Member Info for maisydaisy

Could well see WM on Antiques Roadshow at some point.

Mixed bag as usual, no surprises and no Xmas presents either. Assume ENEO cash in June not accounted for here. All the rest just the slow (snail) grinding of wheels somewhere. Sure more savvy PIs can pick over the bones here, but VOG gradually adding core direct users and trying not to spend money. Hoping the latter will tail off bar one offs.

Its the VOG way. We are basically limping along - hence mcap of £14m. Chuck in one the 'biggie' such as ENEO reconnect, West Md, ASKA, Kem, Dangote blah blah we are not limping along. The mcap has priced in where we are, so this was about accounts not a trading update. So, as aid I conclude....zzzzzzzzzzzzz!!

Not a lot to digest there. Sales a bit up, cash a bit down. Nothing as regards any trading up date with the multiple variables in the mix. zzzzzzzzzzz

Morning.Nice to see a bit more usage, but I am also pleased to see the equivalent I assume of gensets via Clarke Energy being used for the first time. Hope other existing and new customers can see the benefits and add to the mix.

Note that not just for reliabiIity but for cost savings - like to think therefore that GDC gas power is lower cost that HFO. Not surprised given POO.

Cant quite get my head round why if GDC is cheaper and assume that ENEO is still supplying grid using HFO that if GDC are a low costed option, why we aren't hooked back up. Have the HFO suppliers being paid by ENEO/ ENEO I assume were not being paid by who - end users? Cam Gov?If so, where's the money! All the chat about clean energy grants etc, where has this all gone wrong for ENEO . The flour mill has obv. decide to skip/bypass grid and ENEO in favour of GDC.

A simple explanation of who has not paid would be good!! Hope tis billing mess will be reconciled and we can turn the taps back on!

Wouldn't disagree. Let's hope Roy can steer the ship safely!!

See a few posts beginning to suggest Dangote take over/sale of GDC ?? Never made sense buying our gas when they could have the company. Now Dg moving into energy. Compelling reason to buy prob GDC from VOG and we move on with 'something'. Or they just use our gas for Dg power stations. Have VOG been trying to prove up Matanda to increase price or VOG retain it? Interesting days as ever - never quite know though do we! Also good for the first convertible issues if SP spikes. Or nothing will happen!

Either a T trade being extended - prob not given the size or more likely imho a fund manager moving VOG from one fund/portfolio/entity to another.

In December 2015 Glencore assigned 15% of its PI in the Matanda Block to AFEX, increasing AFEX’s PI to 25%, and in February 2016 assigned its remaining 75% PI and the operatorship to VOG through its 100% owned subsidiary, Gaz Du Cameroun Matanda S.A. (GDC Matanda). VOG is a gas utility company that aside from its interest in the Matanda Block, has a 60% PI and the operatorship, via its 100% wholly owned subsidiary Gaz du Cameroun S.A. (GDC), of the Logbaba Block (Logbaba) which borders the Matanda Block and from which it supplies cost effective, clean and reliable natural gas to industries in the Douala region via a 33 kilometre pipeline network built by GDC. The existing Logbaba gas network infrastructure will allow for fast-track development of any new discoveries made on the Matanda Block to deliver additional natural gas to local industrial users in Cameroon.

GDC Matanda and AFEX have submitted a new work programme for the Matanda Block to the Government of Cameroon for approval and expects to commence its first phase of seismic data acquisition in Q4 2016. The assignment of the PSC complements VOG’s current development activity at Logbaba, including the previously announced new drilling programme of one twin and one-step out well scheduled for 2016, by securing a significant additional resource base.

The Cameroon energy market
Cameroon continues to evolve as a key African economy with the industrial port of Douala an important import and export gateway for goods to most of Central and West Africa. Power deficits remain a major hindrance to Cameroon’s economic expansion, with demand increasing 7% annually. Expansion of power generation and distribution remains high on the political agenda and gas, as a fuel source, is seen as a fundamental element of the national energy strategy. Grid power is heavily reliant on seasonal hydroelectric dams to supply 75% of demand and the shortfall is made up from gas and heavy fuel oil. The Logbaba gas and condensate project is a rare example of successful onshore gas monetisation in Sub-Saharan Africa, with energy provision aligned with the national interests. GDC, with the full support of the Government of Cameroon has successfully unlocked natural gas for industrial use. GDC estimates demand for gas in the Douala and Yaoundé area for thermal and power generation to be in excess of 150mmscf/d. GDC is focused on growing production to help meet this demand and to displace heavy fuel oil by providing a cleaner and more reliable energy source.

