Victoria Oil (200% Potential)
11:53:50 3.24p 61,188 £1,982 3.16p 3.25p KAUFEN O
11:47:05 3.23p 125,000 £4,038 3.16p 3.25p KAUFEN AT
11:45:17 3.22p 100,000 £3,220 3.16p 3.23p KAUFEN O
11:44:17 3.22p 32,016 £1,031 3.16p 3.23p KAUFEN O
11:39:25 3.22p 50,949 £1,641 3.16p 3.23p KAUFEN AT
11:38:48 3.21p 20,000 £642 3.16p 3.22p KAUFEN O
11:35:47 3.22p 22,000 £708 3.16p 3.22p KAUFEN AT
11:34:01 3.19p 50,786 £1,620 3.16p 3.22p SELL O
11:26:51 3.21p 2,694 £86 3.16p 3.22p KAUFEN O
11:23:46 3.22p 25,000 £805 3.16p 3.22p KAUFEN AT
11:23:40 3.22p 100,000 £3,220 3.16p 3.22p KAUFEN AT
11:23:32 3.22p 60,000 £1,932 3.16p 3.22p KAUFEN AT
11:23:27 3.22p 100,000 £3,220 3.16p 3.22p KAUFEN AT
11:22:50 3.21p 50,000 £1,605 3.16p 3.22p KAUFEN O
11:22:50 3.21p 2,726 £88 3.16p 3.22p KAUFEN O
11:17:30 3.18p 60,000 £1,908 3.16p 3.22p SELL O
11:17:02 3.21p 8,000 £257 3.16p 3.22p KAUFEN O
11:11:41 3.17p 12,173 £386 3.16p 3.22p SELL O
11:09:19 3.21p 21,779 £699 3.16p 3.22p KAUFEN O
11:00:39 3.21p 34,000 £1,091 3.16p 3.22p KAUFEN O
10:53:10 3.22p 140,000 £4,508 3.16p 3.22p KAUFEN AT
10:52:18 3.22p 50,000 £1,610 3.16p 3.22p KAUFEN AT
10:52:02 3.21p 49,782 £1,598 3.16p 3.22p KAUFEN O
10:51:29 3.21p 3,000 £96 3.16p 3.22p KAUFEN O
10:46:39 3.21p 10,000 £321 3.16p 3.22p KAUFEN O
10:43:05 3.22p 250,000 £8,050 3.16p 3.22p KAUFEN O
10:40:12 3.21p 1,989 £64 3.16p 3.22p KAUFEN O
10:35:55 3.22p 100,000 £3,220 3.16p 3.22p KAUFEN AT
10:35:23 3.21p 100,000 £3,210 3.16p 3.22p KAUFEN O
10:28:16 3.21p 30,744 £987 3.16p 3.22p KAUFEN O
10:27:06 3.22p 150,000 £4,830 3.16p 3.22p KAUFEN AT
10:27:01 3.22p 150,000 £4,830 3.16p 3.22p KAUFEN AT
10:26:51 3.22p 200,000 £6,440 3.16p 3.22p KAUFEN O
10:26:30 3.22p 112,639 £3,627 3.16p 3.22p KAUFEN AT
10:26:30 3.22p 150,000 £4,830 3.16p 3.22p KAUFEN AT
10:26:24 3.21p 100,000 £3,210 3.16p 3.22p KAUFEN O
9:50:47 3.22p 15,530 £500 3.16p 3.23p KAUFEN O
9:49:58 3.22p 50,000 £1,610 3.15p 3.23p KAUFEN O
9:47:16 3.22p 100,000 £3,220 3.12p 3.23p KAUFEN O
9:45:48 3.19p 52,638 £1,679 3.12p 3.23p KAUFEN O
9:45:39 3.19p 20,123 £642 3.12p 3.23p KAUFEN O
9:44:28 3.19p 25,000 £798 3.12p 3.23p KAUFEN O
9:00:57 3.17p 14,202 £450 3.11p 3.25p SELL O
9:00:07 3.17p 4,672 £148 3.11p 3.25p SELL O
8:47:54 3.24p 2,461 £80 3.11p 3.25p KAUFEN O
8:44:07 3.17p 7,469 £237 3.11p 3.25p SELL O
8:44:03 3.24p 36,679 £1,188 3.11p 3.25p KAUFEN O
8:32:41 3.24p 11,587 £375 3.15p 3.25p KAUFEN O
8:30:07 3.24p 5,000 £162 3.15p 3.25p KAUFEN O
8:25:41 3.19p 250,000 £7,975 3.15p 3.27p SELL O
8:24:25 3.29p 12,100 £398 3.15p 3.29p KAUFEN O
8:20:44 3.28p 50,000 £1,640 3.15p 3.29p KAUFEN O
8:20:12 3.27p 100,000 £3,270 3.15p 3.29p KAUFEN O
8:19:50 3.27p 5,800 £190 3.11p 3.29p KAUFEN O
8:14:46 3.27p 2,737 £89 3.11p 3.29p KAUFEN O
8:12:49 3.27p 29,958 £980 3.11p 3.29p KAUFEN O
8:09:04 3.27p 6,296 £206 3.11p 3.29p KAUFEN O
8:06:57 3.27p 14,903 £487 3.11p 3.29p KAUFEN O
8:01:45 3.27p 30,110 £985 3.11p 3.29p KAUFEN O
8:01:29 3.29p 1,000 £33 3.11p 3.29p KAUFEN AT
8:00:49 3.15p 860 £27 3.1p 3.29p SELL O
8:00:27 3.27p 12,000 £392 3.1p 3.29p KAUFEN O
8:00:16 3.29p 905,431 £29,789 3.1p 3.29p KAUFEN UT
Heute Zusammenfassung
Gebot 3.16p
Fragen 3.25p
Hoch 3.29p
Niedrig 3.15p
Geöffnet 3.29p
Zurück in der Nähe 3.34p
Mittlere Preisklasse 3.21p
Veränderung -0.13p (-3.89%)
Volumen 4.3M
im Moment geht doch alles den Bach runter.
