Victoria Oil & Gas - VOG Stream Log

Matanda is an exploration project. VOG is a production project. One burns money -- shareholder's money, and the other rewards shareholders. Chairman Foo gets paid either way. In fact, it looks better for him if he conjures up dreams of huge gas fields and promises of a company flowing with milk and honey. In reality we toy with unspecified debt, shareholder dilution, and low SP. Why have we not got £50 million in the bank? Why not? The SP would rocket. Investors would be rich. First build up a generous war chest and then talk exploration. Discovery of dry well has sunk many an oil company, as their coffers have been drained. None of us should be led by our noses. We should all be asking tough questions.

VOG needs to slow down and consolidate its cash position. Some projects burn up cash at an alarming rate, and these need to be put on hold. The cash cow is not there to be milked either, especially in the form of gratuities, remuneration or greedy fingers. Build the cash up first, and then forward looking projects can be considered. Stop the cash burn, and VOG would rocket ahead on full throttle. Notwithstanding, all things being equal, I don't think there will be much more downside action on SP, and i would expect the SP in the near term to plateau at about 50 p in the wake of the recent interims. If however a Mr Gekko appears on the scene, then a 100 p SP is not out of the question.

One of the highlights for the Interim Financial Report for the six months ended 30 Nov 2015 was the $6.3 m cash compared with $5.1 m in the preceding 6 months. Forgive me for asking, but is this a highlight? It says "flat" to me. I certainly wouldn't want to dance in the streets on hearing this news!

The recent rise in SP to about 50 p could very easily be unwound if VOG wanders off the "straight and narrow." Specifically, CEO Foo has a responsibility to the company's long suffering shareholders to boost SP. We need accountability both in month-to-month progress and for forward projects, and they need to be timely. Shareholders need to be pro-actively advised of Board remunerations including options packages, and there should be a link between remuneration and share price. These are issues that need to be thrashed out at the next AGM, with of without the Board's blessing. There has been some talk recently on these pages about "stranded gas." For VOG to initiate new ventures in different countries would be a financial disaster, as it has still to iron out its property in Cameroon and resuscitate its SP. Shareholders should not allow CEO Foo to destroy VOG in this way without a vote from shareholders. This needs to be on the agenda at the next AGM. What I find hard to fathom is that as soon as VOG makes some money, it is spent on plant each and every time. Why can't shareholders insist on a war chest, which is off limits as a honey pot for the Board, to boost SP. Perhaps this should be forced on to a meaningful and shareholder friendly agenda at the next AGM. If the Board are allowed to select an agenda at the next AGM, without censure, then we are sunk, or our progress stifled for several more years.

VOG shares never recover value after dilution.

Foo cannot be relied on to be totally truthful, he has been misleading trusting investors for many years, whilst he and the BOD live the high life on investoes savings.

Foo's laughing with his salary, bonus's, and royalties must be making $1,000,000, a year. No worries about the share price for him.

This is a share for mugs, falling for eight years despite Foo's claims. Only him and the BOD make money on this, they are worse than Lenigas.

Is Chairman Foo cheating the shareholders, with his massive self empowered,salary, bonuses, and royalties? Not to mention Mannheim etc.

Foo and the BOD are taking the Mick. They are taking higher salaries than the Prime Minister.