Member Info for maisydaisy

Would think this is LSE rules not VOGs. Possibly extension application still in review stage or just a LSE 'normal timescale'.

Was interested to see drill funding in Cameroon for TowerRes. IF, that word again, VOG have Marula producing/showing a result of some positive sort and that is 'monetisable', funding is out there???? Believe that VOG has debt in place already with BGFI??

-- June 2022 - Tower Resources Cameroon SA executed a term sheet with BGFI Bank Group, the largest bank group in Central Africa, for a medium term loan of CAF 4.42 billion (equivalent to approximately US$7.1 million) as partial financing of the NJOM-3 well on the Thali block in Cameroon. The loan would cover around 40% of the US$18 million well cost, with a further amount in excess of 25% already having been paid for by TRCSA, and the balance of 35% of the cost of the well also to be funded by TRCSA.

Morning Voggers. Be surprised if we are not either delisted or the suspension extended tomorrow (??). Can't see a 'last minute deal' appearing over the weekend. If one had been struck then issue we would have been RNSs by now. More interested in any rhetoric/news with any forthcoming RNS. Have they done anything in Marula etc. imho Logbaba has limited appeal given lack of big power, any of the power projects commencing, Entinde still literally not in the pipeline and a local finance structure that appears to have no cash. Just yhe demand for the power! So, Matanda, Marula and I hope exportable energy seems to be our best hope and quite a large one at that i its 'right'. GLA.

Hope so. Found this from Feb 2022. Hope they've been doing some digging ...
GCD's Logbaba field had been meeting demand using two of its three wells at any one time. It has started to prepare site access roads for its Marula prospect at Matanda.

Be nice.....if:
The Company’s estimate of Prospective Resources remains unchanged from those previously reported, namely 1,196 Bcf in the Matanda Licence (onshore), the onshore being the area of initial focus.

The results of a rigorous prospect evaluation, including significant weighting on ESG elements of the site and operation, led to the selection of the Marula prospect for the first well, the largest of the onshore, Tertiary-aged prospects with internally estimated unrisked Pmean Prospective Resource of 69 Bcf, and better than 40% geological chance of success.

Last 'if'. If you wanted to sell off company assets in the cheap and then profit, better done before a hopefully successful drilling programme. Assuming one has actually been done. Just saying!

Btw, a private company. Is still owned by shareholders and hope that the larger holders will want to see a payoff via a listed holding. Another if.

3CB - been there too, with differing Aimer. However....some very large shareholders in play here, willing to postpone loan payments, a proveable rationale for suspension, and tied in with cam gov. You are if course right that what you suggest could happen . Out of our hands now. But if, and not sure if a small if or a more sizable if, gas is found then the company could be transformed overnight, paying off for all concerned. Surely a bigger goal? No doubt we may be a little clearer in a week or so...or knowing VOG.. not! GLA!

Indeed. Per previous post guess it's what's in the background. Maybe gas found - we don't even know if they've been doing any exploration even and time to get ducks lined up. Or nothing and repaying RSM the final nail. Or anything in between!! Assume some form of update will be made along with the ensuing 'unsuspension', suspension or extension.

Stick some more on our UK figures with T/O etc with £ meltdown.

Per forests's new post - just proves that the infrastructure just isn't there to support power needs - this is the transmission side, and unless large amounts of cash chucked at it - by Gov who I assume don't have or world bank type funding - even then, outside companies such as Aska, will be asking if they can actually make a profit or be paid. Would hope RSM can see this and could be tempted into a JV in Matanda if the gassy stuff is there to sell to the global market!

Upside - find viable gas. Pipe to Logababa to clean or straight to Doula and to FLNG plant. Double digit sp!

Downside - no JV takers/funding, no gas, no funds to repay RSM. Hand over part of Logbaba? Higher % of Logbaba..may be lurch on?? Or turn the lights off!

As an aside I think we are now in the situation of maximum downside - so full write off OR massive upside if any sensible plan can be used to move VOG forward. This in turn imho is only going to be achievable via exploration success and monetisation. Don't think there is any middle ground now!!

I believe so REC1.

Personally not so bothered at this point about being delisted - what narrative IF ANY !! will accompany the RNS? Have VOG drilled? Have they found viable hydrocarbons/gas etc? Can it be monetised by JV/LNG etc? What is RSMs stance in this - want their cash now or willing to be flexible or even involved in Matanda? Will gov support any plans? etc. Basically is VOG viable? Also think that if matters are progressed to any degree that an extension would be granted, but then I am not an AIM 'trustee' or whatever they are called. If delisted how will any future info be relayed and the couple of large shareholders may be able to call the shots - hoping as investment vehicles that listing is a wanted entity???

Would also complicate matters for all the lovely investment funds and Directors that have been granted options!

Looks like an extension can be applied for albeit can't find any concrete rules and also company must still inform market of news etc. Being pragmatic, whether the stock is suspended or not, VOG need cash/gas/Matanda/JV/debt financing/placing etc so would think being a quoted co. is a needed variable be this by extension or readmission to AIM etc.

In such circumstances, you remain a shareholder with all of the rights of a shareholder under company law, but you will be unable to execute or place any trades for the securities of the company in question.

Nevertheless, the suspended company must still comply with all listing rules applicable to it. This means that shareholders should continue to receive announcements on developments that require announcement under these rules, so you shouldn’t be left completely in the dark. In addition, once the circumstances leading to the suspension have been resolved or clarified sufficiently, then a notification to the market is immediately required.

Finally, when it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.

Thanks Potty - PE of 45x looks a tad dear! That said, VOG may soon have none plus a profit would help.! GL

Doula is about 1000 km from lagos. Matanda near to logbaba, processing plant and then the port. Assume could be liquidised and shipped off. All pie in the sky until RoyK gives some morsel if information. No gas or route out of cam is not a good outcome. Gas and international product could see exponential sp rerate. So we have to just wait...not that the share can be traded anyway! I also ponder why capital was raised by investors taking options as we're recent director bonuses. Share valued not cash. Hope they know something we don't.

The suspension was effected due to concerns over VOG meeting the RSM liability. Only way out imho is proving gas etc in Matanda which in itself will not provide any cash meet the liability. So if we assume gas etc at commercial volume has been found with the intended low depth drills, then up to VOG and Mr Kelly to then seek funding via JV/borrowing/giving RSM a chunk or more share of Logbaba and nothing of Matanda etc. So some lengthy dialogues needed just at a funding level. Then chuck in Cam Govs approval...so some likely significant time lags depending on which option works/is viable.imho the lack of energy sales in cam is down to cash to proceed with the posts below - Limbe/bekoko etc and if VOG could start say producing LNG for sale abroad then a lot of cash would go the way of the Cam gov. Selling to local market via ENEO and these 'shelved' energy projects has proved untenable due to ENEO default and no private cash. Dry season is approaching too. A tangled web - s or bust!

And Limbe - 2 years AGO!

The Limbé gas thermal power project comprises of:
Component 1: 350MW gas power plant;
Component 2: Transmission line to evacuate electricity on the Bekoko 225/90kV transformer substation;
Component 3: Construction of an access road to the site;
Component 4: Local subcontracting;
Component 5: Environmental and social management;
Component 6: Capacity building and skills transfer.

With a production capacity of 350MW, the Limbe gas-fired power station is expected to improve the supply of electricity in the Littoral, West, and South-West regions, a statement by the Ministry of Energy noted.