@Biggemann: Ich habe noch einmal geringfügig nachgelegt. Die Entscheidung fiel nicht schwer. Für Gold habe ich keinen Platz mehr im Haus (der Keller ist voll) und die Tageszinsen bei meiner Bank sind jämmerlich. Hoffentlich werden wir hier nicht "verarscht".
Frohe Pfingsten.
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Letzter 03.06.10 Umsatz Veränderung
0,735 € 0,20 € 22.050 € +267,50%
Handelsplatz: Stuttgart Stand: 04.06.10
Aktie & Unternehmen
Branche Erdöl/Erdgas
Herkunft Großbritannien
Website www.bolserplc.com
Aktienanzahl 25,0 Mio. (Stand: 26.04.10)
Marktkap. 18,4 Mio. €
topshare1§
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from temu's post below :
Quick recap of where we are as I personally see it.
We have:
A proven management team (Google Celtic Resources)
2 safe producer ready wells with shed loads of gas and some
Plans for sales by year end
Industrial customers for 8MMcf/day @$16/Mcf
Expected $22million/year minimum revenue for 2 years @8MMcf/day sales
Great prospects to increase this industrial demand
Good medium/long term prospects for considerable gas sales for power generation
Possible reclaim of Kemerkol or $20+million compensation claim
Massive potential at West Med
We can look fwd to:
LA 106 flow rates
Large Logbaba reserves increase
News on infrastructure procurement
News on processing plant finance
News of exploitation license
Seismic results from West Med
Longer term an appraisal of the northern anomaly
We are worried about:
Perceived delay/granting of on license
Perceived delay/possible problems about bank finance
Share dilution to finance Falcon or Vog running costs
A take over at a low price
I am as impatient as anyone else over the lack of news, the delays over 106 flow test, license etc, my average is 4.86p and I have quite a lot of Vog shares. But providing what the company says is true, regarding the license being a non issue and banks being on board re plant loan, then we are significantly undervalued at 3p.
Thanks for the info and links; a very informative post, and it's nice to see another member contributing to this bb with thorough research. Time-scales are important here. It won't be long until we have BWLN's seismic and thereafter an update on when and where their first onshore drill will be. I have a feeling it may be quite close to ours from looking at the data so far in the public domain. Although they are targeting oil, we have shown there are substantial pockets of gas in the vicinity, too. So it works both ways, just as our anomaly to the north may be oil, their drill may mimic our Logbaba shows. From Cameroon Government's perspective, between the two companies, a hub of gas supply could very well be created, in the not too distant future. We are almost certainly looking at a sizeable reserves upgrade imminently, and if they tested all the horizons of 105 and 106 and put them at AOF, already we see the potential of the Douala vicinity. By the sounds we have only scratched the surface of our licence block, and, worse-case scenario is our new anomaly is the only other hydrocarbon present (and is gas counted in the Tcfs if the seismic holds up) which statistically is highly unlikely, especially from looking at BWLN's and our seismics. BWLN have identified their two primary oil targets either side of us, which is why i posted, we just need to fill in that blank to the north, which they are kindly doing, and thoroughly, too. So there is certainly a reasonable chance of some more significant finds for us, once we get around to looking. I belabour this line of thought, as, going back to the Government's perspective, and their 2014 (and beyond) targets for electricity production, it makes sense to start thinking about how all this gas can be used. BWLN stated that they have a strictly confidential PSC arranged (as does MOL) with the Cameroon Government, so plans are afoot. What are they going to do with their hydrocarbons, as 'second-movers'?
Logbaba, imo, so far has been a great success. Ok we have the red tape yet to overcome and no outlet, as it stands, for our gas other than LOI from our industrial customers. This has held us back. But a much over-looked factor that newer investors/traders overlook is, Mr Foo took Celtic Resources around the block, and has a proven track record that supercedes his time at VOG. (sure, he was unlucky initially at WM, and Kem could hardly have been foreseen, and due to the GFC he has had to dilute us to the eyeballs to keep the company going. Many have been badly stung over the last 5 years and sentiment been terrible these last 2-3 years) But my point is, you are not telling me that the man who ran Celtic is going to sit on his hands and not find a way to utilise wells 105 and 106 to their maximum potential. I simply don't believe it.
