Member Info for oldtimer

It's been about this level for the last 2 weeks it's about time to burst out and climb back up to 15p

I agree but there are so many questions so I thought I would kick it off with mine.
Will he anwser any of them at the GM who knows, but at least he cannot say he didn't get enough warning of the feeling amonst the shareholders.
If he doesn't give good anwsers after haveing up-front questions it will show his contempt for the shareholders even more.

Another short comes out of the woodwork or has NO shares and think they know what they are talking about.
Has good assets still making a profit and going to bring down debt.
If you have some knowledge to back up your comments please share it..

So are we going to test the 11.5 again today?

Continued

The Directors remuneration is set at a level that one would expect much greater things than they have so far managed to achieve.

Shareholders are fed up with the Board keep on repeating jam tomorrow statements".

Re target 1 below which is:
"Relative Total Shareholder Return performance relative to the AIM All Share Oil and Gas index"
I would expect this to say "Relative out performance of total shareholder return relative to the Aim All Share Oil and Gas index"

"Successful completion of the well drilling programme on Logbaba"
How do you define successful completion of the well drilling programme on Logbaba?

Is spending way over the amount predicted by the Board prior to the commencement of drilling not relevant in deciding if the drill was successful or not?

Per the RNS of 20th December 2017 the Board stated:

"This work will also recover a spent perforating gun which currently remains stuck in the well"
Does a perforating gun being stuck in the well mean the drilling was successful?

Page 40 of the year ended 31st December 2016 accounts states:
The performance targets for the year ending 31 December 2017 include the following:

Relative Total Shareholder Return performance relative to the AIM All Share Oil and Gas index
Extension of the ENEO gas sales agreement
Reserves growth targets
Successful completion of the well drilling programme on Logbaba
Agree and initiate development plans for Bomono and Matanda
Management of capital funding for required activities

The annual bonus plan does not contain any claw back provisions

Only one of the targets effects the profitability of the Company in the short term and that is the Extension of the ENEO gas sales agreement and it has not been extended.
It will be interesting to see what bonuses are going to be included in the year ended December 2017 accounts considering that the Company has yet to become profitable!

A key metric for shareholders is positive Earnings per Share and so far they have only been negative.

I think the shareholder group should be paying closer attention to the targets that the Remuneration Committee are setting as they need to be aligned to profitability.

Major questions regarding Power stations

Do we have any intentions? Of dealing with ENEO again or are we trying to tie up a deal with another third party regarding the power gas supply.



Questions regarding 5% Government Contract



From 4th July 2017 RNS

SNH is entitled to a 5% share of revenues from the sale of all hydrocarbons from the Project and is also liable for 5% of exploitation costs of the Project. The parties have agreed, in accordance with the Participation Agreement, for SNH to conduct an audit of the exploitation costs for the Project to determine the Participation settlement.

Not sure what exploitation costs relate to?

Has that work been carried out and what money/ costs is the government liable to and

Morning Barry
Thanks for your questions. We shall be happy to address these in the GM.
Regards
Kevin

Kevin Foo
Chairman
Victoria Oil and Gas Plc
Hatfield House, 52-54 Stamford Street,
London, SE1 9LX
United Kingdom
Tel: +44 207 921 8820
www.victoriaoilandgas.com

A very good morning Kevin ,
and I hope you are keeping well in this very hot weather.

We have a General Meeting coming up and I would like to raise a few questions that are giving me and I guess many other shareholders concern.
These are.:

Questions for Victoria oil and Gas

Compressed natural gas (£CNG£)
I refer you to the year ended 31 May 2014 accounts as on page 1 it stated the following:

Compressed natural gas (£CNG£)
We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive requirement of a pipeline. CNG enables gas to be sold economically to businesses via a £virtual pipeline£ within a 200km radius of the operations.

It is now May 2018 so 4 years have passed by and the Board have earned a shed load of money and they have to date failed to explain what has stopped them from making progress on CNG!
Major questions regarding New customers
Over the years the board of directors has continually said there was many many customers just waiting to be connected to gas, and yet many customers still do not want to take up the gas supply.
Why is that?
Perhaps the Board can inform the shareholders what we need to do as a company to secure these contracts for gas usage.
Major questions regarding Savannah,
Why was Savannah drilling company chosen to drill our last 2 wells without the experience needed to do the job within budget and time.
How likely are we to get a good outcome and money back in our Insurance claim?

