mad_chick
24 Dec 2018
Good news- Logbaba is up and running At long last! Buying may be muted due to need for financing at some point soon, but at least they should be able to get it now. A nice Christmas present.
Totally_Wired
24 Dec 2018
Good news- Logbaba is up and running 24 December 2018 Victoria Oil & Gas Plc Renewal of Long-Term Gas Supply Contract with ENEO Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to announce that its wholly owned subsidiary Gaz du Cameroun S.A (“GDCâ€) has signed a binding term sheet with grid power provider, Eneo Cameroon S.A. (“ENEOâ€), to resume gas supply to the Logbaba 30MW Power Station. Highlights: · Gas supply and power distribution commenced 22 December 2018 · 3-year contract term · Peak quantity delivery of 6.1mmscf/d to be made available to the ENEO site · Minimum base load 80% (4.9mmscf/d) of peak quantity “Take or Pay†throughout the year · This contract will increase current daily average consumption by more than 100% to approximately 8.8mmscf/d · Gas price range from $6.75 to $6.95 per MMBtu over contract term The Board is pleased to confirm that a binding term sheet was signed on 21 December 2018 between GDC and ENEO for the resumption of gas sales. Simultaneously, ENEO has entered into an agreement with Altaaqa Alternative Solutions Projects DWC-LLC (“Altaaqaâ€) for the provision of their gas-powered generation units (“Gensetsâ€). Gas export and power generation began on 22 December and build-up to the full 30MW supply is progressing well. Terms of the Agreement Under the revised terms, gas will be supplied to ENEO’s 30MW Logbaba Power Station. The peak quantity requirement equates to 6.1mmscf/d gas consumption from GDC. The initial gas sale price of $6.75 per MMBtu will increase over the three-year term of the agreement by $0.10/MMBtu on each anniversary of the effective date of the agreement. The original contract with ENEO contained a seasonal minimum take or pay element of 90% during the January to June dry season and 30% during the wet season July to December. The take or pay element of the contract has been amended to a minimum base load level of 80% throughout the entire year, which equates to a minimum gas supply of 4.88mmscf/d. The average daily consumption of gas for GDC during 2018, prior to recommencing supply to ENEO was approximately 4mmscf/d, so the Logbaba production more than doubles current daily average production to more than 8.8mmscf/d. The parties are committed to executing Fully Termed Agreements and providing appropriate payment guarantees by 31 January 2019. ENEO has expressed their intention to increase power generation levels to include an additional 20MW from its Bassa Power Station in due course and they, and other IPP’s, are evaluating additional power supply options to meet the electricity shortfalls that the city of Douala continues to experience. The Company commented: "We are delighted that GDC has renewed its contract with ENEO and has quickly resumed gas supply to the Logbaba Power Station in Douala. Whilst the situation in 2018 has been a challenging one for all involved, the management team remained confident that a resolution would be reached. We wish to thank the Government of Cameroon, Ministry of Water & Energy, Eneo Cameroon S.A, Société National de Hydrocarbons (SNH) and His Excellency the President for entrusting GDC and Altaaqa with such an important project for the Republic of Cameroon and its people. The new contract provides GDC with a stable three-year deal that immediately doubles daily average gas sales, whilst also offering a platform for further opportunities with ENEO, notably at their 20 MW Bassa Power Station in Douala. With the resumption of the ENEO contract, the Company is in a strong position for growth during 2019. GDC 's significant reserve base and position as the only onshore gas producer in Cameroon provides a unique opportunity to produce more power in the region for the benefit of both the Company, and the people of Cameroon. The management team has worked hard over the last 12 months to successfully diversify the product base and increase the number of clients and will continue to focus on this initiative."
mangeli
23 Dec 2018
Good news- Logbaba is up and running Just heard from my same source that the Bassa power station is not happening. The gensets have gone but Logbaba is 30mw so doubling production overnight. This source of mine has stated it’s a real step in the right direction so we should be greatly enthused by this. Yes Bassa hasn’t come in but with the CNG/Naturelgaz project coming on stream next year there is plenty to be confident about. We can enjoy Xmas with a spring in our step!