VOG is and always has been about WM. It is the reason i am invested here. And why our chairman states it dwarfs Logbaba and in just about every news-letter over the last year makes a point of reminding us of its primary importance to the company. A lot has changed since the departure of Mr. Kelleher and the days of WM 103. I was lucky enough to invest well before the spike, but unfortunately got out too soon. The recent excitement over Rockhopper, i can tell you, was nothing compared to Vog-mania at the thought of drilling into our first 4.5Tcf gas field; as the man who had taken Celtic all the way was saying he was going to take VOG to a midcap. PIs and IIs alike believed him. VOG was the hottest ticket in town. Did you follow the company then?
Our exploits at WM to date have been terrible. But ironically our past failures, are very useful to us today. The seismic we already possess of our Russian assets, clearly shows exactly why we missed last time, shows that we drilled in 'duffer spots'. Now here's another, imo, overlooked fact, we are told we are the very first to ever use IPDS in this kind of terrain, and effectively are leading the field and are ahead of the game. The model has been proven in Cameroon (and all the research papers i read into it, highlighted just how powerful and accurate a tool it is). Yes, i'm excited about our forth-coming seismic from WM! We know now where we went wrong and have already highlighted several drill targets, a lot more clearly than when we first drilled. But just to make sure, we are carrying out a much more robust survey than the one we did at Logbaba. Mr. Foo's reputation is at stake on this next WM drill, so he is taking no chances by the looks. (just my opinion and feel free to shout me down lol). If you haven't already, it is worth going back over our previous Russian seismic thoroughly, to see the potential of VOG.
As to your question of how do we pay for this and will a farm-down be the way to go, well it's worth bearing in mind just how tooth and nail we fought to get 100% ownership of WM! Getting 100% ownership was what we were all about. Sure Mr Foo may sell Logbaba, Kem and his neighbour's cat, but i'd be surprised to see him relinquish 1% of WM lol. Only joking, the emphasis has changed and needs must. I guess it's the only way we can meet our commitments. Envoi shows clients are looking to farm into this area; and i imagine getting a JV partner won't be difficult once they have the seismics in hand!
Kind regards and good luck with your holding
kyc
An anomalous share price slump follows recent media reports identifying London based international energy consultants ‘Xodus Group’ as carrying out further engineering work for Victoria Oil & Gas. This comes after a recent announcement that well LA-106 was purported to have been an overwhelming success yielding over 300 feet of gross pay, so good in fact the drilling continued beyond target depth after finding better than expected gas-bearing sands in the Lower Logbaba and Upper Logbaba D sands. Open-hole logs and completing the petrophysical evaluation are ongoing.
Piping and engineering specialists Xodus have a lot to bring to the table considering VOG are planning construction of an onsite processing plant and a wholly owned 15 km pipeline to take gas to customers.
It should be noted that in October 2009 VOG asserted that following a rights issue VOG had been able to commence work on the FEED (Front-End Engineering and Design) study for the gas processing facility and the 15-kilometre pipeline to carry the gas to our industrial clients. VOG stated “Engineering consultants have been engaged to begin the work with our aim to produce a complete design package before the end of this year.”
On the methods Xodus employs they comment that “Using CAD software and 3D modelling packages such as PDMS, our experienced engineers and designers can quickly and effectively develop images to enable the project team to visualise the proposed modifications and thus enhance the design process. By doing so, issues that have traditionally arisen during FEED such as operability and maintenance requirements, structural or safety layout considerations are identified earlier. This can avoid “show stoppers”, improves the efficiency of the design process and minimises the risk of project recycle.”
It is unknown at this time how involved Xodus will be in Victoria’s plans to develop a 75-megawatt plant for transmission into the local grid.
Previous indications by Chairman, Kevin Foo and former Operations Director George Donne outline Victoria’s plan to fund these surface engineering projects will be by using conventional debt funding, presumably secured against future revenue.
Victoria have already announced they have had interest from a number of local and international banks in this regard and will be able to crystallise these as solid data from the wells becomes available. It remains to be seen if these details prove correct. Meanwhile it has been reported in the media that French banks Societe Generale and BNP Paribas have entered into formal discussions with the small-cap oil E&P Company already.
Updated reserve estimates for Logbaba are expected in June following confirmation from Jonathon Scott-Barratt, Victoria’s newly appointed Commercial Director. It is widely anticipated that the figures released will up rate the 104 billion cubic feet of gas and 4 million barrels of condensate estimated in 2008, considerably.
Using passive seismic spectroscopy technology Victoria Oil & Gas have also potentially uncovered an previously unknown deposit approximately 4km north of the current drilling location in Logbaba.
To an untrained eye, the size of the potential discovery looks only slightly larger than the LA-105 & 106 location but correlating the dynamics with historical spectroscopy results show the potential size could be up to 8x larger.
passive seismic low frequency spectroscopy
(Source: http://www.victoriaoilandgas.com/investors/VOGAbridgedReport.pdf)
The company by Q4 2010 anticipates the delivery of first gas to consumers. Having signed off take agreements with 14 local companies thus far at an indicative price of $453 per 1,000 cubic metres providing the project with estimated revenue streams of over $1 million per week, currently the 60% farm-in looks like one of the brightest prospects in West Africa.
