Victoria Oil & Gas Share Discussion Threads

[dodge city] 07/1/2018 11:36

Everyone knows that VOG is a charity.

[highasakite] 07/1/2018 11:11

ENEO are potless. Government must sort out payments to ENEO or the whole energy system will collapse in Cameroon.


nteresting post on LSE although I can't find a link to it on the web.
Credits to Pyrotech


The insolvency of the electric supplier, 51% owned by the UK investment fund Actis, is such that even international financial institutions are affected. "Eneo entered a technical default situation in October, because it did not pay back the installment of the lenders," reveals Andrea Pinna.

The Italian banker adds: "This is not a real situation of default, but still it poses problems compared to future financing. This situation must remain isolated, limited to Eneo and the rest of the sector must not be contaminated ". The only electricity distributor in Cameroon, Eneo is the heart of the system. To prevent all players in the sector from defaulting on their financial, it is necessary to address its poor financial health. It is mainly due to a claim of more than 100 billion CFA francs that the company claims to the State of Cameroon. This debt consists of the outstanding payments of government consumption bills and the shortfall of tariffs due to the government's policy of freezing electricity prices. It is therefore up to the public authorities to break the vicious circle. "In any case, if nothing is done, the financial balance of the sector will collapse," warns a connoisseur of the file. Andrea Pinna is also aware of this and calls on the Yaound£ authorities: "We are concerned with the problem of debt repayment, with the problem of paying arrears to Eneo and KPDC. This is a situation that must be faced by the government, "says the head of the Central Africa office of the EIB, installed in Yaounde since October 2016.

But already the banker warns:" in 2012, we financed around 29 million 'euros the gas station of Kribi. The Lom Pangar dam has been financed around 30 million euros. And we are considering financing Nachtigal (which is an emblematic project for Cameroon) and we are very committed to consider the possibility of refinancing Eneo. But for that, it will be necessary to see the evolution of the situation ".

On the second day of the joint EU-EIB mission, a meeting between the European Investment Bank, the International Finance Corporation (IFC) and Proparco (branch of the French Development Agency dedicated to the private sector) was held in Douala .

[fatnacker] 07/1/2018 09:23

Ffs that's spoilt Sunday morning

[deanroberthunt] 07/1/2018 08:26

this will be State owned soon enough...the BOD have just been working for the Cameroon government essentially at shareholders expense

[abacus2] 06/1/2018 19:27

The simple facts still remain, they need energy and GDC are the only viable fuel supplier for this energy, yes this is Africa and nothing is ever going to be easy but at the end of the day it will work out.

[chipaway] 06/1/2018 17:59

Everybody seems to forget the II that bailed in July, no doubt they saw the writing on the wall.
Something really stinks about this whole episode.

- Why spend 70 million on two drills without a guarantee the gas would be sold?
- Why did the II sell out in July?
- Why fundraise 20 million for a well when we cant sell the gas we have?
- Has the Cam Government paid us for the 5% stake?
- Is Grimm still paying his share?
- There was a video of a presentation from FOO that said we would get 10-year contracts with ENEO?
- What II's purchased the 20% if any?

Truly shocking it STINKS and if FOO and DIK had any decency they would come out and face the small investors that have been lied to for years. I for one will be contacting the FSA to have FOO personally investigated.

Corruption at a blatant level.

[deutsch3] 06/1/2018 14:35

Don't panic! - The locals won't take to sitting in the dark! - It needed this to focus minds! - Time for the brave however - the talking's over for now - stick or twist?

[peterpowell21] 06/1/2018 13:44

Tem

i would say it transported by LNG.
You need the plant to turn the gas into LNG and that is never going to happen in Cameroon.So if foo comes out with this possibility it would be just another dream he has when he is planing a placing or feeding his pi's some future jam.

[temmujin] 06/1/2018 13:32

peter..so why does china import gas from AUSTRALIA?

[peterpowell21] 06/1/2018 12:51

Tem

i would think the 3300 miles may have something to do with it not being sold to the uk.

[peterpowell21] 06/1/2018 12:47

So on Monday unless there is a rns that gives out something positive, this will or should hit all time lows, imo. 27p.

well they have just took the company back 7 years.
This could and should get sorted over time. But really, is anyone going to gamble on this turning out well? It was a gamble before, but after that RNS i would not touch them at 10p now. There are real problems here now, that imo are not going to go away.
good luck to those that are mad enough to risk it all here.

[peterpowell21] 06/1/2018 12:35

Who is to blame?

Well only one person, FOO. Let forget Dik we all know foo is calling all the shots here.

Who else would have spent $70m on wells without a contract to sell the gas, only foo.
Maybe he will come to VOGs rescue and lend them some money, at a nice interest rate of course.Also throw in a nice royalty package on LA-7 and 8 for his troubles.

[temmujin] 06/1/2018 12:29

why dont they sell the gas to the uk?