Directors Remuneration and bonuses

The Remuneration have only set one target that would lead to profitability in the short term and that is the renewal of the ENEO contract and yet with the Boards many years of experience, knowledge and contacts they have failed to do so.

The board will argue that the renewal is outside of their control but that is irrelevant as their remuneration should be linked to results whether they have control over them or not in the same way that the shareholders are affected by the share price going down.

Although the other targets are commendable they are not worthy of bonuses being paid because the Directors have failed to generate positive earnings per share and they have also failed to improve the share price.

One can understand that the transition to a Gas Company from being a gas explorer and to a gas utility Company is going to take quite a while to generate profits but this transition has taken far too long.

One could forgive them if the Company was yet to become profitable if it was compensated by capital appreciation via t

Do what you like, these are just replies from my questions, but most of this is already in the last trading up date rns.

No this is a reply from the company about the 17th July after I ask a number of questions.

Thank you for your message, and for your continued support as a shareholder.


The messaging around the strengthening of balance sheet in the last trading update was clearly referring to the planned capex reduction and focus on generating cashflow from operations. Analysts have also made assumptions around our future dividend payments – although the Board has made no comment on dividend policy. These measures of themselves are expected to lead to a reduction in net debt in the next financial year and we have not signalled any intention to raise capital other than what might be delivered by any asset disposals; as we stated we are conducting a review of assets, as their value is clearly not recognised in the current equity valuation. This is in order to ensure that the business is in the best possible financial shape to withstand the challenging trading conditions which are not expected to abate in the near term.



We are, as you may be aware, a year into a new strategy following a change of leadership. As yet our results do not reflect the benefits of our strategic initiatives. Our next scheduled market update will be the preliminary results on 26th October when I hope we will be able to demonstrate more tangible signs of progress.



Yours sincerely



Katharine Wynne,

Director of Investor Relations

So they know what they want to do and it looks like they will try to sell assets and fix the balance sheet by the Oct rns results time.
So if that happens then we could see £100m off the debts and the sp will respond maybe by 20p - 30p and take debs out of trouble, so maybe now is the time to buy as there are only 2 1/2 months to go and it could well be too late to get in and make the money.

This is a message fron debs.
The messaging around the strengthening of balance sheet in the last trading update was clearly referring to the planned capex reduction and focus on generating cashflow from operations. Analysts have also made assumptions around our future dividend payments – although the Board has made no comment on dividend policy. These measures of themselves are expected to lead to a reduction in net debt in the next financial year and we have not signalled any intention to raise capital other than what might be delivered by any asset disposals; as we stated we are conducting a review of assets, as their value is clearly not recognised in the current equity valuation. This is in order to ensure that the business is in the best possible financial shape to withstand the challenging trading conditions which are not expected to abate in the near term.



We are, as you may be aware, a year into a new strategy following a change of leadership. As yet our results do not reflect the benefits of our strategic initiatives. Our next scheduled market update will be the preliminary results on 26th October when I hope we will be able to demonstrate more tangible signs of progress.

part 1

The last time this was at £1 was back in June / July 2013, I know because I bought some at £1 and sold them for about 70p 1 year later. But like many first bought back in around the 23p mark and topped up since.
It's now been on a down trend for the last 5 years and who knows when if ever it going back to the £1 area.
I guess only a bid from someone to about 40p-50p will help until they get the company / sales / profits back up.

£1.80 by pancake wednesday, plipping hell. !!!!!!!!

Some of these sells could be suppliers that were paid in shares but sold because they need the cash.

He was never down as a director or owning any shares as a director although he may have owned some shares in his own name but never recorded as being on the directors list.

I don't think he ever was a director, just employed by the company to do PR.

G Dhas a plan, we just don't know what it is yet.

So have we sent any questions to K.Foo yet or are we waiting to ask them at the GM when there might only be 20 people there.
If that's the case the questions won't have much impact and the anwsers will be waffle and passed by onto their agenda.

We have little rises but then it goes down just that little bit more.
Getting a bit tied of this now.

I have topped up twice here and each time the sp has gone back down again, so this time I am going to hang fire but you / we all know the sp will now go up. Sod's law again.
It would be nice to make some money at some stage.

I thought this offer was for 1 for 1,
So why has the CFO only taken up a quarter of the share offer when everyone else has taken up their full issue.?