Victoria Oil & Gas Live Discussion

Totally_Wired 12 Feb 2019

General Interest British Deputy Commissioner to Cameroon Inaugurates Agrocam CHP Plant in Douala February 12, 2019 Clarke Energy were honoured to have the British Deputy High Commissioner to Cameroon, Mrs. Sharon Ganney, inaugurate a recently opened combined heat and power (CHP) plant installed at Agrocam in Douala, Cameroon. The inauguration was followed by seminar held by Clarke Energy’s operation in Cameroon on the subject of “Energy Efficiency and Cogeneration in the Industrial Sector.” Clarke Energy installed the Jenbacher J316 engine at Agrocam’s leading poultry hatchery to address the fundamental challenges related to long-term power outages, which have a great impact on poultry breeding in Cameroon. Agrocam had previously used a diesel generator as backup to the grid to ensure routine operation of its hatchery, which proved to be costly given the prolonged hours of grid power outages in addition to the higher levels of emissions associated with diesel generators. During the seminar that followed the inauguration the British Deputy High Commissioner to Cameroon commented “energy is essential for Industrial growth and is vital in the creation of wealth and jobs for Cameroonians. The British Government through the High Commission in Cameroon is proud of the work that Clarke Energy has done here and are keen to encourage them to do more for the good of Cameroon’s economic emergent agenda” Clarke Energy’s management team then highlighted our expertise in energy efficiency across the twenty-five countries in which we operate in. This was followed by long-term clients and partners in Cameroon testifying the suitability of gas engines for power generation to provide all or part of their electricity and heat requirements. In particular highlighting that solutions are able to provide resilience of power supply, helping avoid recurrent electricity cuts that directly affect the productivity of the customer’s factories and subsequently deteriorate the competitiveness of their products. Clarke Energy has been operating in the African continent since 1998 and has an installed power base of 800MW, with 180 employees serving 16 African countries from five regional offices Douala, Lagos, Johannesburg, Dar es Salaam and Tunis. Clarke Energy employs a regional team to ensure the commissioning and maintenance of its facilities in Cameroon is serviced by local engineers, meaning in the event of any issues, downtime for an engine will be as short as possible as engineers can be sent immediately to site if needed. [link]

Totally_Wired 12 Feb 2019

General Interest I’ll split this into two posts to try and explain what’s happening with Agrocam and the “inaugural event for the opening of the new CHP Plant supplied by Clarke Energy” when they had the Plant back in February 2017! It must be just for publicity which is great, as it highlights the benefits of these units to other industrial companies trying to combat the regular power-cuts in this region. Next post with article was the reason for this one!

Totally_Wired 11 Feb 2019

General Interest Cheers to mj for highlighting Agrocam who were GDC customer but for whatever reason opted out relying on the Cameroon Grid, they were using a Clarke Jenbacher J316 Gas Engine February 2017(I’ll double check and edit later if wrong).Grid-Stability Solution for Cameroon Poultry Hatchery From 17th January 2019 Q4 " In addition, an existing Thermal customer, Agrocam, which had been connected for power consumption in the previous quarter started consuming gas for power on 2 October 2018." Q4 2018 OPERATIONS UPDATE Agrocam have now (or 2nd October 2018) had an inaugural event for the opening of thwe new CHP Plant supplied by Clarke Energy: [link] Some information on CHP Plants: [link]

francis 02 Feb 2019

VOG House Broker Yes, that’s true. I agree some who spread these rumours may have their own agendas - a short position perhaps, or maybe they are just disenchanted. What I fnd very difficult to tell is where is break-even. Say that GDC maintains this $2m per month figure, does that represent an overall profit? If costs have been cut, then it should do. That wouldbe a good baseline to build from. What I thik holders want to see is a path to sustainable profitability that leads to a tangible return - either a dividend or buy-backs.

Totally_Wired 31 Jan 2019

VOG House Broker Hi francis, there’s a lot of scaremongering around the various BB’s about a placing, usually by the same posters with various aliases. There may or may not be a placing this year and remember not all placings are at a discount, as many will lead you to believe! VOG made massive cuts last year to weather the period without ENEO so are in a much better position now!

francis 31 Jan 2019

VOG House Broker Well spotted, Totally_Wired. It seems to me the market is spooked. VOG have done well to make it through 2018 and get ENEO back on stream. But saying in the summer of 2018 that a deal was ‘imminent’ and ‘in a matter of weeks’ has destroyed their credibility. So now no-one wants to buy shares that might be subject to a discounted Placing and as a result the SP is some way below fair value, which is surely around 40p? The comany says that at current levels it will get around $2m per month, similar to 2017. That would cover running costs but not any significant capex. So the market is probably right to be suspicious. What would move the SP would be a second deal with a grid power customer, taking output up from 12 to nearer 20. Then VOG would have a good future. The trouble is, cheap as the shares are no current holder really wants to buy any more. We have all been stung too many times. But I am happy to hold, while wishing I had sold at 40p back in September.

