Victoria Oil & Gas Share Discussion Threads

[fatnacker] 01/6/2017 08:56

have we reached the turning point yet?

[highasakite] 31/5/2017 17:53

If u can't stand the heat get out of the kitchen then. Sell up and move on.

[deanroberthunt] 31/5/2017 13:33

they say no news is good news, but I'm not so sure in this case....

[highasakite] 31/5/2017 11:19

High temp and high pressure wells like 107 and 108 need to be drilled slowly and very carefully or a risk a huge gas blowout.

[deanroberthunt] 31/5/2017 10:16

it's been 6 months+, how friggin long does it take to drill an onshore well ffs!

[fatnacker] 31/5/2017 10:14

Can't argue with that

[deanroberthunt] 31/5/2017 09:51

could do with a positive update on the sidetracked well, after the well incident.

[broncowarrior] 31/5/2017 08:48

Dropping on low volume...Few pieces to the jigsaw need to be slotted in (well results, power station renewal) and then should be away again.

[broncowarrior] 29/5/2017 20:05

Plugging in 1trn of gas from only 8.7km from the current pipeline would be cheap and transformational.

[highasakite] 29/5/2017 19:50

Andrew Diamond "Successful completion of the Logbaba drilling programme will lead to production capacity expansion and the opportunity to have meaningful discussions with prospective customers."


Ahmet Dik "The Company has held discussions with additional potential large off-takers and other grid power producers. GDC needs to increase its reserves to supply these large customers before long-term supply contracts can be agreed."


Kevin Foo "Once results for the drilling programme are known, GDC will then be
in a position to commit to negotiations that have been ongoing for some time
with additional larger gas-to-power projects"

[highasakite] 29/5/2017 18:29

I expect LA 107 and LA 108 to flow more gas than the excellent LA 105.

[highasakite] 28/5/2017 16:02

In the year ending Dec 2016 VOG basically broke even (after impairment etc costs which are non cash items)

So basically an average 10 mmscf/d average over the year gives break even.

So any ramp up of gas sales to 15,20,30,40 scuffs a day drops straight to the bottom line as VOG's cost base is more or less fixed.

Exciting and very profitable times ahead.

[highasakite] 26/5/2017 21:05

Victoria Oil & Gas

Full Year 2016 figures from VOG which although historic give a good idea as to the significant advances made last year and so far this year. Figures show net revenue of $32.8m and EBITDA of $13m on record gas sales of 10.2mmscf/d up 24%. It is useful to know that this is still less than 10% of local demand. These are good fundamentals despite a $32.7m write off which includes $22.7m on the Logbaba well La-106.

With $27m spent on capital investment on drilling and the further pipeline extension VOG still has $14.4m headroom on its BGFC debt facility. The revenue is in line with company’s guidance, getting rid of a royalty is good going forward as are the non cash items. Operationally, drilling continues slowly hoping for no more gas kicks and ENEO are still taking gas so progress is justified.

Chairman Kevin Foo records 2016 as “a great year” with acquisition of extra acreage at Matanda and in 2017 the Bomono deal probably “a game changer” for VOG. The company are now firmly in control of the Douala Basin and a recent visit showed quite how much potential there is in the City. VOG has come on in leaps and bounds and the investment community have so far appreciated that by doubling the share price so far this year. The headline figures have concerned some this morning but the underlying picture is still very good with huge upside potential in the share price.

[highasakite] 26/5/2017 20:09

Andrew Diamond "Successful completion of the Logbaba drilling programme will lead to production capacity expansion and the opportunity to have meaningful discussions with prospective customers."


Ahmet Dik "The Company has held discussions with additional potential large off-takers and other grid power producers. GDC needs to increase its reserves to supply these large customers before long-term supply contracts can be agreed."


Kevin Foo "Once results for the drilling programme are known, GDC will then be
in a position to commit to negotiations that have been ongoing for some time
with additional larger gas-to-power projects"

[highasakite] 26/5/2017 17:58

htt p://www.proactiveinvestors.co.uk/companies/stocktube/7536/victoria-oil-gas-kevin-foo-on-terrific-revenue-and-gas-sales-7536.html

[highasakite] 26/5/2017 17:57

Touching back on the morning post, whereby I speculated that 106's poor performance is hindering expansion. I noticed a couple of other para's:

*Successful completion of the Logbaba drilling programme will lead to production capacity expansion and the opportunity to have meaningful discussions with prospective customers.

*The Company has held discussions with additional potential large off-takers and other grid power producers. GDC needs to increase its reserves to supply these large customers before long-term supply contracts can be agreed.

These para's, taken with the Laurence Reed presentation, about some large customers wanting '10, 20, 50 scuffs' unquote, seem to suggest we can't sign up the bigger players until we have proven sufficient supply capacity.

ATM we can't supply more than a theoretical 22mmcf/d from LA-106, and that was a measurement from 6 years ago. Clearly 106 cant even do that now so nearly everything is coming out of LA-105.


This para also suggests that if LA-107 & 108 can supply 40scuffs or more a day, then the plant upgrade will go straight to 40mmcf/d, and not the staged increases.

*The completion of the drilling programme will also trigger our processing plant expansion project to double the plant capacity to 40mmscf/d. This will enable us to supply more gas and take advantage of some of the bigger and longer term supply opportunities in the region.

Seems a very roses picture but it all hangs on getting these 2 slow wells safely and successfully drilled

[highasakite] 26/5/2017 14:17

Victoria Oil & Gas

Full Year 2016 figures from VOG which although historic give a good idea as to the significant advances made last year and so far this year. Figures show net revenue of $32.8m and EBITDA of $13m on record gas sales of 10.2mmscf/d up 24%. It is useful to know that this is still less than 10% of local demand. These are good fundamentals despite a $32.7m write off which includes $22.7m on the Logbaba well La-106.

With $27m spent on capital investment on drilling and the further pipeline extension VOG still has $14.4m headroom on its BGFC debt facility. The revenue is in line with company’s guidance, getting rid of a royalty is good going forward as are the non cash items. Operationally, drilling continues slowly hoping for no more gas kicks and ENEO are still taking gas so progress is justified.

Chairman Kevin Foo records 2016 as “a great year” with acquisition of extra acreage at Matanda and in 2017 the Bomono deal probably “a game changer” for VOG. The company are now firmly in control of the Douala Basin and a recent visit showed quite how much potential there is in the City. VOG has come on in leaps and bounds and the investment community have so far appreciated that by doubling the share price so far this year. The headline figures have concerned some this morning but the underlying picture is still very good with huge upside potential in the share price.

[highasakite] 26/5/2017 14:09

Shore Capital reiterate 170p a share valuation.

Also Cenkos and WHI are bullish today on VOG for the first time of coverage.

[highasakite] 26/5/2017 12:29

What does that mean in English ?

[bigdazzler] 26/5/2017 12:28

I would want to see closes and price remaining below 57-58p which if it does could see a return to around 40p.

[bigdazzler] 26/5/2017 12:23

Menacing little double top forming???

Could be time for a nice little downtrend. Need a bit more evidence but fall could be decent if this progresses a little further.