Member Info for happysparrow

https://investmentmonitor.ai/extraction/the-state-of-play-fdi-in-cameroon

https://investmentmonitor.ai/extraction/the-state-of-play-fdi-in-cameroon

https://www.myengineers.com.ng/2020/03/16/strengthening-the-nigerian-local-content-act-by-hassan-abubakar/

Have who paid?
I think Government provided some funds earlier in year, and another tranche this October (you'll need to check this out, I could be wrong). Bank funding I think was due on 5th October. I don't know whether it went through. Eneo issues quarterly reports, so the next one should have details, I hope.

Malbrun- Yes, but there has been massive re-financing of Eneo in October ($236m if I recall) with various 5 and 10 year plans. Some is coming directly from the government; some from banks.
Check through my posts in September for more on this.

mrc - good post from forest pretty much explains it - the DIK interview quickly answers your questions.
Also look at all the VOG RNS's.

Then there is the Etinde project and Limbe-Bekoko pipeline. This is separate to the aksa power station; but somewhat dependent on it (though export solution, or Limbe/ferrostaal builds, provide alternatives).
Go to the Bowleven.co site and check out the recent Conference call, and both VOG and BLVN RNS's.
Also check out the Aksa.Energii website.

If Aksa gets built, then both projects will come in at the same time imo.

Altaaqa - the other party suing Eneo.
RF68 mentioned that last week they had removed the Gensets from Logbaba power station.
Is this because negotiations have broken down entirely with Eneo, and thus the legal battle for compensation is now the only game in town?
Or is this a move to pressure Eneo to settle (and to sign a new contract)?
Or, is this a prelude to getting Eneo to switch from the rental model to a new BOOT model?
And could such a BOOT model be used for Limbe power station?
http://altaaqaglobal.com/insights-on-the-suitability-and-effectiveness-of-boot-solutions-in-latin-america/
https://www.zahid.com/businesses/energy-utilities/

Thanks, M2M. Yes, will post more if get more involved - and will try and ask the difficult questions, when needed. I too learn from replies to such questions, both factually and on sentiment. This is one of the best informed boards by far (My God, you should try having to put up with all the trolls on the VOG board each day to know how lucky you are here!); but well-argued criticism helps. [It was Mount Teide's post here that made me dig deeper to uncover the article on 'unpaid bills' back in February; I also followed his advice on TXP and JSE - so I owe a lot to his critical thinking and pointing out the negative as well as positive].
GLA - looking forward to the 'new customer' news soon.

https://www.vanguardngr.com/2020/11/fg-to-sell-geregu-omotosho-calabar-power-plants-for-n434bn-next-year/amp/?__twitter_impression=true

N2M - thought I'd explain more here, rather than the BLVN board:
a) 'According to the breakdown, Geregu Power Plant would be sold for N140.7 billion, Omotosho Power Plant N151.4 billion and Calabar Power Plant N143.4 billion.
The government explained in the document that the proceed from the three power plants will be paid into Niger Delta Power Holding Company (NDPHC)'. This all money that NDHPC can then plough into financing the GenCos that pay for the power. This is the main area of weakness in the supply chain.
b) Any company that invests in buying a power station will have run the economics thoroughly to make sure they get paid - in practical terms, as good as a World Bank Guarantee imo. Perhaps they will get guarantees too, as a basis for investing.
c) The privatised power stations are likely to be foreign-owned, with good credit ratings, a global business not solely reliant on a Nigerian economy - thus creditworthy.
d) Power supply price by SAVE will be renegotiated for Calabar supply. Should be a win-win for both sides, though a tough negotiation. Expect privatised Calabar to be run more efficiently. Expanding opportunity for additional supply from SAVE.
e) SAVE will now be negotiating with an independent supplier, not the government. This means that relations with the government are less at risk of souring ( or manipulation) if SAVE is doing business through a third party - and 'Trade Receivables' should be come a thing of the past.

This is why I think Calabar privatisation is very good news for SAVE (although expect it will take at least 12 months from here to go through - Nigerian time, like PIB). Of course, equally I could be entirely wrong.
Good luck.