Totally_Wired 29 Jan 2019

VOG House Broker ShoreCap remains impressed In a note to clients, analysts at ‘house’ broker Shore Capital commented: “Following recent updates, we remain impressed by the production growth that is being achieved by VOG in very short order following the reinstatement of ENEO supply.” They added; “We are confident that a significant reserves upgrade last year provides a robust platform for future growth across the grid power and non-grid segments, and have been particularly impressed by VOG’s successful expansion in the industrial power sector.” The analysts said their risked net asset value estimate stands at 70p per share, reflecting “the value of VOG’s strategically important reserves base and the significant market opportunity that we see in the Douala region.” [link]

Totally_Wired 29 Jan 2019

Jamie Nimmo (Mail on Sunday) Sorry Ripley having a very busy day! Looks positive to me and addresses the one man crusade by Jamie Nimmo.

Totally_Wired 29 Jan 2019

RNS-Historic 29 January 2019 Victoria Oil & Gas Plc Production Update Victoria Oil & Gas Plc, the Cameroon based gas and condensate producer and distributor, is pleased to provide a further update on the increasing production levels at the Logbaba Project. · 9.6mmscfd average gas consumed January 2019 to date · 12mmscfd average production for week 19-25 January · Current gas and condensate production levels provide estimated monthly net revenue of approximately $2.0m at 12 mmscfd. Grid power customer ENEO resumed gas consumption on 22 December 2018 after nearly a year offline and this has led to 9.6mmscfd average consumption for January 2019 to date. If condensate production is added, this equates to 10mmscfd. At the 12mmscfd level, approximately 56% of gas is consumed by ENEO and the balance is to thermal and Industrial Gas consumers. This is the product balance that the Company wishes to maintain and focus on non-grid solutions is ongoing. At the 12mmscfd gas production level net Gaz du Cameroun (VOG subsidiary) monthly revenue from gas and condensate is approximately $2.0m. Press Speculation The Company notes the recent speculation in the press with regards to a potential fundraising by VOG. As with many other AIM companies, VOG continually assesses its cash requirements and funding, both debt and equity and currently is assessing various potential funding options. In adherence with market regulations any announcement in relation to any fundraising decisions would be made in consideration of due process via the formal channels and VOG has nothing further to announce at this time. However, the Company is encouraged by the strong cash flows projected from its Cameroon operations, which reflect the January figures above.

Ripley94 29 Jan 2019

Jamie Nimmo (Mail on Sunday) What do you make of this mornings RNS ?

Totally_Wired 29 Jan 2019

Jamie Nimmo (Mail on Sunday) Totally_Wired: Jamie Nimmo Between Jamie Nimmo and the LSE poster/posters I wonder how many people were spooked into selling for the big buyer or have I read it wrong?

Totally_Wired 28 Jan 2019

Jamie Nimmo (Mail on Sunday) A regular poster on LSE and ADF and yes saw that, GMP bought out FirstEnergy who are VOG’s joint brokers along with Shore Capital. So you could say they are biased but they have all the information at hand (October 2018) to give a valuation over the next year or so.

Ripley94 28 Jan 2019

Jamie Nimmo (Mail on Sunday) Hi Totally Over on lse a poster bobmills2018 has attached a research note from GMP Equitys research it has a buy on this one . Never heard of them have you ?

Totally_Wired 28 Jan 2019

Jamie Nimmo (Mail on Sunday) I don’t expect people to call it right every time, that would be impossible! What gets my goat are people like Jamie Nimmo who in a relatively public position can get away with blatantly scaremongering in articles with words like “The rumour swirling in the City” (as if!) and “The word on the street is”. Most AIM companies rely on share placings from time to time as they grow/expand but this article appears very suspect as in a hidden agenda!

Ripley94 28 Jan 2019

Jamie Nimmo (Mail on Sunday) He wrote an article indicating the bid for FPM would fail 23rd Dec is he any good ?