Victoria Oil & Gas Share Discussion Threads

[clunes100] 12/2/2018 18:01

On Foo's royalties -they are open ended. A sub committee of the BoD were supposed to resolve this matter and report back to shareholders, but after 18 months we have heard nothing. I was told that no resolution had been found.

What is left for VOG shareholders after:

RSM
FOO
CHL
Government

Plus overheads, taxes and amortisation.

[clunes100] 12/2/2018 17:02

It appears that I am now being stalked by Highasakite on other boards because of what I have said about VOG on this board. I offered not to post on VOG as a form of truce but this was turned down flat.

I freely admit that I swallowed the VOG story and I explained why I was leaving as an investor after a very long time.

Massive debt + significant overheads + significant amortization + royalties + unreliable customers + corruption (as reported) + continued and continued development development costs for the foreseeable future + potential "political issues" + constant delays and problems + insufficient and unreliable revenues = a company that is dead in the water.

If you are still in VOG, seriously think about it, even step out and come back later because further dilution will surely come due to cash burn and even an ENEO contract now is likely to be at a fraction of historical tariffs. What I thought might save VOG (sale of West Med) has not materialised and given VOG's current state and increasing tension with Russia, any deal is likely to be a fire sale. I also wonder what Grynberg will do, will he keep paying development costs, delay payment or cut his losses?

Personally, I think VOG's share price will continue to fall and I would put a fiver on ENEO or the Cameroon government picking up VOG infrastructure for peanuts probably as a result of tying VOG up in red tape. What shareholders will choke on is that Foo will still probably get a royalty and Dik will be asked to be the interim CEO.

[peterpowell21] 12/2/2018 11:39

Its sad to say but this has and still is a disaster.
I can see more of the same coming.
this is just a gamble now, and not a very good one at that.
Foo has managed to get a big placing away to keep his gravy train ticking along.
He has breathing space for a while now so expect no news. In fact hope there is no news because again i can see it not being good.
Just a matter of time before this hits new all time lows imo.
The rampers will say they are still selling the most expensive gas. But they are very small amounts. Any new customers that do come on line seem to only take very small amounts. No the only thing that we all were waiting for,big power has turned out to be
what we expected it to be. So here we are owed $8m for unpaid gas used. And not a big gas contract in sight.
No there are much better gambles out there than this DOG.

[waterloo01] 12/2/2018 11:03

Shocking read if not unexpected. So they owe the govt 8% of their share of now seriously declining revenue and have terrible relationships with the locals and have possible serious environmental issues to deal with. The main and possibly other customers have not paid their bills, but RSM and Foo still get royalties based on sales, not receivables.

The losses will continue to pile up.

So what's to like? They have a lot of accerage (ie costs to explore)but have
found decent levels of flowing gas. Trouble is it's in a country that cannot afford to pay for it. So the option must be to go for LNG, but the cost of building a plant and shipping are prohibitive and the prices not great with an abundance of gas worldwide.

What's the endgame? I personally can't see one where shareholders will see much if any return but who knows, maybe there is a white knight waiting to step in.

[john henry] 12/2/2018 10:29

tgwatwey, thanks for posting. Corruption at the highest level.i will never invest in VOG again, thankfully got out months ago, break even.

[clunes100] 12/2/2018 09:10

Popped into have a look, talk of a takeover is empty talk, a buyer won't swoop until it is sub 10p due to debt burden which is mounting day by day. The only hope is a West Med sale and ENEO contract, but the former is unlikely to be sufficient as any buyer will know it is a fire sale.

If I was into shorting, I would short VOG. My move to RRR now looking inspired especially as they are due more than half their market cap back in cash with no debt in the next few weeks.

Now feel that Foo was overly ambitious and self serving all along or just delusional, the trouble is we fell for his story.

I'll pop in again around 15p to see what's up.

[tgwatwey2] 11/2/2018 18:18

this dos not make a good read

hxxps://100r.org/2018/02/cursed/

[temmujin] 11/2/2018 16:43

do you think the cameroons hate the word 'victoria'? it wasnt too long ago the british establishment were having them has slaves..not the best choice of name is it?

[peterpowell21] 11/2/2018 16:38

shakin

That placing was always coming.
If you look at the news that was suppose to be coming it looked a no brainer to buy in. But as usual none of the good news we were led to believe was coming came. in fact it all turned out to be the complete opposite. but hell they got there placing and OO
away, thats what matted to foo and co.

I also blame the rampers on here that basically hid the fact that ENEO had not paid there bills from months before. There was a complete none posting about this fact, just the usual ramping.
I think that in time we will find out a lot of that placing money has gone to the over run costs of LA7 AND LA8.
But saying that i dont think FOO has done any think more than any other chairman on AIM. But he is the man that all chairmen most likely look up to and aim to emulate.

[shakin not stirred] 09/2/2018 22:51

Sorry to say the FSA should be investigating every aspect of this company and the withholding of share sensitive info ( eneo not paying bill) before the last 57p fund raise.Surprised that no legal firm has looked into a class action against Vog on behalf of all that bought shares at 57p. I did not buy but would like to see Foo and co held accountable IMHO.

[peterpowell21] 09/2/2018 17:03

tem

its a pipe dream, never going to happen just let it go.

[temmujin] 09/2/2018 16:55

peter..the chinese are desperate for gas..all vog need to do is covert the gas to lng and fill up a few tankers and vog are quids in...

[barony] 09/2/2018 16:24

mstaub filtered. Can’t even spell here - not as in in listening/hearing something.p

[peterpowell21] 09/2/2018 15:32

Can i suggest you buy some Vast at 0.55p.
You can waste what you make buying more of this dog in the 20p range then.
A win win for you.
AIMO. I give you this tip for free.

[peterpowell21] 09/2/2018 15:10

tem

More chance of going bust than a take over.

This dog has nothing going for it.
Its finished, they just had there last chance and blew it again.
Ignore the capex, it's the turnover that matters.
Would you buy something that does not make money, your main supplier dont pay there bill,and the debt is growing daily?

[temmujin] 09/2/2018 13:57

takeover possible at this price... 0.8p in old money?

[temmujin] 09/2/2018 13:56

well i bought today at 33.75p... this is my last buy

[peterpowell21] 09/2/2018 12:53

specul82

its just the deluded grasping at straws.
I just hope foo don't read these boards and start thinking he should be talking about this dream.
Vog will be long gone before that dream would be finished even if they started years back.We are just waiting for the last rights to be said here now.
You always get a few that are always in denial.
Even when the soil is being thrown on the coffin some will still think its not the end.

[peterpowell21] 09/2/2018 12:15

SO the oil price is falling and VOG will follow it.

Some one once said that if foo never had bad luck he would have no luck at all. lol.
The thing is Foo is a clown running a company he has not got a clue about.
Who spends $70m+ on wells when the main company who you were doing the wells for was not paying there bills. No pre contract or MOU.
Just goes to show he has not a clue.
Into the 20p range very soon, testing all time lows.

[specul82] 09/2/2018 12:13

Tell me then how do they find the billion dollars for a lng plant and 5 years to build

[specul82] 09/2/2018 11:55

Tell me then how do they find the billion dollars for a lng plant and 5 years to build

[neo26] 09/2/2018 11:48

Vog will probably need raise, with sales halving and the debt they have.Really dissapointed the way eneo and govt treated us.

[mstaub] 09/2/2018 08:19

VOG to start exporting LPG direct to China you heard it hear first.