Share Name Share Symbol Market Type Share ISIN Share Description
Victoria Oil & Gas Plc LSE:VOG London Ordinary Share GB00BRWR3752 ORD 0.5P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.25 -5.0% 4.75 284,839 15:02:40
Bid Price Offer Price High Price Low Price Open Price
4.50 5.00 4.75 4.50 4.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 15.70 -84.42 -36.34 12
Last Trade Time Trade Type Trade Size Trade Price Currency
15:58:24 O 363 4.625 GBX

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Victoria Oil & Gas Daily Update: Victoria Oil & Gas Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker VOG. The last closing price for Victoria Oil & Gas was 5p.
Victoria Oil & Gas Plc has a 4 week average price of 2p and a 12 week average price of 2p.
The 1 year high share price is 8.02p while the 1 year low share price is currently 2p.
There are currently 257,067,218 shares in issue and the average daily traded volume is 959,614 shares. The market capitalisation of Victoria Oil & Gas Plc is £12,210,692.86.
speny: To do a fund raise at 10p+, they will need to issue some very good news between now and attaining a share price of above 10p. The question is with all the past failures, who is going to be willing to risk pumping £10m into vog?
appychappy: Higher than 20p..... AKSA alone is worth around 10,000,000 profit per yr to VOG: 25mmsfd = 25,000 x $6.75 = $168,750 x 0.7 (70% take or pay) = $118,125 x 365 days = $43,115,625 x 0.57 (Nett to VOG) = $24,575,900 x 0.5 (50% tax & royalties) = $12,288,000 / 1.33 = £9,239,100 profit to VOG per year (More now as CHL royalty is still factored into these figures)......
cojones: 2p would be amazing but it'd better get there fast for you as once AKSA is connected to vog the share price will be more like 20p ;)
speny: rayfenn- you posted the below earlier in regard to the royalty shambles. Why will taking a part state owned African company to court in Africa be any different? Surely if we have to take eneo to court, that too could potentially finish vog off as you say? I feel if we are going to receive anything from eneo, it needs to be before going to court, as I don't fancy a British company getting a results against a part state owned African company in an African court. Please tell me my concerns are misplaced! "This dispute could have finished off VOG. Any court action would have been years down the line and the legal costs to VOG would have been huge. Also Directors would have wasted a lot of time on this."
dusty101: Anyway as I said yesterday. So much for Vog tackling Foo’s royalties scam. Ok they have cut it short and longterm costs but still a massive payoff. £12.5 million ffs. So Foo basically conned the shareholders so they took all the risk. Paid suppliers in Vog shares, paid his own royalties in cash, unproven drilling company used but no idea of ownership, Foo’s family members taking payments apparently, paid himself and Dik over the top wages but within the industry guidelines ( you’d think Vog was bloody Shell on what they paid themselves). This list is endless. You would have thought that after turning £300 million or more in to a low of £5 million tin pot calor gas company an inquiry would be certainly on Vogs list to do. Foo should be paying £100,000 minimum a month to Vog not Vog paying him. Maybe dannythelark will get some answers in time. Anyway rant over, let’s see if Roy can wave his magic wand and start selling some more gas.