Gross revenue into VOG coffers are estimated to be within the region of 48 – 53 cents in the dollar from the project, the remaining shares being distributed to RSM, Cameroonian Government, SNH and Cameroon Holdings. Cameroon Holdings being the investment vehicle that was used to control the actual drilling operation and the very same that brought the 1000 HP PR Marriott rig to Douala.
West Africa brings me neatly to NOCAL’s [National Oil Company of Liberia] announcement that eight companies have submitted unsealed bids for the five remaining offshore blocks LB-1 to LB-5 in the third round of bidding.
Along with Liberty Petroleum Company, ATLAS Petroleum International Limited, TRIMAX LCC, African Petroleum Corporation Limited, Mandra Materials Limited, Statoil & Repsol, and International Resource Strategies Liberia Energy.
Victoria have submitted a bid on the back of 2D and 3D Seismic data conducted by TGS who have already completed over 30,000 km of 2D and 18,000 sq km 3D seismic covering this emerging exploration play in West Africa.
Speaking after the unveiling Mr. Sandikie [NOCAL Vice President - Technical Services] reported that the bids would be selected on merit according to five criteria and will take into consideration whether the bidder is legally registered; has technical capacity (equipment and trained manpower); financial capability; corporate & social responsibilities; and due diligence. This process could take up to 3 – 4 months.
Victoria has yet to make an announcement regarding this media speculation. Following recent oil finds in neighbouring Sierra Leone these blocks have certainly galvanised interest.
Following the last set of figures released by the company and the considerable pain of exceptional non-cash, write off totalling £35.5 million. The interims due out on May 12 will show little more than cash burn and cash account balances rather than any substantial information.
West Med remains the potential uncut and unpolished diamond in VOG’s crown and is currently undertaking further IPDS passive seismic spectroscopy surveys, potentially also using surface geochemical analysis, and gas tomography to de-risk large acreage to the north-eastern section of the exploration block, past experience estimates results should be due in around six to eight months time.
The Kemerkol field in Kazakhstan remains ambiguous with no real indication or outcome emanating from the Kazakh Supreme Court, General Prosecutor or indeed VOG, Al Hambra or Saga Creek. Suffice it to say the only way is up now that there has been accounting write-down.
Pending the return of the field is returned to VOG (without punitive damages would see around a nominal 2.5 pence increase in the NAV/ Share plus an additional increase based on market sentiment).
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Tags: AIM, Gas, Investment, Logbaba, Oil, Oil & Gas, Oily, Small Cap, Victoria Oil & Gas, VOG
PS: Kennt einer die hier BOSS ENERGY LTD Aktie ??
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Victoria Oil & Gas Plc
('VOG' or 'the Company')
(AIM: VOG)
Chairman's Letter to Shareholders
The following letter to shareholders in the Company has been released today.
Dear Shareholder,
It is my pleasure to review your Company's activity over the last quarter.
Highlights
· Second well, La-106 is flowing gas from the Lower Logbaba sand intervals. Well currently being
flared to clean-up ahead of testing
· First gas on schedule to customers in December 2010
· Significant reduction in anticipated capital expenditure for achieving first gas from US$30 million to
US$7 million
· Gas processing plant contract awarded, with pipeline contract to be awarded shortly
· Updated gas marketing study indicates significantly higher demand - binding contracts being signed.
· Logbaba Exploitation Licence pending with full support of Cameroon State Oil Company (SNH)
· Reserves upgrade by independent engineers expected in Q3 2010
· Initial findings of Gas Tomography Survey in West Medvezhye indicate three new structures
Logbaba Project, Cameroon
In my last quarterly update, I commented that the events and activities at Logbaba, during the preceding six months, had been the most challenging and important in the Company's history. We can now reflect on the fact that VOG has successfully drilled and completed two gas wells, La-105 and La-106 resulting in substantial gas and condensate discoveries. These were the first wells drilled onshore in Cameroon for over fifty years and we are very proud of this achievement.
For our next objective to deliver first gas by the end of the year, the key tasks are:
· Complete testing of well La-106 and confirm expected flow rates of gas and condensate
· Obtain remaining government and local authority consents and approvals.
· Procure, install and commission the production facilities and pipeline to deliver gas
· Complete marketing of gas and finalise purchase and sale contracts
Testing of La-106
Shareholders may remember that the perforated interval tested in La-105 flowed at rates of 55 million standard cubic feet per day (MMscf/d) and 1,000 barrels of condensate per day which was beyond our expectations and well above our anticipated initial daily customer demand of 8.5 MMscf/d.
On our second well, La-106, drilling operations were concluded and the rig was released on May 11th 2010. However, we experienced severe delays in the transportation and delivery of specialist high temperature equipment and explosives to perforate the well. Eventually, La-106 was perforated in the bottom intervals of the Lower Logbaba Sands at the end of June.
La-106 has been flowing gas as part of well clean-up operations since early July. However we will require additional high temperature equipment and firing heads to allow us to complete the perforations ahead of flow testing. We expect this equipment to be delivered within the next four weeks.
The quality of the sands found in the Lower Logbaba formation in La-106 is much better than expected. The sands to be tested are over 600 metres deeper than any other productive sands flow tested in Logbaba and we expect the testing to prove up some of the deeper potential that exists in the field. Once we have completed testing on La-106, we anticipate updating the market with a significant increase in reserves and resources which will be independently assessed by external engineers.