Hi, N2M; and thanks for the compliment. Paths keep crossing, so must be of like minds on most these oilers. I think you'll be OK with BLVN here, but just a question of when, and what's left for shareholders after development (there will be a placing at some stage). May pick up some shares here in the Spring. On the watchlist for now.
Meanwhile for me VOG is more of a risk/reward play that I think will play out in the next 3 to 6 months.
You'll be pleased to know I took a small punt in SAVE a few days ago, on news of new customer before xmas; but there still waiting on more clarity as to 'Trade Receivables' before I'm putting in much - so again a matter of timing - perhaps 6 months from now? Interesting article though about Calabar maybe getting sold off - that would certainly help imo.
PPC I think will be in a trading range for some time; TRIN too, unless they buy out TXP's non-Ortoire production.
On the Z's - Zoltav looks very interesting, but I think I've missed the boat on that one. Agreed, Zenith and Zephyr are 'bargepoles'.
My main holdings are TXP and JSE; and I don't think you can go wrong on either (even at these prices - check out the ADVFN boards on these two) - though I use to say that about SAVP where I was 70% invested!
VOG remains a punt, but after the good news still kept the bulk of my holding there (next news Matanda licence renewal before Dec 17th) - the CEO seems top drawer.
Also a few in GBP (licence renewal Dec 3rd - important day for them).
Hope you have some luck soon, N2M.
Fingers crossed.

Note: Full article posted by Prosolenes on the ADVFN board.

Thanks to Croasdalefc on the ADVFN board:
https://oglinks.news/chevron/news/40b-oil-and-gas-deal-bonanza-in-the-wings-woodmac

Apologies, soulac your post got lost amongst the noise.

Here's a comparison from Serinus Energy:
'MOFTINU – 1004 WELL FLOWS 6.0 MMSCF/D ON TEST
02/11/2020
Jersey, Channel Islands, 11 February 2020 — Serinus Energy plc (“Serinus”, “SEN” or the “Company”) (AIM:SENX, WSE:SEN), is pleased to announce the flow-test results of the Moftinu – 1004 well. The well flowed 6.0 million standard cubic feet per day (“MMscf/d”) (approximately 1,000 boe/d) on test. As previously announced, the Moftinu – 1004 well was drilled to 1,000 metres. Read more…'

Here was our RNS:
The well was opened up on a 16/64" choke and was beaned up to 32/64", and as of 5 p.m. GMT yesterday was flowing approximately 19 MMscf/d with a Flowing Well Head Pressure (FWHP) of 3,580 psig. The full potential of the well is highly likely to exceed the capacity of the plant, which is 20 MMscf/d...
The theoretical AOF (Absolute Open Flow) potential of La-108 is estimated to be 50 MMscf/d (though this is to be confirmed following analysis of all the test data)....

Thus on a pro-rata basis:
19 MMscf/d = 3166 boe/d
50 MMscf/d = 8333 boe/d

So yes, using the converter 8900 boepd seems about right.

That was the interesting discussion in the Conference Call, Hamz. Export or domestic? - BLVN do have options. I get the impression that they favour domestic; but that is dependent on the go ahead for power stations (and the Limbe fertiliser plant would also be useful). I think this largely explains the delay on FID to now 'sometime' 2021'.

Thanks.
Not really the best of news, then.

Is the Bassa power station still operational, RF68?
Will this provide us an alternative for ENEO supply?

Some back information:
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/rm2y1nw
https://polaris.brighterir.com/public/victoria_oil_gas_plc/news/rns/story/x2254nx
https://www.esi-africa.com/industry-sectors/energy-efficiency/natural-gas-cameroo

Then I suppose we'll have to wait for the larger cash settlement?

Garonne, Hi - yes, aclass act indeed. Note that he is ex-Kerogen and that Kerogen are the principal shareholders of New Age (the Etinde Project). Thus he is well connected for getting something happening there (and I thought it could lead to a takeover/merger by/with New Age).

This was the only interview I have found him on (from Malcy's Blog):
"Finally, last week I was a guest speaker on an oil webinar hosted by IG and was joined by new Victoria Oil & Gas CEO Roy Kelly as well as expert oil and trading analysts from the home team. The link is below and is very long but I come on at 6m30s and Roy at 28m30s if you are interested!"

IGTV interview: Oil – Has The Market Changed Forever?
https://www.malcysblog.com/2020/05/igtv-interview-oil-has-the-market-changed-forever/

I expect Malcy will do a CORE TV interview with him at some stage.

CT - that was the past under Foo/Dik.
New management now - a completely different kettle of fish. Hence why the share price jumped.