Victoria Oil & Gas Share Discussion Threads

[deanroberthunt] 10/12/2017 08:34

and people think they're going to double or treble demand, might do, just won't pay for it...we've found the problem

[bad gateway] 10/12/2017 08:26

peterpowell21
9 Dec '17 - 12:23 - 42080 of 42084 0 0
Found it.

Trade receivables have increased mainly because of delays in payment from GDC's major customer, who has provided promissory notes in the amount of $10.1 million for the amounts owing to 30(th) April 2017. The promissory notes have been used as collateral for a bridging facility with a local financial institution and are reflected as current borrowings. The promissory notes will mature in monthly intervals before the end of the year, and payments received against the promissory notes will be utilised to settle the facility. Post period end, the customer has continued to make payments against amounts due after 30 April 2017, albeit still beyond the contractual terms.


Thanks for that peter, these are right up the swanny then if the receivables aren't paid.
Basically they're giving them free gas and taking out loans so they can do so in the hope of getting paid sometime down the line.
Now how could that possibly go wrong in Africa?

[fatnacker] 10/12/2017 08:03

I was thinking Forest Gump

[deanroberthunt] 10/12/2017 07:38

and to clarify, so I'm not seen to be negative...it's not VOGs fault....they've done a decent job in buidling the plant, upgrading, all the pipelines, especially under the river, drilled 4 wells now, 1 defunked...couldn't ask any more...it's just unfortunate Africa isn't developing at a rate that makes this a mega investment...

[deanroberthunt] 10/12/2017 07:23

It wouldn't surprise me, in fact, I'm expecting it, for the current "status quo" deal with Eneo to be extended for another 6 months...same rate, same demand.....and probably more of the same with Bomono....just never ending jam tomorrow push it to the right

[peterpowell21] 09/12/2017 12:23

Found it.

Trade receivables have increased mainly because of delays in payment from GDC's major customer, who has provided promissory notes in the amount of $10.1 million for the amounts owing to 30(th) April 2017. The promissory notes have been used as collateral for a bridging facility with a local financial institution and are reflected as current borrowings. The promissory notes will mature in monthly intervals before the end of the year, and payments received against the promissory notes will be utilised to settle the facility. Post period end, the customer has continued to make payments against amounts due after 30 April 2017, albeit still beyond the contractual terms.

[peterpowell21] 09/12/2017 12:21

SO i take it as a no, you can't post unless it about me. lol

[peterpowell21] 09/12/2017 12:11

Has this been completed yet.

GDC commenced two projects to upgrade its gas production facility in Douala with the objective of modernising its automation systems and increasing the amount of gas recoverable from its existing reservoirs.

The automation project, comprised the installation of hardware and software to upgrade the control system of the gas production facility to the latest Siemens automation system. One of the key benefits of this new system is the ability to expand and incorporate new facilities easily as the number of production wells and facilities of GDC expands.

The second project comprised installation of a heat exchanger and a compressor package. The equipment was installed in two stages; in the first stage, the heat exchanger has been successfully installed and commissioned. The second stage, the installation of the compressor package has been installed and is currently being commissioned. These plant improvements enable greater flexibility in gas feed conditions, such as temperature and pressure, and will allow operations to optimise production from La-105, La-107 and La-108 when it comes online.

Wonder if we will hear these results when LA-8 is online?
Back to hunting.

[peterpowell21] 09/12/2017 12:01

Does anyone really believe this statement from DIK.

We estimate that over $350 million has been spent on Matanda and Bomono since 2010, three wells have been drilled (all of which tested gas)

REALLY?

Well i think these 3 wells were off shore, so with Vog only interested in on shore the $350m spend has no relevance at all.

Now Dik also says this.
"These assignments, which cost the Company very little up front, will, we believe, be seen in the future as "game changers".

Says it all really, $350m spent, and they are basically giving it away.

ANYWAY, back to hunting.

[peterpowell21] 09/12/2017 11:39

Can anyone point me in the direction of this information where they informed us that ENEO Had not been paying there bills. I would have thought that that would require a RNS all on its own. Was it buried in the results somewhere near the end.?
Sneaky.