With two production wells now completed and the potential of the subsurface exceeding our expectations, this has been a very successful campaign to date.
Our field development programme is unchanged. We intend to open up the gas bearing horizons from the deepest to the shallowest until we have reached production levels that will satisfy customer demands. La-106 will be used initially as a backup producer during times of maintenance and reservoir management on La-105. The remaining untested prospective sands in both La-106 and La-105 will be kept un-perforated until such time as we have depleted the lower horizons.
Production Facilities and Capital Expenditure
Over the last six months, conceptual engineering, front end engineering design and tenders have been approved and completed. GBM Ltd, a resources consultancy company specialising in project planning, procurement, and construction management has been appointed as project manager by VOG.
In my last update, I mentioned that we had been looking at ways to reduce costs to first gas. The original estimate for the gas plant, pipeline and civils requirement was approximately US$30 million. I am pleased to report that our engineering team have now reduced the estimate of getting first gas to customers to US$7m. The gas processing plant contract has been awarded to Expro International Group. Contract awards for the trenching, laying, welding and commissioning of the pipeline are anticipated by the end of July. The schedule for delivery of first gas to customers remains December 2010.
Approximately 80% of our customers are within a 10km radius of central Douala. In 2011, the pipeline will be extended to the South East, South West and West of Doula beyond the Wouri River. The pipeline has been sized to handle the substantial anticipated future demand.
The pipeline route has been carefully chosen to avoid all private land, therefore minimising the impact on local landowners.
Sales & Marketing
It is important to recognise that VOG has first mover advantage in the Cameroon and Central African gas market and as we will be initially the only suppliers of gas to the Douala market and we shall own and control our own pipeline, important strategic advantages are being established.
Industry in Douala is handicapped by high energy costs with unreliable delivery and the prospect of clean natural gas at a fixed price is a very attractive proposition. Businesses also suffer from frequent disruption to electricity supply, which can be over 100 hours a year.
For some businesses, particularly those in the food processing and textiles industries, these power interruptions cause considerable waste. Consequently, some customers have requested quotes for both thermal heating and for gas fired power generators. This could more than treble current industrial demand within 12-18 months. Our own internal estimates show a total market demand rising to greater than 100 MMscf/d over the next five years.
Our sales team in Douala have made excellent progress in recent months visiting all 17 companies who had previously signed letters of intent or contracts and identifying several new customers. It is hoped that all formal gas sales agreements will be signed by the end of September 2010. As of 20th July, we had finalised exclusive gas supply agreements with our first two customers for thermal gas. The contract price remains at US$16 per million British thermal units (MMbtu), fixed for the first five years.
Regulatory Consents and Approvals
At the end of May, a significant milestone was achieved when Societe Nationale des Hydrocarbures (SNH), the oil and gas authority of the Government of Cameroon, and the Ministry of Mines and Energy (MME) gave full endorsement for the Company to proceed with the Logbaba project.
Approval from the MME is a pre-requisite for the award of an Exploitation License. This is excellent news and demonstrates the positive working relationship we have fostered with SNH and the MME, who have been present on site since the start of drilling. VOG has the full support from the Government to press ahead with our desired development plan. Two further applications will be submitted in July, which provide authorisation for the internal transportation of hydrocarbons and the pipeline route.
We have already completed an Environmental & Social Impact Assessment (ESIA) for the drilling of wells La-105 and La-106 which has been approved by the Ministry of Environment and Protection of Nature. The second ESIA concerns the civils construction and production operations at the Logbaba site as well as the pipeline system delivering gas to customers. The terms of reference for this second ESIA have been approved and we anticipate approval of this ESIA from the Ministry of Environment and Protection of Nature.
In summary, the Company expects to have all necessary consents and approvals by the end of September and most importantly, we have already been given the green light by the Government to carry out all works.
West Medvezhye Project, Russia
In our last update to you on West Medvezhye (West Med), we outlined our objective to collect as much data on unexplored areas of the massive block as possible to ensure that future wells will be successful and complement our existing discovery at Well-103. A large area in the north-eastern section of the license was selected where Gazprom's super-giant Medvezhye field thrusts into our block. We commissioned passive seismic IPDS (Infrasonic Passive Differentiated Spectroscopy) and surface gas tomography to appraise this area as well as other parts of the West Med Block. We have now completed the required exploration work programme for 2010 and processing and interpretation of that data is underway for both surveys. Initial findings of the gas tomography survey indicate three new structures. Subject to full interpretation of these surveys, we will be in a position to target new locations for exploration drilling. It is our intention to acquire new 2D seismic data over any targeted prospects prior to drilling. Our license requirement remains to drill two new wells by the end of 2012 and we are on schedule with our exploration and appraisal commitments.
Whilst the majority of VOG's resources are currently devoted to bringing first gas revenues on schedule from Logbaba, our technical team has been utilising this time to acquire data and to carry out integrated multi-discipline studies in West Med. These studies are a part of VOG's balanced exploration and production strategy to firm-up the exploration, appraisal and development plans of West Med to start after completion of the first phase of the Logbaba Development. West Med has prospective resources of over a billion barrels of oil equivalent and VOG has a 100% interest.
