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!
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