Victoria Oil & Gas Forum

Another overpaid snout in the trough. Why?

Are we moving into Nigeria? [link]

It's almost criminal what has happened with VOG, I see he got rid of grant I wonder how much that cost us or will he come back as an advisor. Nobody can get to the bottom of anything with this company. Private investors have been sold down the river by FOO I have lost a fortune on the old broken promises it seems everybody is taking a slice of the pie so how can they make money. Grimm has his 40%Foo has his 5% Cam govt have their 5% what's left for the investors that took all of the risk. I know exactly what I am going to vote at the AGM no matter what rabbit FOO pulls out of the hat it will just be smoke and mirrors.

VOG, the money pit for investors and cash cow for directors.

Hi VOG investors. I've popped in to offer some sympathy. I know your woes and the fact that most of you are licking your wounds after being duped by Chairman Foo and his leadership. Each one of you poor souls should be sitting pretty looking at bundles of twenties or a carpet strewn with Krugerrands. I had had enough. So I followed George Soros into gold. Am up about 40% in 2 weeks. VOG, in contrast can still go down. I would not touch the stock above 20 p. If creditors to VOG make a margin call in adverse market conditions, VOG could halve in price. I wish all you brave souls well, and hope my fears do nor materialise.

Tell me does anybody know if Grimm is getting his cut from the well head is Foo charing him to use our pipeline?

Shelve any bonus plans until the all investors Foo has duped over the last 9 years have been fully reimbursed, that would in my case require a share price of £2.25p.

I feel obliged, yet again, to fire a broadside into the leadership at VOG. Speculative buy ratings by Beaufort and Numis Securities have been repeatedly rebuffed by the market, as have "Presentations" and gobbledegook composed of technical detail and the despair of micro-economics. The Market, in contrast, is not easily fooled. It takes a "heli-view" (the big picture) of past, current and especially future operations. Whilst the production arm of VOG in Cameroon appears to be thriving, exploratory wells are steeped in uncertainty and are draining resources. The prospect that VOG will then go on to service other developing gas projects throughout Africa is impractical and parlous, as its financial base is far from secure. Small but costly layers of management doing I don't know what, clearly does not help. Information flow is often late and obscure. Reports must be clear and to the point. The Market can smell subterfuge in any of its forms. Any attempts to dress her up and present her as something she is not, will be laid bare.VOG gets a thumbs up when the doctor (The Market) writes VOG a clear bill of health, which will be a sustained significantly higher share price from her current range. My naval guns remain trained on VOG!

Beaufort's note out this morning: "VOG performed strongly in the seven months ended 31st December 2015, with robust revenue resulting in its first profit. Gas sold during the period nearly doubled, supported by solid demand in Douala, Cameroon and the surrounding areas. VOG’s robust operating cash flows have helped it lower debt levels. The acquisition of 75% interest in Matanda block would help the company to further enhance its position in Cameroon; the area is 60 times the current licence area of Logbaba and is estimated to hold P50 gas-in-place volume of 1.8 tcf and 136 mmbbl of condensate. The funding received after the reporting period would allow Gaz du Cameroun (GDC) to complete its 2016 capital expansion programme without recourse to any equity funding. Going forward, VOG aims to increase profit for 2016 by increasing revenue and reducing operational and corporate expenses. We are encouraged by the company’s progress and anticipate further positive developments. Therefore..." - it's out on Research Tree

Chairman Foo is not exonerated from the parlous state he has left VOG in, when VOG should be awash with cash and investors fighting to buy stock. VOG needs to consolidate her trump card as producer, and not lose her way by involvement in exploratory wells and that hair-brain notion of partnerships with other junior gas field which are about to turn producer. Such projects will bleed VOG dry. Equally unhelpful are the distorted remuneration packages sequestered from the company, especially when the SP is languishing.How many more investors are there going to be led up the garden path by Foo and his Board. They need to get it right, or do the right thing and resign. Further, it is about time that investors in VOG should be rewarded, without excuses. How many more years will Chairman Foo and his lieutenants keep honest and hardworking investors waiting?