rayfenn: hxxps:// Victoria Oil & Gas VOG announce the Settlement of litigation with CHL and the termination of the CHL Royalty Agreement this morning, on a long to-do-list for the new CEO and CFO these are meaningful announcements. The former shows an agreement to cease all legal action and the latter to cancel the CHL Royalty Agreement. The deal brings ‘valuable net revenue income’ to GDC on a monthly basis from December 2020 and avoids significant legal costs as well as giving the management ‘the opportunity to focus on value added activities’. The settlement amount of an aggregate $12.5m can be paid out over ‘many years or sooner without penalty’ which is an impressive settlement by any yardstick. Well La-108 Remediation and Initial Testing The company has confirmed that after the well was effectively broken, much work was needed to repair it, problems were compounded by the fact that due to COVID-19 the ability to get spare parts was significantly impaired. Despite that the over-pressured well has been fixed after some three fishing operations, an unambiguously positive result, indeed the company leave it as ‘the full potential of the well is highly likely to exceed the capacity of the plant, which is 20 MMscf/d’. Commenting today Roy Kelly, CEO of VOG, said: “The two items addressed in this RNS hopefully demonstrate that the Company is proactively and decisively dealing with intractable legacy issues. Firstly, the settlement of this long-standing legal dispute removes financial uncertainty and ongoing costs which could have run to a final hearing in 2022, with potentially negative consequences. The termination of the CHL Royalty Agreement as part of the Settlement is a considerable benefit to shareholders in terms of future cashflow. Without the distraction of expensive legal proceedings and the considerable drain on management resources, we can now focus on value accretive activities. Lastly, we are extremely pleased to have safely remediated La-108 and to have tested it at excellent flowrates. The complexity of this project in a deep, high pressure well was exacerbated by the remoteness of our operation meaning lead times for spares or new equipment can be several weeks or months as there are no other upstream onshore operations in the country. This took meticulous planning and execution by the team and its subcontractors. As to the additional gas sales potential this well provides, we maintain a “hopper” of additional gas sales opportunities, including new and existing customers, power and thermal use, and we will now pursue these earnestly”. I have quoted the CEO’s comments in full in order to try and create the impression of quite how much work is going on and how successful these two separate operations have been. Crystallising and identifying the CHL litigation could on its own have saved VOG which has been borderline terminal in recent months without this work. With regards the well, it is clear that the operations have, despite incredibly difficult conditions also been a game-changer. The new-ish team has a mantra ‘don’t complain, just deal with it’ which seems to be working and whilst they would themselves admit that there is still much to do this seems to me to be a very real milestone in the recovery of VOG.
dusty101: Well the share price held today. Thought it might dip on next to nothing reported that we didn’t really know. According to the other site(iii) Roy’s off to Cameroon to do some negotiating (begging) with Eneo and others. Eneo have Vog by the balls at the mo so let’s see how many rabbits he can pull out of his magic hat. Negotiate with Eneo, new contract and payment terms. Get paid up by Eneo and then sort out Aska, ie Power Station contract. This time next year Kevin Foo we’ll all be millionaires you cxxt.
dusty101: And to think Vog was valued around £250 million when they started the project with just the land in Cameroon. They now have paying (some) customers, gas/pipes/plant infrastructure covering the industrial areas, etc etc. Spent around £300 million to get to this stage and yet it’s now valued at around £8 million. Corruption right from the start. How on earth did the city boys value Vog so high right from the start. Looking at Vogs history the peak share price would be over £100.00. Yes you have to allow for dilution (and lots of it by the looks of it) and consolidation but to raise all that money on what. Over hyped. Less than 2 years ago this was over 35p, same amount of shares, same customers if not one or two more. Ok Eneo not paying, but once they pay up and agree a new contract and possibly Aksa sign up then what value. Foo was corrupt as f uck, this company has been a dog to most investors. But not a dead dog yet.
