Victoria Oil & Gas Share Discussion Threads

[waterloo01] 09/1/2018 16:51

highasakite, I posted the story and link that seems to back up my hypothesis that the Govt have their own agenda, and it's not about looking after VOG's interests.

I leave you be but thought you might prefer to see the story than buy the rumour that the Govt are talking and it will be resolved. Might be right. I'm not involved and have no more insight.

[dan de lion] 09/1/2018 16:47

Lom Pangar Dam:-

• Cameroon is already 95% dependent on hydro for its electricity; reduced power dependability because of drought is already an issue, and could worsen with climate change.
• Despite extremely low levels of electrification for Cameroonian households (less than 5%), the project’s primary beneficiary will be the Alucam aluminum smelter, which already consumes about half the nation’s electricity at rates subsidized by residential users. Small business and residential customers will remain at risk of blackouts and power shortages.
• The reservoir will displace several villages, flood the protected Deng Deng Forest, and negate protections designed under the World Bank sponsored Chad-Cameroon Pipeline.

[highasakite] 09/1/2018 16:45

As far as VOG's recent announcement they expect a speedy resoltion to situation. Where did the VOG update say the power station deal was more or less dead as you say ? I can't find anything saying that at all.




any chance of an answer Waterloo01 ?

[highasakite] 09/1/2018 16:44

We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.


Where do VOG say "hope" ???

I think you make things up as you go along Waterloo01

[waterloo01] 09/1/2018 16:41

I read it. They hope, and it might happen, but have instantly put plans in place to review the business and have been briefing Malcy that the 'new' direction has a positive spin. IMO

[highasakite] 09/1/2018 16:39

VOG's business model for gas/power or the country's gas/power initiative screwed ?

Both go hand in hand.

As far as VOG's recent announcement they expect a speedy resoltion to situation. Where did the VOG update say the power station deal was more or less dead as you say ? I can't find anything saying that at all.

This is what they said:






Ahmet Dik, CEO of VOG commented, “Cameroon has a very important industrial hub in Douala that has seen significant growth and cross border investment over the last five years, both into manufacturing and the power sector.

We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.

Cameroon is an area that is in critical need of more power, with an estimated demand in excess of 150mmscf/d of gas in the Douala basin. We remain focused on increasing thermal customer demand in Douala whilst also continuing to supply gas to our 30 other customers, building non-grid solutions for its industrial customers and advancing the compressed natural gas business whilst maintaining our strong position as the sole provider to the region.”

[waterloo01] 09/1/2018 16:32

No idea but the govt are deep in hock and deep in corruption. IF the power station is dead (and the VOG update seems to suggest it might be given the plans put into place) then as I said yesterday, the whole business model is screwed, whatever Malcy thinks.

[highasakite] 09/1/2018 16:25

If the government don't want a solution that puts an end to gas/power in Cameroon. Period.

Back to power shortages in the dry season and industrial regression in Douala.

PS

Why were the Cameroonian government crowing about a world bank loan recently to fund gas/power expansion in the country at Grenor and Dibamba ?

[waterloo01] 09/1/2018 16:23

See the bit at the end. Doesn't look like they (govt) want a resolution, if my reading is right.


Victoria Oil & Gas (VOG), the parent company of Gaz du Cameroun (GDC), a British company that markets the gas produced on the Logbaba field in the Littoral region of the country, announced on January 5 that it was notified of Eneo's decision to suspend gas supplies on behalf of the Logbaba plant (50 MW).

The concessionaire of the public utility of electricity in Cameroon was brought to make this decision, one learns in an official communique of VOG, because of the costs and, especially, of its financial difficulties which are consecutive to a debt of approximately 100 billion CFA francs claimed from the state.
From sources internal to the company, the half-masting of the Logbaba gas power plant, following the suspension of gas supplies from GDC, will have no impact on the balance between supply and demand for electricity in Cameroon.
"Logbaba is a temporary source, which is made not to last. This plant was an emergency solution, pending the commissioning of the Lom Pangar and Memve'élé dams. Lom Pangar is already there and can handle the situation, despite a slight drop in the water level recorded in its reservoir in 2017, "says an authorized source.

[fatnacker] 09/1/2018 16:12

the situation has come to a head Larry, sometimes that's what it takes.

[temmujin] 09/1/2018 16:10

3m volume now..extroadinary

[highasakite] 09/1/2018 15:39

Government / ENEO meetings this week apparently.

[larry laffer] 09/1/2018 15:27

HAAS

If kate expects it to be resolved "within day's" why has it not been resolved before now after all it can't be too much of a problem if it can all be fixed in a couple of days.

I hope it is, but it just sounds like the usual flannel.

[cliffo2] 09/1/2018 14:45

Duckers & Divers Inc.
The right people in the right place at the right time?
They must have seen this coming and created a war chest on the pretext of an extra well.

[pjj71] 09/1/2018 14:12

I wonder if the bid will be tied up before this:

hxxxxs://businessgateways.com/event/2018/02/06/Cameroon-Oil-and-Gas-Summit-2018

[highasakite] 09/1/2018 14:05

Just had a long chat with a very nice lady at VOG HQ (Kate I think) and she expects the ENEO situation to be resolved "within days" !

That would explain the mystery buyer loading up with as many shares they can get at 36.5p today.

[pjj71] 09/1/2018 12:15

given there hasnt been an RNS about the 20% placing this could get very interesting...

[pjj71] 09/1/2018 12:12

probably the russians or chinese planning to do a clean sweep of cameroon gas... what will they pay

[philippem] 09/1/2018 11:46

This is so oversold that something must give.

[highasakite] 09/1/2018 11:43

Wonder if BLVN are using some of their cash to get some cheap VOG shares at 36.5p ?

[highasakite] 09/1/2018 11:39

VOG will have had other big power deals lined up with Grenor and Dibamba but as the power they would generate from GDC's gas is sold to ENEO are such deals worth a carrot if ENEO are skint ?


Probably not.

[highasakite] 09/1/2018 11:22

Every sale at 36.5p regardless of size is getting moped up by someone on level 2 immediately the shares become available.

Someone has to be stakebuilding at these low prices.

[fletcher] 09/1/2018 10:03

Is it 3 days for major share holders to declare changes in holding? If so Thursday / Friday will be interesting .