AFEX holds a 25% PI in the gas and condensate-rich Matanda Block in the Republic of Cameroon.

Cameroon Jungle
AFEX's Head of Subsurface Exploration at an oil seep location near the Matanda Block

The Matanda Block, containing the North Matanda Field, is situated in the Gulf of Guinea, one of Africa’s richest hydrocarbon zones. With an area of 1,235 square kilometres covering both an onshore and offshore portion of the Douala Basin the Matanda Block is advantageously sited adjacent to West and Central African commercial/industrial heartland centred on the port city of Douala. The Matanda Block’s location positions it as a strategic supply of natural gas for the region’s future economic growth.


The Upper Cretaceous North Matanda Field was first explored by the Gulf Oil Corporation in the 1980s and to date three offshore wells drilled on the Matanda Block have tested both gas and condensate from the field. The Upper Cretaceous Logbaba gas and condensate field, brought into production in 2011 by Victoria Oil and Gas Plc (VOG), lies just a few kilometers up-structure to the northeast of the North Matanda Field. The Matanda Block also contains additional Cretaceous prospects and Tertiary prospects that offset the Moambe and Zingana discoveries drilled in 2015 by BowLeven Plc, in the adjacent Bomono concession.

2014 testing on the Matanda Block



AFEX won the Matanda Block in an international bidding round held in 2007 and, together with Glencore Exploration Cameroon Ltd (Glencore), signed a Production Sharing Contract (PSC) in April 2008, with Glencore being appointed operator. Between 2009 and 2014 AFEX and Glencore’s development activities included detailed geological studies, 150 kilometres of onshore 2D seismic, approximately 200 square kilometres of 3D seismic over the offshore part of the Matanda Block and completion of the NM-3x exploration and appraisal well that tested seismically-defined targets in the Tertiary and Cretaceous. This programme has resulted in the extension of the Matanda Block’s previously proven hydrocarbon area, discovery of new reservoirs and increased estimates of both gas and condensate resources.

The Atwood Aurora jack-up rig contracted to drill on the Matanda Block

In 2011 and 2014 ERCL, an independent specialist in upstream oil and gas consultancy, reviewed Glencore’s estimates of resources for the North Matanda Field and concluded that the P50 “gas-in-place” volume of 1,864 Bcf with “condensate-in-place” of 136 mmbbl were valid estimates for the area within the limits of the 3D seismic survey (note this is only 16% of the total area of the Matanda Block). ERCL also concluded that the North Matanda Field and the Logbaba Field are part of the same structure, now named the “Matanda – Logbaba Structure”, and that the reservoirs are likely to extend over a significant area outside of the limits of the 3D survey, making the North Matanda Field potentially one of the largest wet gas accumulation

So 'With this latest $7.5m loan at 10% compound daily interest and a placing into shares at a later date and what 50% of current MC, but at 10% compound interest a day just how much will that total be in 6-12 months $10m +? it must mean a total of about £250m-£270m spent over the years on a company now only worth about £15m'

Hmm its 10% per annum - calculated on a daily basis (so 10% / 365 )not daily.

Ever thought of buying premium Bonds - 1000% chance of winning £1m daily.

Seen a few posts saying 'no placings' on last loan note and this one too. True until convertible exercise/strike price met and exercised. At that point shares are created. Goes back to high cost of the O&G game.

My take is that a large holder is lending more unsecured and then VOG can raise future funds if wished via convertible.

Larger question will be how will these funds be used (Matanda and then 'legacy' issues highlighted - bit fluffy!) and when and will the usage create value in terms of sellable and wanted product!!

Don't think so - just stake building in clearly a company YF have faith in - takeover code waiver being applied for:

The Company will apply to the Panel for a waiver from the obligation for the Concert Party to make a general offer that would otherwise arise as a result of the issue of the Ordinary Shares in the event that the Concert Party were to convert the B Loan Notes in full, subject to the approval, on a poll, of independent shareholders (the "Whitewash Resolution"). Accordingly, with the consent of the Panel, the Whitewash Resolution will be proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which will be set out in the Circular to be distributed to Shareholders shortly.