Falcon Petroleum Limited
We have extended our option over the shares of Falcon Petroleum (Falcon). Falcon has a 50% interest in the PSA for Block 17 in Mali and 90% of the PSA over Blocks Ab1, Ab4 and Ab7 in the Blue Nile Basin in Ethiopia.
Total acreage covers over 45,000km2 in areas where major producers are already active. Falcon represents a low-cost entry into two exciting hydrocarbon regions and we have been appraising existing data and acquiring new data to allow us to make an investment decision with regard to our option rights.
Company Financing
We have successfully reduced our capital requirement to get to first gas at Logbaba from US$30 million to approximately US$7 million. We have other outstanding commitments from drilling operations but financially we are nearly there and by the end of the year we will have two production wells that will underpin VOG's cash flow for several years.
There is growing demand for our gas, all production facilities and consents are on schedule and the gas bearing prospectivity of our horizons has exceeded our expectations. Most importantly, we continue to believe we can bring this project on stream by the end of the year with a substantially reduced capital requirement. We have a critical first mover advantage for onshore gas sales in Cameroon that is very valuable.
The Board is working in your interest to optimise the future cash flows of our assets and your future returns and together with its advisers continues to appraise all financing options available to the Company including project finance, mezzanine finance and equity finance.
I thank all shareholders for their patience and support and look forward to updating you on our future progress in the coming months and hope that you will all participate in our future successes come year end.
Yours sincerely
Kevin Foo
Chairman
A copy of this letter is available on the Company's website at www.victoriaoilandgas.com
For further information, please contact:
Victoria Oil & Gas Plc
Tel: +44 (0) 20 7921 8820 +44 (0) 20 7921 8820
Jonathan Scott-Barrett / Kevin Foo
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494 +44 (0) 20 7409 3494
Simon Raggett / Angela Peace
Fox-Davies Capital
Tel: +44 (0) 20 7936 5236 +44 (0) 20 7936 5236
Phil Davies / David Porter
Conduit PR
Tel: +44 (0) 20 7429 6611 +44 (0) 20 7429 6611
Jonathan Charles / Ed Portman
Eröffnung 3,30 Umsatz (in GBp) 45.003.518,95
Höchstkurs 3,70 Umsatz (in Stück) 13.493.092
Umsatz vom 22.7.2010 in England
Ich habe irgendwann einmal von einer Kursexplosion gelesen und hab mich hier mal kundig gemacht und die Postings gelesen.
Na gut, kleine Posi aufgemacht und abgewartet.
Da gibt es Meldungen über neue Vorkommen, werden Riesen-Kursbewegungen in England vermeldet und der CEO schreibt hin und wieder an seine Shareholders. Soweit löblich.
Doch was machen meine Aktien? NIX! Seit ich im Märzt für 0,44 gekauft hatte, hängt das Teil bzw. war sogar mal auf 0,26 runter. Durch den unvorteilhaften Spread kriege ich das Ding sowieso nur mit Verlust verkauft.
Hätt ich mir gleich die Telekom kaufen können. Wer klärt mich mal auf, worauf wir hier seit 2009 warten?
Optionen
| Boardmail an "bierro" |
Wertpapier: Victoria Oil & Gas |
Ich habe irgendwann einmal von einer Kursexplosion gelesen und hab mich hier mal kundig gemacht und die Postings gelesen. Na gut, kleine Posi aufgemacht und abgewartet. Da gibt es Meldungen über neue Vorkommen, werden Riesen-Kursbewegungen in England vermeldet und der CEO schreibt hin und wieder an seine Shareholders. Soweit löblich. Doch was machen meine Aktien? NIX!
@Bierro, das bringt Dich nun nicht weiter und es ist sicher nicht das was Du hören möchtest, aber Deine Ausführungen entsprechen ziemlich genau den Beweggründen, die mich damals veranlassten, hier mit einem relativ kleinen Betrag zu investieren. Die Performance ist bisher eher enttäuschend. Selbst eine Investition in den langweiligsten DAX-Wert hätte wahrscheinlich mehr Freude bereitet. Ich denke jedoch, meine Geduld reicht zumindest noch solange, bis die ersten Verkäufe stattfinden; auch wenn es so aussieht, als würde sich der hierfür angedachte Zeitpunkt immer wieder nach hinten verschieben. Ich brauche die investierte Kohle nicht dringend, kann daher noch einige Zeit warten und bin mir sicher (Fakten für dieses Bauchgefühl kann ich leider nicht liefern!), dass es sich auszahlt. Falls nur die Hälfte der Aussagen des CEO der Wahrheit entsprechen, dann sollte eine Kursexplosion auch möglich sein. Ähnlich sehen es diverse Forumsteilnehmer in englischen Foren. Klar, alles das ist keine Garantie, aber meine Neugier auf das was da kommt, ist größer, als der Frust über die bisherige schlechte Performance. @Bierro, wir sollten noch etwas Geduld haben; zumal wir wahrscheinlich nicht mit der Hälfte unseres Vermögens hier investiert sind.