mangeli
23 Dec 2018
Good news- Logbaba is up and running I’ve found out from another VOG investor that last night the Logbaba power station was now taking gas. Hopefully ENEO will get the Bassa power station up and running soon. No info on the contracts signed. Hopefully the share price will shoot up significantly!
mangeli
20 Dec 2018
General Interest Its starting to not look good now. We’re looking at another placing. Who in their right minds will buy. A penny, or should I say a share in VOG, for anyone’s thoughts.
mangeli
29 Nov 2018
General Interest I just re-watched the two proactive investor videos from August and October. We are now coming to the end of the year. Do VOG have enough cash? Foo said that they have enough till the end of the year but what about next? And ENEO is becoming distant.
Totally_Wired
21 Nov 2018
General Interest Interesting article pertaining to VOG/GDC in many ways: How emerging markets in Africa can transform utilities through disruptive technology. By Yvonne Andiva - Last Updated: Nov 21, 2018 The entire installed generation capacity of Africa’s 48 Sub-Saharan countries is just 68 gigawatts, no more than Spain; this is according to the Africa’s Infrastructure report conducted by the World Bank. Up to one-quarter of that capacity is unavailable because of aging plants and poor maintenance. In Sub-Saharan Africa, just one person in five has access to electricity. If current trends continue, fewer than 40% of Sub-Saharan African countries will reach universal access to electricity by 2050. Per capita consumption of electricity in Sub-Saharan Africa (excluding South Africa) averages only 124 kilowatt-hours a year and is falling. The rate of consumption is barely 1% of that in high-income countries. If entirely allocated to household lighting, it would hardly be enough to power one light bulb per person for three hours a day. Marleze van Loggerenberg who is the Head of Business Development Africa at Wipro Limited, had an exclusive interview with Construction Review on how emerging markets in Africa can transform utilities through disruptive technology. She recently attended the Sub Saharan Africa Power Summit in South Africa which according to her was a very eye opening summit. What stood out for her was that in attendance were various African countries including South Africa, the senior decision makers from the IPP, PPP and National Power communities across the region. Also, how people came together to discuss the challenges that Africa is facing and trying to find solutions around it and the real time interactions among the people was very successful. [link]
Totally_Wired
20 Nov 2018
Exclusive Compressed Natural Gas ("CNG") partnership Global Investment Holdings (Naturelgaz) have updated their website regarding the VOG agreement: Partnership with Victoria Oil & Gas Plc Naturelgaz has entered into an exclusive agreement to partner with Gaz du Cameroun S.A. (GDC). Gaz du Cameroun is a wholly-owned subsidiary of Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor and listed on the AIM market of the London Stock Exchange under the ticker VOG. The purpose of this long-term partnership will be to: Design, build and operate compressed natural gas (“CNGâ€) infrastructure and solutions for customers who need mobile energy, initially in GDC’s home market of Cameroon with the intention of rolling this out into other African countries. Market CNG products, including bulk CNG and gas-to-power to industry and businesses which require reliable off-grid / off-pipeline energy solutions, as well as Auto CNG for alternative mobility solutions. Phase 1 agreed between the parties is a 2mmscf/d (21mscm/y) CNG plant and customer distribution project currently in design stage. About Victoria Oil & Gas: Victoria Oil & Gas Plc (“VOG†or “the Companyâ€) is a fully-integrated onshore gas producer and distributor with operations located in the port city of Douala, Cameroon. Through the Company’s wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDCâ€), VOG delivers gas via a 50km gas distribution pipeline network to a range of major industrial customers. Since spudding its first wells in 2010, the Company has grown to become the dominant player in the Cameroon onshore gas market, primarily through the 57% owned Logbaba gas project. GDC is partnered on this project with RSM Production Company (“RSMâ€), and Société Nationale des Hydrocarbures (“SNHâ€), who have holdings of 38% and 5% respectively. Subject to government approval VOG will extend it acreage over the highly prospective Douala Basin with the addition of the Matanda license area. Victoria Oil & Gas is listed on the AIM market of the London Stock Exchange under the ticker VOG. From the Global Investment Holdings site: [link] From the Naturelgaz site: [link]
Totally_Wired
13 Nov 2018
