence in 2022 and, following the initial two-year period, Mulak has indicated that it is seeking to expand its CNG sales on a pan-Nigeria basis to Mantrac customers....

It seems our equivalent of Mansour in Cameroon is the Zahid Group https://www.zahid.com/businesses/
with its subsidiary Altaaqa Global Energy http://altaaqaglobal.com/about-us-2/

A gas-to-CNG project was under consideration by VOG six years back:
https://www.businessincameroon.com/energy/0804-4767-cameroon-victoria-oil-and-gas-to-produce-compressed-natural-gas
In 2018 we partnered with Naturelgaz A Turkish Company):
https://www.sharecast.com/news/small-caps-news/victoria-oil-and-gas-partners-with-naturelgaz-in-compressed-natural-gas-project--3366793.html
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/rmy7e8r
In RNS of Oct 2018 we learnt:
CNG Development



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 allow GDC to reach to reach larger customers beyond the pipeline infrastructure and aims to replace diesel and heavy fuel oils in a variety of applications. In 2017, Naturelgaz produced and sold over 5.2bcf of CNG in Turkey.



GDC and Naturelgaz have completed positive feasibility and marketing studies on the CNG project in Cameroon. CNG, which is a cleaner fuel at a competitive price competes with liquid fuels such as fuel oil, LPG or diesel. Marketing studies by GDC/Naturelgaz have concluded that five types of customers would use CNG in Cameroon....

From 2017:
https://www.diageo.com/en/our-business/where-we-operate/africa/guinness-cameroun/

My posts on Friday and today (Sunday) on LSE VOG possibly are of interest?
Aksa power station deal possibly getting closer?

Investor presentation Feb 2021:
https://aksainvestorrelations.com/media/7734/investor-presentation-feb21.pdf
Note: Kongo operations Jan 2021:
On 21 January 2021, Aksa Enerji Üretim A.S.’s 100% subsidiary Aksa
Energy Company Congo has signed a concession agreement with
Republic of Congo about obtaining operating rights of a 50 MW
natural gas power plant in the city of Pointe-Noire
• Existing installed capacity of 50 MW planned to be increased to
100 MW with additional investment
• Natural gas is expected to be supplied from Congo’s local gas
reserves
• Electricity generated is expected to be exported to Democratic
Republic of Congo via existing transmission lines

Cameroon can't be far behind?
https://www.marketscreener.com/quote/stock/AKSA-ENERJI-URETIM-AS-6914251/news/Aksa-Enerji-Uretim-Cameroon-and-Congo-Update-31589251/

.....this step is part of Aksa Enerji's strategy for strengthening of its position on the African market... and established local companies in 2019 to develop projects in Cameroon .
https://seenews.com/news/turkeys-aksa-enerji-to-increase-mali-power-plant-installed-capacity-to-50mw-729594