Victoria Oil & Gas Share Discussion Threads

[typo56] 07/1/2018 21:48

It looks like nothing but a binary gamble now. No doubt in due course it will provide sport for pump & dumpers, but I can't see serious investors touching it.

[boraki] 07/1/2018 20:51

I'm sorry for you Tem, but I believe this will be well under 30p tomorrow,

It might be in the pennies

Sorry but good luck to you

:-(

[fletcher] 07/1/2018 19:11

So is ENEO still producing and distributing any electricity?

[johnwalton] 07/1/2018 18:59

Might cover the debt!

A massive hole has been blown in the companies trading platform.

Who would want to buy a company trading in non paying Cameroon?

If the Gov stump up the cash and everything goes back to normal it
will happen again, after all this is 3rd World Africa.

GLA

[temmujin] 07/1/2018 18:54

if this falls below 30p it could ruin me...over exposed

[highasakite] 07/1/2018 18:38

If the placing funds are largely still in tact as I expect then they will more than cover the total debt of the company as we stand today.

[highasakite] 07/1/2018 18:35

If the shares fall too far tomorrow then I am sure we make get some serious stake building by a preditor looking to buy the company on the cheap.

[highasakite] 07/1/2018 18:30

Boraki

Indeed the news on Friday was a set back but clearly your figures are far too gloomy and as far as VOG NOT trading as a going concern dream on. VOG will come through this and it wouldn't surprise me if this ENEO situation was sorted out very very quickly.

If the Cam government don't sort payments out to ENEO then VOG can always revert back to the mini genset model by installing mini gen sets at companies premises as they have done before to guarantee power for customers.

Gas to Power in Cameroon is a driver of growth and economical stability. Kribi have already halved their output from 200Mw to 100Mw and if they don't start getting more money off ENEO I am sure they could pull the plug totally on ENEO and reduce their output to ZERO.

That would be 250 MW less power for the Doulala grid which would bring carnage to the area for business and households. There would be power cuts galore and it would lead to civil unrest.

[boraki] 07/1/2018 17:07

Forget what I said in post 3335 saying this might be worth buying in the 10’s,

This is in bigger trouble than I thought.

Net debt at Q2 was $20.7 million net debt position at quarter end (Q1 2017: $10.7 million)

They had cash of $7.6 million cash position at Q2 end (Q1 2017: $10.5 million)

On 21st December 2017 they announced Q3 production results, which are in-line with expectations.

Notice how last year there was not a Q3 2017 operations update, i.e it does not talk of financials nor net debt position. ( very worrying)

They raised aprox $26 million via placing and open offer, I cannot find out how much this placing was in costs.

This money will probably have been used up by now for the debt position.

Eneo owe them money, will this be forth coming?

They have lost over half of their revenue earnings. Hopefully only for the time being.

They must be running on empty.

Stay clear, or be very careful, because we do not know if they can trade as a going concern?

Very serious problems here

Sorry guys

[highasakite] 07/1/2018 16:03

VOG raised $26 million recently and will have most of it left.

Capex can be shrunk to virtually zero going forward. Just pay for the odd short pipe thermal connection.

of course we could get news of Grenor/Dibamba power deals but would they be of any use if ENEO (who take the power that is generated) are skint ?

All will come out in the wash.

[squibno1] 07/1/2018 16:02

When its the govt causing the financial problems then it does not give VOG much recourse to quickly rectify its financial position

[highasakite] 07/1/2018 15:47

If Cam Gov are not going to pay ENEO in a timely manner then gas to big power including Grenor and Dibamba are a none stater in Cameroon.

Kribi are due a load of money as well from ENEO as are the Hydro companies.

Kribi have halved their output recently and could pull the plug totally.

This will only mean one thing for Doulala.

Power cuts on a massive scale and ultimately civil unrest. Could get nasty.

[highasakite] 07/1/2018 15:29

This is all a storm in a tea cup and will be resolved soon. I will be taking advantage of any share slump tomorrow.

[deanroberthunt] 07/1/2018 14:21

can't wait to see what lapdog has to say

[deanroberthunt] 07/1/2018 14:20

lucky they got a $29m placing away before this, or was it!

[highasakite] 07/1/2018 14:01

There has to be a solution to ENEO being skint and the government not paying them or its an end to gas/power generation in the country and a return to the bad old days of poor growth and daily big power cuts.

[highasakite] 07/1/2018 13:58

drh

If there is no short term fix with ENEO then VOG will have to slash all capex spend.

Its in the 431pm RNS on Friday.


"As a result of ENEO ceasing to take the gas from VOG, the Company will immediately undertake an assessment of the Company's capital projects and its wider budget and cash flow forecasts, in order to best position the Company to deal with this outturn. The Company intends to provide a comprehensive update of 2017 performance and outline the strategy for 2018, later this quarter."

[boraki] 07/1/2018 13:50

That would be nice, but alas not the reality that I live in.

Good luck all holders and new buyers

[deanroberthunt] 07/1/2018 13:25

If they had any integrity at all, the BOD would take a decent paycut, in conjunction with ceasing any capex projects....but they won't.

[boraki] 07/1/2018 12:49

I suspect this will be down 50% plus Monday am.

If it gets in the 10's probably a buying opportunity, although still very risky.

Good luck to all

[deanroberthunt] 07/1/2018 12:44

without ENEO it can't make it's loan repayments or ever pay it off.