[peterpowell21] 09/12/2017 11:31

Fatty

WELL i have to rely on you and haak for news as we don't get feed much from you via rns.
But the fact that you say, you never lie and only post facts, is proving to be yet more lies, as you have now owned up to.

Any way i can see now why you post next to nothing info wise, and just attack other posters opinions, mainly me.lol
What you do say proves to be made up or the figment of your imagination.
I tell you what, try and post something without mentioning me, or even commenting on my view.
After all this is a VOG thread.

ps.
"everyone else kept quiet"
You see there you go lying yet again, i think it was dean that pointed out that it was not the Q3 update but something else.
Also i said at the times the numbers you posted did not add up.
But yes you fooled me for the time it took to read them, but on a quick look back,i saw yes you were lying.

[fatnacker] 09/12/2017 09:18

I'm quite flatter'd though that you take what I and HAAK tell you as the gospel and rely totally on the information we feed you, maybe if you'd read the rns instead of making up your own dark version there'd be no need for you to be in this position.

[fatnacker] 09/12/2017 09:11

prowler, the spurious Q3 figures I posted fooled just one person, everyone else kept quiet knowing you would suck it up, and you did.

[peterpowell21] 09/12/2017 09:04

I had heard about this.
I did not have any concerns as you and HAAK have said many times that Vog are being paid. As you STATE many times you do not lie and only post facts i took it that you knew these facts. But looking at that post it seems it has not been sorted out at all.

What with you posting Fake Q3 results on here also, you are showing yourself to be a liar. In fact you really only post on here to try and shoot other peoples posts down.
Yet when you do try to post something fact based yourself if seems as if you just make it up like the Q3 update you posted. Or you just post as a fact that vog are getting paid when you don't really have a clue, you just hope in the end you are right.
So in future try and post imo after these claims, as that is all they are.

[fatnacker] 09/12/2017 08:49

prowler, if you didn't bother to read the rns that's your problem, I highlighted this about a month ago while you were whining about something or blaming someone else for your misconceptions.

[fatnacker] 09/12/2017 08:39

drh, that's been the case for more than a year now, it looks like the final solutions being played out "" The company is ready to restore the usual level of production of the Kribi gas plant as soon as a satisfactory solution to the problem of arrears is found."" its just a case of prioritizing for the cam gov, either they go back to the dark ages or they anti up, obviously the reason for the missed quarterly update is (I guess) a confidentiality issue, you can bet we'll be updated very soon, hopefully with the solution.

[chipaway] 08/12/2017 23:09

Just in case you have forgotten! VOG will never make any money for shareholders, you have lost! It's almost over... As they say it's a rich man's trick!

Kribi Power Development Company SA (Kpdc), a company controlled by Globeleq which operates the Kribi plant, confirms that it has had to reduce the production of the 100 MW plant, since 1 November 2017, following “the increase in arrears payment of electricity supply bills to its sole customer Eneo Cameroon “.

In the words of Kpdc CEO Hans Francis Simb Nag (photo), the arrears of Eneo, a subsidiary of Britain’s Actis, have reached “a critical threshold”. Mr. Simb Nag does not give a precise figure. The CEO adds: “the depletion of the resources necessary for the operation of the plant, no longer allows Kpdc to finance its operations adequately”.

Kpdc said it continues to work closely with Eneo and the Cameroonian government to find a solution to the crisis affecting the entire power sector. The company is ready to restore the usual level of production of the Kribi gas plant as soon as a satisfactory solution to the problem of arrears is found.

On the side of Eneo, authorized sources explain that the financial challenges of the company are related to the fact that the State also owes him an amount of 100 billion FCFA.

[fatnacker] 08/12/2017 18:42

prowler you're ignoring dilution in your calculation, an oversight? obviously.

[highasashite] 08/12/2017 18:37

Fk off sweaty sock kiddy F


VOG is a busted flush.

[paranoiabluedr] 08/12/2017 17:49

Good grief. Yes it is in a precarious position.

NB, keep the faith genuine investors.

[highasashite] 08/12/2017 17:46

Chart looks hellish. Long way to fall.