Victoria Oil & Gas - VOG Stream Log

After six years investing in VOG I am many thousands of pounds down, because I believed Foo was a decent honest man. How wrong I was, he is millions up while still waving the unattainable carrot in front of gullible investors stupid enough to fall for his projected numbers, and accept his colossal salary bonuses and royalties.

VOG is like a plane heavily laden with cargo which wants to take off but just can't. It accelerates faster and faster on the runway to the point where someone has to make a decision either to jettison some of the cargo, or else risk overshooting the runway and crashing. The cargo happens to be Chairman Foo and part of the Board. VOG is in its infancy as a producer and cannot afford to be burdened with debt. VOG needs cash and lots of it. Ask yourself why news of Matanda and yesterday's Quarterly Update failed to impress the market. Just who is telling porkie pies?

We'll never see fair value while the bumbling exaggerating untrustworthy Foo is running the show, the institutions people who matter can no longer trust him

Can VOG allow Chairman Foo to gamble on Matanda? If the wells prove dry, then what? How low will the SP go? Has Chairman Foo lost his way and is has he the best interests of shareholders at heart? Shareholders must not allow themselves to be led into these new Board ventures blind.

Mr Foo has borrowed a substantial amount of cash to guarantee his and the BOD massive remuneration for some time to come. He will not dilute until this pile is near depletion.

Some VOG investors have capitulated to the idea of "No dilution" or "Back-up" regarding the US$ 25 m loan facility recently mooted for VOG. My medicine, in contrast, aimed at rewarding the long suffering shareholders, who are first priority on my list of company targets, would be to fill the war chest with cash. Cash is king, not debt! A very healthy balance sheet would propel VOG to the stars. Those who wish to stay for the drilling phase could do so. Those who wish to cash in their stock could do so too. I am against new drills will burden the company with debt or raid what little cash we have or will make in the near future. Let us not be led by a ring in our noses.

Greedy Foo and the directors are VOG shareholders main concern and should be replaced with honest men of repute and interest in the shareholder value, not only their own ridiculously massive remuneration. This company should not only be run as their personal gravy train

VOG is not in a position to drill new wells in a bid for more gas reserves, as its credit line is weak. We need to stop the drilling, at least for the moment, and ramp up production. When there is enough cash in the pot, then, and only then, do we return to exploration. If we start a drilling spree and hit a series of dry wells, then VOG is history. If Chairman Foo refuses to listen, then we should use shareholder muscle and vote him out. After all, his responsibility should be first and foremost to the shareholders. Another possibility is for a white knight to appear, see the potential in VOG, excise the rot within the Board, and start making some real cash. There is absolutely no reason why VOG should be mired in debt. Heads need to roll starting at the top, to protect this valuable gas utility, which equates to progress in the Cameroon economy.

The share value won't improve, until Mr Foo acts on the royalty and bonus issues holding share value back.

This company appears to be run solely for the satiation of the greed of the CEO and directors via extra share issues. Expect much more dilution in the coming years