Victoria Oil & Gas Share Discussion Threads

[ipwil] 11/1/2018 10:48

Fatnacker is right there is an auction morning and close of play. Just this gave them 2 goes at the auction cherry before open,
Secondly there is something about releasing out of hours so that everyone gets a chance to read an RNS before market opens, so people don't get caught out at work etc not seeing it. Mind it always goes to auction at open so you'll always miss that action no matter what you have seen. It happens every morning RNS.....you cry into your cornflakes as another one of your AIM companies continues to show abject failure....haha.
As much as there is good reason not to have stops/limit orders, in auctions would they be picked up allowing you to make an exit before market opened when something goes wrong?

[highasakite] 11/1/2018 10:42

Any thermal customers who left VOG to use HFO will now be knocking VOG's door down to revert back to gas as the oil price is now $70 for brent.

[fatnacker] 11/1/2018 10:34

sounds like a load of waffle to me haak, if the rns was published at 7am Monday, nothing would have changed, the select few would still have access to trade before joe public.

[highasakite] 11/1/2018 10:17

"But the regulators should take a view on whether the strict application of the rules has had the desired effect. I would say it has not – and, very unfairly, Victoria was hung out to dry."

[barony] 11/1/2018 08:52

Fatnacker, you’re talking to someone here who “invested̶1; in GKP! Feeling just as confident in this now and a bit shell-shocked.

[highasakite] 11/1/2018 08:45

Shareprophets view on fridays after hours RNS:



Victoria Oil & Gas – more on that (bad) after-hours Friday RNS

By Nigel Somerville, the Deputy Sheriff of AIM | Thursday 11 January 2018

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.




Following my questions about the RNS released last Friday at 4.31pm by AIM-listed Victoria Oil & Gas (VOG) which saw a 20% share price drop during the auction, I have had confirmation of what actually happened from a reliable source. It makes a mockery of AIM Rules and MAR.

On the face of it, the RNS looked appallingly timed. Releasing it at 4.31pm meant that only those with access to the closing auction could react, and not everyone has that. It also looked very poor in terms of releasing it after-hours on a Friday. Thus some will have taken the view that the board of Victoria Oil & Gas are just a bunch of spivs who didn’t give two hoots for their shareholders.

The truth of it was pretty much as I had offered, except it wasn’t really conjecture at all, as it turns out. MAR and AIM rules dictated that the news MUST be released that day. If something like an unexpected (and nothing to do with Victoria) loss of a major supply contract comes in at lunchtime, there is indeed an almighty scramble to get the RNS issued.

It needs board approval, the PR spinners will want to look at it, the Nomad has to sign it off – and then the amended version needs to be seen by the board. I don’t know what time the announcement was submitted into the RNS system, but the awful truth was that the timing worked out terribly.

So this is an issue of AIM Rules and MAR not allowing enough leeway, supposedly to ensure a level playing field. Except that it didn’t – a select few were able to deal in the auction, but many were not, and so the exact opposite of the intention behind the rule of issuing an RNS without delay when reporting a change of trading was in fact achieved. Perhaps this might be something for the regulators to revisit, for in this case surely the correct thing would have been to announce it at 7am on Monday morning.

As for Victoria, one might ask the Nomad if an extra 10 minutes would really have hurt, so as to avoid the auction, but rules are rules and Victoria has been done up like a kipper in this case.

I would comment that the company does say in its RNS that it expects the situation to be resolved in the short to medium term, and reading the RNS again it seems that the problem is down, amongst other things, to Cameroon government tardiness in paying its bills. So we could find a further RNS not long away which says it is all back on. We’ll see.

But the regulators should take a view on whether the strict application of the rules has had the desired effect. I would say it has not – and, very unfairly, Victoria was hung out to dry.

[fatnacker] 11/1/2018 08:07

Pj as much as I would like it to happen a bid is unlikely at this time. let's keep it real

[pjj71] 11/1/2018 07:53

lets hope the hoover takes us back to the 50s today and a weekend bid at 100p...

[cliffo2] 10/1/2018 18:34

Interesting article, hopefully the money helps them get back on track.

[fatnacker] 10/1/2018 16:58

Cliffo check out the $660million imf loan granted july17, the downturn in oil revenue being sited as the main reason for the current fiscal downturn in cameroon.

[highasakite] 10/1/2018 16:42

Thats just under 12 million shares traded so far this week or 8% of the company.

[highasakite] 10/1/2018 16:02

It is what I have been told.

[cliffo2] 10/1/2018 16:01

HAAK

'Pricing is not an issue'
Yes, I accept that's the way it's being presented.
I'm just not sure that it is entirely true.
Cheers

[highasakite] 10/1/2018 15:51

Cliffo2

As far as I am aware the pricing is not an issue. It is all about ENEO's ability to pay and fund a long term agreement for gas.

[cliffo2] 10/1/2018 15:48

It might have gone something like this:
Customer (government) to ENEO ...'We're really sorry we've not been able to pay you as things are a bit tight at the moment. However, if going forward we can envisage a more 'favourable' energy price we might be able to redress the situation.
ENEO relates this to VOG with projected gas pricing.
VOG (Too low, No deal)
I'm sure it will all get resolved at some point and VOG will do very well out of it.

I'm long by the way, so was never a deramp.
Just drawing attention to the necessities for the management to Duck and Dive in this financial environment, a compliment in fact.

[robbiekeane] 10/1/2018 15:44

Would be slightly embarrassing if there was a power cut during the conference...so one of two things will happen either the Government of Cameroon agree to start making payments or the Chief of Army Staff will hold a gun to the ENEO foreman's head and say "turn the electricity on son"...

[highasakite] 10/1/2018 15:20

well said

isn't the energy conference next month ?

[philippem] 10/1/2018 15:18

Big did the fund raising to cover this. The problem with the Cameron government was flagged 6 months ago as ENEO was unable to pay VOG.ENEO probably signal to VOG it would happen and to prepare for it.ENEO had no choice but to stop producing electricity when it hurt to be paid.Dry season and election year as well as an energy conference next week. Nobody will touch Cameron if it is not resolved.By end of month it will be history and my buy below 37p will come good.

[highasakite] 10/1/2018 14:56

Wouldn't surprise me one bit if ENEO started consuming gas by the end of this week again.

[pjj71] 10/1/2018 14:55

the hoover is still on full suction... next step t/o?????

[highasakite] 10/1/2018 14:54

Can't wait to find out who bought all those shares at 36.5p and 37p over the past few days.

Bowleven ? COC ? RSM ? Cam Government ? ENEO ?

[highasakite] 10/1/2018 14:51

The those that bottled it and sold at 37p,36p,35p,34p,33p shame on you.