General Interest Gas to overtake coal as world’s second largest energy source by 2030 - IEA LONDON (Reuters) - Natural gas is expected to overtake coal as the world’s second largest energy source after oil by 2030 due to a drive to cut air pollution and the rise in liquefied natural gas (LNG) use, the International Energy Agency (IEA) said on Tuesday. The Paris-based IEA said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements. Global gas demand would increase by 1.6 percent a year to 2040 and would be 45 percent higher by then than today, it said. The estimates are based on the IEA’s “New Policies Scenario†that takes into account legislation and policies to reduce emissions and fight climate change. They also assume more energy efficiencies in fuel use, buildings and other factors. “Natural gas is the fastest growing fossil fuel in the New Policies Scenario, overtaking coal by 2030 to become the second-largest source of energy after oil,†the report said. China, already the world’s biggest oil and coal importer, would soon become the largest importer of gas and net imports would approach the level of the European Union by 2040, the IEA said. According to Reuters calculations, based on China’s General Administration of Customs data, China has already overtaken Japan as the world’s top natural gas importer. More via link [link]
mangeli
11 Nov 2018
General Interest Thank you Totally Wired
Totally_Wired
09 Nov 2018
General Interest mangelin, if you look at the VOG website it shows holders above 3% (updated July 2018). [link] Also, SNH ( Cameroon Government controlled) have a 5% Participation Agreement: [link] SNH website (recently updated): [link]
mangeli
09 Nov 2018
General Interest Does anyone know off hand if there are Cameroonian financial institutions that have invested in VOG? It would be great to know if there are any domestic interested parties in VOG too.
Totally_Wired
07 Nov 2018
General Interest Cameroon: Newly elected head of state Paul Biya takes oath and sets course for Sept. 2018-2025 Wednesday, 07 November 2018 (Invest in Cameroon) - Re-elected after the presidential election of October 7, 2018 with 71.28% of the vote, Paul Biya, the head of state of Cameroon, was sworn in Parliament on November 6, in Yaounde. After having made a solemn commitment to exercise the presidential office, Mr. Biya delivered a speech setting his seventh term of office for the period 2018-2025. " We will continue our structural reforms to strengthen our fiscal balance and strengthen the sustainability of our debt. Sound finances are indeed the condition of the attractiveness of an economy and, therefore, its ability to host investments. "Said the President of the Republic. Paul Biya said he will develop sectors of the economy that can significantly reduce imports of goods and services. Moreover, he urged the government to carry out a true “agricultural revolution†by modernizing the means of production and further transforming agricultural products. This should go hand in hand with the provision of new equipment, storage warehouses and access roads. The state will continue, according to Mr. Biya, to exploit all the available sites and waterways in order to make Cameroon, a major electricity producer in the continent. In the same way, the State will continue to develop transport infrastructure (roads, ports, airports) for the benefit of the Cameroonian economy but also, to facilitate communications with neighboring countries. Paul Biya made a personal commitment " to promote the revival of economic growth, creating jobs, especially for young people, and likely to improve purchasing power; to promote the role of women in our society; to facilitate the social integration of young people by further developing our education system, at all levels and with a focus on professionalisation; to fight against exclusion, in particular by better protecting people with disabilities ". During the current seven-year term, the Head of State promised to strengthen the health system, opening new hospitals and finalizing an effective social security system; to promote a social housing policy worthy of the name; enhance the cultural heritage. Not to mention, finally, to give the sports sector the support it deserves, so that the efforts made to host the African Cup of Nations (CAN) 2019 receive their just reward. [link]
Totally_Wired
06 Nov 2018
General Interest Large hydropower dams ‘not sustainable’ in the developing world By Matt McGrath Environment correspondent 5 November 2018 A new study says that many large-scale hydropower projects in Europe and the US have been disastrous for the environment. Dozens of these dams are being removed every year, with many considered dangerous and uneconomic. But the authors fear that the unsustainable nature of these projects has not been recognised in the developing world. Thousands of new dams are now being planned for rivers in Africa and Asia. [link]