18th August 2010
Victoria Oil & Gas Plc
("VOG" or the "Company")
Operations Update
Logbaba Gas and Condensate Project, Cameroon
Highlights
· Second well, La-106 flowed gas at rates up to 22MMscf/d (ca. 3,600 boepd)
· Facilities and pipeline projects and first gas delivery on schedule for December 2010
· 20 year exclusive Gas Sales Agreements with the gas price fixed at $16 per million btu for the first 5 years
· Appointment of Don Nelsen as Country Manager, Cameroon
Victoria Oil & Gas Plc, (AIM: VOG), the oil and gas exploration and development company with assets in Cameroon and the FSU, is pleased to announce an update on its operations at Logbaba, Cameroon.
Logbaba represents the first commercial onshore gas discovery in Cameroon. The field is located in the Eastern part of Douala, the industrial capital of Cameroon and the seaboard hub of Central Africa and its member countries.
The Company has successfully drilled and completed two production wells and is on schedule to deliver gas to first customers during December 2010. VOG aims to benefit from its significant first mover advantage and capitalise on Cameroon's strategic location and growing energy demands.
The Company offers a considerably cheaper source of fuel and reliability of supply to industrial users, power suppliers and liquid fuel users. Approximately 80% of the initial customer base lies within a 10km radius of the deposit and the Company forecasts that the market will grow to over 100MMscf/d per annum within the next five years.
Logbaba La-106 Well Testing
The second well drilled by the Company, La-106, has continued to flow from the initial perforated interval in the Lower Logbaba formation during most of July. As previously reported, the delivery of special equipment to assist with the high temperatures and pressures experienced in the well bore was duly procured and the perforation of the remaining intervals was successfully completed.
Following completion of the last perforations the well was re-opened to flow on Saturday 14 August and flowed at rates up to 22MMscf/day, (ca. 3,600 boepd,) at different choke sizes up to 36/64 inch and well head flowing pressures up to 3,078 psi. The Company's drilling and operations team are continuing to prepare this well for production.
The first well drilled by the Company, La-105, which flowed at rates of 55MMscf/d (ca. 9,100 boepd,) and 1,000 bbl/d of condensate is more than capable of servicing the anticipated market demand in the medium term.
Production Facilities and Pipeline
Following the award of the gas processing plant contract to Expro in July, contracts have now been awarded for the polyethylene pipeline and fittings, directional drilling and jointing equipment. The first pipe supplies have been shipped this week. All other activities including licences and permits are progressing on schedule.
The expected date for the first gas deliveries to customers remains December 2010. Our sales and gas marketing team in Douala have signed 20 year exclusive Gas Sales Agreements with the gas price fixed at $16 per million btu for the first 5 years. Additional customers continue to be signed up.
Country Manager Appointment
The Board welcomes Mr. Don Nelsen to the company as Country Manager, Cameroon. Mr Nelsen is a 30-year veteran of the international oil and gas industry. A graduate of the US Military Academy, Boston University, and The University of Nebraska, he is an engineer, international business specialist and lawyer. Before joining VOG, he has worked as Country Manager for ConocoPhillips and Noble Energy in Cameroon and Venezuela, in successful exploration and development operations.
Chairman Kevin Foo commented, "We are very pleased with progress at Logbaba and we remain focussed on delivery of first gas to customers by the end of year. We welcome Don Nelsen to the Company. He has international project management experience and will be a valuable addition to our team."
For further information, please contact:
Victoria Oil & Gas Plc
Tel: +44 (0) 20 7921 8820
Jonathan Scott-Barrett / Kevin Foo
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Simon Raggett / Angela Peace
Fox-Davies Capital
Tel: +44 (0) 20 7936 5236
Phil Davies / David Porter
Conduit PR
Tel: +44 (0) 20 7429 6611
Jonathan Charles / Ed Portman
This information is provided by RNS
END
Victoria Oil & Gas (VOG LN)
BUY Price: £0.03 Target Price: £0.09
Market Cap (M): £44.1 EV (M): £44.1
Event
Victoria Oil & Gas Plc announced that the second well drilled by the Company on the Logbaba gas and condensates field onshore Cameroon, La-106, has continued to flow from the initial perforated interval in the Lower Logbaba formation during most of July. As previously reported, the delivery of special equipment to assist with the high temperatures and pressures experienced in the well bore was duly procured and the perforation of the remaining intervals was successfully completed. Following completion of the last perforations the well was re-opened to flow on Saturday 14 August and flowed at rates up to 22MMscf/day, (ca. 3,600 boepd,) at different choke sizes up to 36/64 inch and well head flowing pressures up to 3,078 psi. The Company's drilling and operations team are continuing to prepare this well for production.
Also, following the award of the gas processing plant contract to Expro in July, contracts have now been awarded for the polyethylene pipeline and fittings, directional drilling and jointing equipment. The first pipe supplies have been shipped this week. All other activities including licences and permits are progressing on schedule. The expected date for the first gas deliveries to customers remains December 2010. The sales and gas marketing team in Douala have signed 20 year exclusive Gas Sales Agreements with the gas price fixed at $16 per million btu for the first 5 years. Additional customers continue to be signed up.
In addition, the Board welcomed Mr. Don Nelsen to the company as Country Manager, Cameroon. Mr Nelsen is a 30-year veteran of the international oil and gas industry. A graduate of the US Military Academy, Boston University, and The University of Nebraska, he is an engineer, international business specialist and lawyer. Before joining VOG, he has worked as Country Manager for ConocoPhillips and Noble Energy in Cameroon and Venezuela, in successful exploration and development operations.
