Victoria Oil & Gas Share Discussion Threads

[astorcourt] 06/10/2022 18:41

Zengas tipped these up in the good old days

[sparty1] 06/10/2022 10:12

"Victoria Oil & Gas Plc, whose wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, provides shareholders with a brief update on operations and corporate matters.



Logbaba

Gas production continued in July & August at strong levels of above 5.5 MMscf/d, including the usually slower month of August, which was 10% up on last year.



Matanda

Well site and access road civil works preparations continue with the primary focus on community engagement along the access road whilst contractors wait for the rainy season to come to an end. We have not yet been able to conclude a contract on acceptable terms with the rig owner of the Chad-based rig mentioned in earlier publications, so the Company is pursuing an alternate from the tendering exercise. The Company is still seeking a partner to share the cost and risk of the commitment well.



La-108 Insurance Claim

The Company continues to pursue the insurance claim for the well control incident that occurred in March, 2017.



RSM Litigation

Following the Partial Final Award in April and the Addendum in July, the Company continues its settlement discussions with RSM, including recent face-to-face discussions in the U.S. Such discussions have been cordial and constructive, and a framework for settlement has been proposed with a view to signing a term sheet this month, though there can be no guarantee of concluding this or subsequent legal documentation leading to an agreement. Meanwhile the parties, who are partners in the Logbaba project, continue to work together to maximise the value of the Logbaba field.



Consultant Litigation

The Company is in dispute with a former consultant (the "Counterparty") regarding whether any remuneration is due for services allegedly provided in Cameroon from 2010 and directed at obtaining various licences and authorisations for the Company. This matter was first disclosed in the Annual Report and Accounts for the year ended 31 December 2016 ("2016 Accounts").



In the 2016 Accounts, the Company reported that certain commercial royalties were subject to legal proceedings ("2017 legal proceedings") which were initiated by the Company. The 2017 legal proceedings included a substantial counterclaim advanced against the Company. In 2019, the Company elected to withdraw its 2017 legal proceedings due to the apparent financial weakness of the respondent, as he was unable to pay his share of the deposit requested by the ICC ahead of the arbitral proceedings. Consequently, the counterclaim was not pursued by the Counterparty at that time.



In February 2021 the Counterparty initiated an ICC arbitration claim against the Company ("2021 legal proceedings") in respect of the same subject matter and therefore in substantially the same terms as the counterclaim in the 2017 legal proceedings. In defending the 2021 legal proceedings, the Company noted that once again the Counterparty appeared to be unable to pay his share of the deposit on the dates prescribed by the ICC. The Counterparty was therefore at risk that the 2021 legal proceedings would be struck out. The Company notes that payment of the Counterparty's outstanding deposit was made, and the virtual arbitration took place last week. The arbitration ruling is currently expected before the end of the year.



Arbitrations under the ICC Rules are subject to data protection and are confidential processes, so VOG is not permitted to provide details or comments on the issues beyond saying that it considers the claim against it in the 2021 legal proceedings to be without merit and that it continues to vigorously defend the claim. The amount under dispute in the arbitration is potentially significant such that an adverse finding could have a material impact upon the position of the Group.



Suspension

Owing to the financial uncertainty created by the ICC Award against GDC, the Company's shares were suspended from trading on AIM as announced on 4th April 2022. The suspension of VOG's shares remains in place whilst the Company attempts to finalise a settlement with RSM as noted above. A further announcement will be made later this month to update shareholders.



Funding

Until there is resolution with RSM, the Company is unable to raise funds via the equity markets. In addition, given the debt level and material uncertainty with respect to the ICC Award, it is practically impossible for the Company to raise debt financing. The parent company is therefore currently wholly reliant on internally generated funds, the receipt of which vary in quantum and timing. As a result, the financial position of the Company is precarious. The Company remains in regular communication with its creditors, including one of its major shareholders and loan note holders, Hadron Master Fund, whose Loan Note was due for repayment in April 2021 and who remains supportive of the management team's efforts to resolve the financial situation of the Company and has re-confirmed its support as previously announced in May 2022.



For further information, please visit www.victoriaoilandgas.com or contact:



Victoria Oil & Gas Plc

Roy Kelly/Rob Collins Tel: [phone]"

[pjj71] 06/10/2022 09:46

hxxps://www.nature-wrap.com/our-team/

Anyone for this IPO??


More importantly is FOO making a movie of his ponzi scheme:

hxxp://mhf.helixfilmsinc.com/meettheteam.html

Now we know where all the money went!!!

[dusty101] 05/10/2022 19:57

Well it’s not dead yet. Written with a bit of up beat, common sense need to prevail here. It’s more than likely that a deal will be agreed, suitable to RSM, and then Vog can plod on. Personally I’ve wrote my investment off and I couldn’t give a toss on the outcome as long as Foo doesn’t benefit. Fortunately I’ve got his address, hehehe. What goes around comes around.

[pjj71] 05/10/2022 09:56

no doubt foo will buy all the assets from liquidation in a 'closed auction' for 50p... nice work if you can get it!!!

[blakieboy7] 05/10/2022 09:32

Another RNS to follow later this month

[biggie3] 04/10/2022 11:51

Same here, €200k

[dusty101] 04/10/2022 10:28

Dead. Dead as a Dodo 😂. Really need a miracle here otherwise my £130k will be worthless.

[sparty1] 04/10/2022 09:44

Surely today is "D" day.

Deliverance?.....deferred/delayed? or ....de listed?

[iceagefarmer] 04/10/2022 05:30

i remember when foo said vog was insanely undervalued at 4p in old money or 160p now

[dannythelark] 03/10/2022 22:29

Once a horse thief always a horse thief ain't that right Kevin Foo? You thieving brastard!

[sparty1] 03/10/2022 17:23

LOL
You only post regularly when the share has a value and can be pumped.Suspension must be agony.
The poor shareholders here have not got long Fenn. Permanent removal /delisting / awaits..The longer you leave it the more obvious it looks that the company is desperate.

[spartac1] 03/10/2022 14:59

Soon,Don't be so impatient

[biggie3] 01/10/2022 05:56

01/10, dead-line 04/10
Tick tock.. tick tock.. tick tock..

[sparty1] 30/9/2022 13:33

sleveen...no no! trust Fenn...Roy of the rovers Kelley will ask for a stay of execution/extension..You can be sure of that because that way ROY or (NED) Kelley gets to keep earning for a few more months....and it gives him time to sell West Dead!


lololololololololololololololololololololololol.

Dil 21
I think he might enjoy that. He is a masochist after all...