Victoria Oil & Gas Share Discussion Threads

[fatnacker] 19/5/2017 17:55

yes, been some chunky buys going through recently.

[broncowarrior] 19/5/2017 16:10

Important it stays above 60p . Good launchpad from that price rather than the 50s.

[fatnacker] 19/5/2017 13:30

good support at 60p

[deutsch3] 18/5/2017 14:37

I hope this is a big rabbit and not a empty hat!

[fatnacker] 18/5/2017 14:29

yes, gone real quiet, waiting the 108 successfully completed rns, or blvn kicked of Bomono and the licence handed to vog rns, owt'll do

[highasakite] 18/5/2017 14:15

is there anybody there ?

[highasakite] 18/5/2017 13:00

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[highasakite] 17/5/2017 10:15

BOWLEVEN has announced sweeping job cuts across its sites in Cameroon and reduced headcount at its Edinburgh head office by two-thirds.

The Africa-focused oil and gas development group has also confirmed it does not expect to pursue any new exploration activity at the current time.

And its new chief executive cast doubt on Bowleven retaining its permit on the Bomono platform.

The company did not reveal the extent of the total job cuts, but said that once staff reductions and other cost rationalisations efforts are complete, the monthly cost savings would total about $250,000 (£194,000), with one-off costs of up to $4m.


Head office staff will be reduced from 18 to five staff, with contractors providing additional support.

Eli Chahin, who has been chief executive since Keith Hart was ousted in an investor revolt, said that the first phase on the new board’s plan was get the organisation into an “appropriate” shape. “We’ve got much more appropriate operating models given the fact that we don’t have that much money. It was difficult, particularly as exploration and production wasn’t necessarily what we want to be doing and we didn’t have the balance sheet to do it anyway. You need a big balance sheet to do that.”

Having steadily increased its shareholding in the group to 22 per cent, Monaco-based Crown Ocean in March successfully lobbied for the removal of Mr Hart, finance director Kerry Crawford and chairman Billy Allan and installed its own nominees to the board – retaining only chief operating officer David Clarkson.

Asked about the extent of the job cuts, Mr Chahin said: “The bulk of the people [in Cameroon] are actually service providers. We’ve cut it down and what we’re looking at is where the costs can be made and what impact it will have on overseeing the assets. We will protect that as best we can while finding resolution for the various stakeholders.”

He said the changes will allow Bowleven to retain "the necessary skills, relationships and capacity to progress a route to shareholder value at both Etinde and Bomono.”


Asked if the new board would offload assets, Mr Chahin said: “I can see there will be some development on it in the next weeks and months, [we will] liaise with the [Cameroon] government. We are the operator [of Bomono] at the moment. It remains to be seen whether we are going to be the operator going forward.”

Responding to the previous board’s accusation that Crown Ocean wanted to use the company as a cash dispenser, Mr Chahin said he didn’t believe there was any evidence to suggest that was the case.

Mr Chahin was joined in the new-look boardroom by Crown Ocean-nominated chairman Chris Ashworth.

Mr Ashworth commented: “The difficult decisions, made by the board and led by Eli Chahin as our chief executive, impact a large number of people.

"I would like to thank all the employees of Bowleven for their cooperation and contribution to Bowleven in the past and through this difficult transition period.”

[fatnacker] 17/5/2017 09:18

someone's buying a few

[highasakite] 16/5/2017 09:29

27th April 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")

ENEO Gas Supply, Cameroon
Update on Contract Renewal

Victoria Oil & Gas Plc announces that negotiations continue between its wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), Altaaqa Alternative Solutions Projects DWC-LLC and ENEO Cameroun S.A. ("ENEO"), in relation to the contract renewal for the supply of gas.

GDC continues to sell gas from Logbaba to ENEO at normal consumption rates for this time of year given the demand for power in Douala.

The Company will announce final agreements reached with ENEO in due course.

[fatnacker] 16/5/2017 08:46

I doubt there'll be anything in the results to set the share price on fire unless it's accompanied by a positive update, must be near td now

[highasakite] 16/5/2017 08:38

Results to year end Dec 2016 due any day.

AGM end June.

[oilandgas1] 16/5/2017 08:36

Anyone know the dates for the AGM and release of Finanvial results?

[clunes100] 15/5/2017 10:19

We need news to stop the drift!! That is positive news.

[fatnacker] 13/5/2017 18:51

yep, even more so now blvn are trying to appease the cam gov, they won't dare put a foot wrong, Bomono will happen as per contract or they will relinquish it to preserve cash.

[highasakite] 13/5/2017 16:49

That was always going to be the case fatty as there is no other route to market for Bomono gas other than through VOG's pipes.

[fatnacker] 13/5/2017 11:53

looking like VOG are in a win win situation with Bomono

[highasakite] 13/5/2017 11:48

VOG CEO is Turkish.

[fatnacker] 13/5/2017 10:08

Asked if the new board would offload assets, Mr Chahin said: "I can see there will be some development on it in the next weeks and months, [we will] liaise with the [Cameroon] government. We are the operator [of Bomono] at the moment. It remains to be seen whether we are going to be the operator going forward."

[seangwhite] 13/5/2017 00:46

Let's hope our Aussie CEO doesn't do his usual.

[broncowarrior] 12/5/2017 21:19

Finance still the biggest problem for AIM resource companies. VOG are over all that now fingers crossed.

[highasakite] 12/5/2017 19:11

Tower plc RIP

[clunes100] 12/5/2017 18:16

I assume that Cameroon being relatively stable and access to a clean reliable supply of gas/power must help in the cement companies decisions.

It will be interesting to see if VOG's figures are trending upwards now on the thermal front. Not long to wait to the next set of figures and AGM.

[spellbrook] 12/5/2017 10:12

Cameroon Emerges as Africa Battlefield for Big Cement Makers