rayfenn: MALCY TODAY: Victoria Oil & Gas A Q2 operational update from VOG today, daily average sales of 4.6 mmscf/d of natural gas and gross 3,548 bbls of condensate resulting in net revenues of $6.8 million (Q1 20:$5.3 million). Following the termination of the ENEO contract GDC have moved fast and already replaced over 30% of the lost volume and at a higher price margin from existing customers and at least two new customers expected to be tied in within the next three months. This already represents over 50% of the revenue lost by the termination of the ENEO contract. Reserves at Logbaba have been reduced as there are no plans to drill further wells at present but it is worth noting that overall, large, in-place resource estimate remains unchanged, and the revised 1P Reserves, without additional drilling, still provide for several years of supply with or without the grid power demand. Also, following an extensive prospect evaluation and de-risking of the Matanda Licence, management has materially increased its estimate of Prospective Resources for the Onshore part of the Licence, which is contiguous with Logbaba. I have for a long time tried to find a way of getting a decent valuation of Matanda into the VOG numbers, it seems like this may be not far away. Finally, the company declare that they are ‘encouraged217; by the unsolicited interest in the SGI asset. The news from VOG is getting better and the arrival of new CEO Roy Kelly has coincided with realism and restructuring across the company. It has been a painful and unprofitable time for shareholders over the years and VOG has had more lives than your average mog. But the shares havent moved far from the year’s lows and the market cap leaves change from £10m, on that basis I would think that VOG should at least revisit levels previous levels, after all a 50% retracement from the August ’19 high does double the share price…
rayfenn: MALCY TODAY: Victoria Oil & Gas It had to happen, VOG has announced the termination of its agreement to supply gas to ENEO not before time in my opinion. GDC has continued to supply natural gas to ENEO through thick and thin since 2015 despite their poor payment record and repeated requests in writing and in person to settle the ‘burgeoning debt’ which now stands at $16m ($9m gross to GDC) at the end of June. There has been no fully termed agreement, and payment guarantees that were due to quickly follow the binding December 2018 term sheet have not been forthcoming which is an ‘untenableR17; situation. Accordingly, GDC served a notice of Event of Default on ENEO pursuant to the signed binding term sheet on 2 June 2020, which included a 30-day remedy period which has now expired. As a result of this GDC has had no alternative but to terminate the GSA ‘with immediate effect’. GDC is now ‘rigourously’ pursuing what is now an unpaid debt through the legal channels and includes a penalty payment of 3 months of fees as per the signed term sheet. It is worth noting that ENEO is majority owned by Actis LLP (51%), a London based investment company, with the Government of Cameroon owning 44%, and its employees owning the remaining 5%. As for where VOG goes from here I was fortunate to have a lengthy interview with Roy Kelly the new-ish CEO yesterday and we touched on a number of key points. Firstly it is worth noting that whilst ENEO is the highest off-taker when it is online,it pays ‘by far’ the lowest gas price amongst VOG’s large customer base. Increasing non-ENEO clients will not take as much in the way of sales to make up the difference and the management team has clearly put a great deal of thought into the changed model. ‘The board of VOG has been reviewing strategy in light of the continued non-payment by ENEO and possible termination. The Company’s strategy going forward will be to seek out replacement revenue in two phases: Phase 1 is to increase supply to existing customers, increases that can now be addressed as they are not reserving molecules for ENEO. Phase 2 is connection to maybe new, high value, privately-owned, credit-worthy customers, near our infrastructure and followed by ‘similar customers in clusters requiring more capital to tie-in.’ I have been able to visit VOG in Cameroon and seen its client base in Douala, it is a sophisticated, mainly high end group and takes gas for thermal and power uses and as with the country in general there is a growing demand for power particularly out of the hydro-electric rainy season. GDC is the only onshore gas supplier and in my view it will be, at least in some times of the year the go-to gas company for guaranteed supply and attractive pricing. The company also has worthy ‘green’ credentials, Logbaba has been for over 8 years displacing liquid fuels + displaced liquid fuels such as HFO which is largely imported and would be twice the price of GDC gas, dirtier and much more harmful to the environment. Also VOG is not all about Logbaba, the company operate adjacent and contiguous Matanda, they are also pursuing other nearby opportunities and of course still have the discovery in YaNAO, FSU in the heart of the oil industry there which has attracted potential attention. Clearly the current situation had to change one way or another, I am convinced that Roy Kelly was hired in March in order to take some decisive action and this has most certainly happened. Why sell the gas with the lowest margin molecules to a customer that has continually not paid when smaller and medium size clients are available. It may be that in phase 2 GDC can offer capital investment in kit for clients and help them tie-in the company’s gas thus fulfilling the target to increase the higher margin sales. So far so good, I have concluded that after many years of looking at VOG things are now changing and may be worth one more glance, it is after all a high growth, potentially high margin market with or without ENEO. I will leave the final word to Roy Kelly, CEO.
Victoria Oil & Gas share price data is direct from the London Stock Exchange
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