Given Askar Alshinbayev's and YF Finance Limited's current interest is more than 10 per cent. of the issued ordinary share capital of the Company, and they are therefore a substantial shareholder, the entry into the Facility Agreement is deemed to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies ("AIM Rules"). For the purposes of the AIM Rules, the Directors of the Company, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, consider that the terms of the transaction are fair and reasonable so far as its shareholders are concerned.

Unsecured loan and convertible part B. 10% I-Rate too. Someones building a stake and Matanda beckons. Irons in fires and behind the scenes busy.

Morning. Most if not all mall AIM cos, espec Pharmas and O&G regularly effect placings - due to the high cost of research/drilling/exploration. a 'barrier to entry' to these exclusive clubs. Fact! Both sectors will move slowly down these paths - patience need - for many years imho.

So more importantly imho will a drill in this case be a success and will the company sell the product.

In the case of Matanda, it seems that the drills are I hope likely to be lower cost and successful. But upping our reserves means perhaps not a lot if the gas is not then being sold to end users. Hence the need to get ENEO in what ever guise , ASKA etc on board to generate power. And get paid for it.

Base your investment on likelihood of success or failure not on Dirs buying. VOG have a lot of pokers in the fire and present, and hope that some will produce some very valuable and profitable outcomes. Or not!

Personally not bothered by VOG exploration of Matanda, espec. since evidence of surface seeps I believe, so no heavy drilling programme I hope and no rivers to go under! Then benefits of no RSM involvement/cut, albeit JV in Matanda. Bigger question is who will buy/use the gas? ASKA/ENEO /'AN Other'? No real news of late on ASKA - would like to hear they will be 'breaking ground' soon. VOG results soon, and would hope to get a more detailed update on all VOG/GDC fingers in pies - Entinde etc. All of these 'ifs and buts' are real game changers, albeit suspect like HappyS' that VOG is probably breaking even or close to, with several client adding more usage now/soon (Prometal). be very interested to see how Kem' pans out and hadn't even thought it would be retained as JR2000 intimated. GLA!

Drills are dangerous to Share prices! Up, down, dusters ,funding etc. More concerned about finding paying end users. If ASKA goes ahead then no worries imho. Just a patient game sadly, everthing taking long time periods.

Cash paid - despite the doubters. All else still in progress unsurprisingly. Steady Roy at the helm.

Afternoon. Good to read opinions here, good or bad. All comes down to probability though - how fund analysts make a portfolio - hoped for outcomes with variables known and then the unknown - systematic or unsystematic risk. What are the changes of success or failure. Each factor with VOG is either highly likely to downright unlikely over the next say 6-18 months.
Such as ENEO using VOG gas - imho likely
AKSA - likely if they can get through the lengthy planning process alluded to.
West Med Sale - looks likely but who knows!
kem' - imho could be a long way off/unlikely
RSM litIgation - who knows but based on prev attempts would hope unlikely.
Matanda drills etc - reserves likely increase but at what price?

And so on etc. What about political, current - VOG paid in $, oil price etc

Each of these factors coming in or not, and at what price/cost/revenue in or out will affect the share price as will production figures (suspect VOG close to making a net profit without one offs). Some not being good outcomes could be crippling and some company changing

Then how are any of these possible outcomes priced into positively or negatively, a company valued at currently a mere £20m?

None of use know how these variables will go and that is then down to the individual to gauge risk versus return.

Worth a read - HV substation already built - not sure if there already or by AKSA

https://actingas.org/blog-page/2021-gas-FIDs.html

BEKOKO GAS-TO-POWER PLANT - CAMEROON
Already present in Ghana and Madagascar, Turkish power developer Aksa Enerji entered Cameroon in 2019 with intentions to develop a new 150 MW gas-to-power plant in Bekoko, on a brownfield site located on the ouskirts of Douala. The project is developed under a Memorandum of Understanding signed with the Ministry of Water Resources and Energy of Cameroon (MINEE) and would monetise domestic gas produced around Douala by Victoria Oil & Gas' subsidiary Gaz du Cameroun.

As of 2020, the negotiations towards a proper Gas Supply Agreement (GSA) between Aksa Enerji Uretim A.S. and Gaz du Cameroun were progressing positively. In parallel, Aksa is also progressing its in-country applications and agreements for the Bekoko power plant where a high voltage substation has already been built.