Comment
A very solid update from Victoria Oil & Gas, showing solid if not stellar flow rates from the La-106 well as well as good progress on the sales & marketing front and on the construction of the transport pipeline.
The test results were not as good as those of La-105 due to lower reservoir characteristics, in particular permeability, related to variability of rock properties across the field. This is not unexpected for such channel sandstone reservoirs and some production wells are bound to have better performance than others; it just goes to show that La-105 was an exceptional well in that sense. In time the Company will be able to delineate the field better and locate production sweet spots; there is no pressing need at this stage and Victoria has now the opportunity to carry out such study before the growth of the market requires additional wells to be drilled.
The signing of 20 year gas contracts is highly encouraging as few months ago those were only agreements in principle, contingent on the successful drilling of two wells able to deliver enough gas. The US$16 per million btu for 5 years is in-line with expectations. The Company now forecasts that the market will grow to over 100MMscf/d per annum within the next five years which is well above the estimates of a market research carried out obly a couple of years ago, demonstrating the fast pace of change and growth in this part of the world, Douala being the industrial capital of Cameroon and the seaboard hub of Central Africa and its member countries. Logbaba represents the first commercial onshore gas discovery in Cameroon and Victoria Oil & Gas has a good window of opportunity to capitalise on that growth before additional supplies become available both offshore and onshore.
Good progress is also being made on the pipeline construction project and it is on track to meet expectation of first gas delivery in December 2010.
At some point we should get new third party estimates for the size of the Logbaba field. Also substantial exploration potential exists few kilometres north of Logbaba, within the licence area, as demonstrated by the results of the passive seismic survey carried out earlier this year.
Based on the impressive results achieved so far by the Company in the face of very challenging circumstances, we remain confident that the project will be completed successfully, establishing a solid base for the Company in Cameroon from which to grow. We maintain all previous assumptions and view our current valuation as a fair assessment of the risked opportunity.
Recommendation
Buy rating and 9p price target unchanged.
victoria.jpg (verkleinert auf 84%)
und was willst Du uns nun damit sagen ? Doch nicht etwa, dass ein Invest in diesen Wert völliger Blödsinn ist, oder ?
Bitte alle Meinungen und Ansichten möglichst detailliert begründen. Das macht Sinn. Der bloße Verweis auf den Chart der vergangenen Jahre ist nicht zielführend und bringt niemanden weiter. Bevor man sich ein Urteil erlauben kann, sollte man sich ausführlichst mit dem Unternehmen beschäftigen. Falls noch nicht geschehen, bitte nachholen. Vielleicht fallen dann einige Sachverhalte ins Auge, die dafür sprechen, hier zu investieren.
Fox-Davies Capital in their a.m. Newsflash reiterate this morning’s RNS, and add a Comment in which they:-
(i) see the doubling of the 2P reserves base as “transformational”
(ii) increase their risked NAV to 14p
(iii) maintain their “Buy” rating.
Valuta
Victoria Oil & Gas (BUY, £0.09) (VOG, 3.11p, ▲ (0.32%)) published an update on its reserves and resources potential at Logbaba, Cameroon. The update was completed by Blackwatch Petroleum Services Limited, which act as consultants to the Company. The Proven and Probable (2P) gas reserves in the Logbaba field are contained in Campanian and Santonian age sands of the Logbaba Formation. New structure maps were constructed based on correlations of the Logbaba sands incorporating new and old well data as well as existing seismic data. Remotely sensed imagery was acquired and analysed to provide a structural framework for Logbaba. Blackwatch has completed the Logbaba reserves review, integrating the recent well logs and well test data from the successfully drilled and completed new wells La-105 & 106 and the original four wells drilled in the 1950s. All six of the wells drilled in the Logbaba block to date have encountered significant gas intervals and all five wells that were tested flowed gas to surface. To date, only the Logbaba Formation gas sands have been tested. The deepest well on the block, La-104, encountered good gas shows, not only in the Logbaba Formation but also in the deeper Turonian age gas-bearing sands where the well reached a target depth of 13,688ft. The 1P reserves increased from 10 to 49Bcf, 2P from 104 to 212Bcf and 3P from 202 to 350Bcf, while prospective resources in the entire Block are estimated at in excess of 1TCF. The Company continues to sign gas supply contracts with industrial end users in Douala, including some multinational firms. Due to the shortage of domestic gas supply and the high costs of alternative energy, VOG aims to benefit from its sig nificant first mover advantage and capitalise on Cameroon's strategic location and growing energy demands. The Company offers a considerably cheaper source of fuel and reliability of supply to industrial users, power suppliers and liquid fuel users. Approximately 80% of the initial customer base lies within a 10km radius of the deposit and the Company forecasts that the market could grow to over 100MMscf/d within the next five years. The Company is also actively working with the Cameroon National Oil Company, and the Ministry of Industry, Mines and Technology on permitting and expects the Exploitation Authorisation and other key permits to be issued in the near future. The majority of pipeline material has now been delivered to Cameroon and the Company is ready to start installation as permits are granted.
Comment: The doubling of the 2P reserves base is in itself transformational news for the Company; it outlines the size of the field and the prospectivity of the Block. The passive seismic anomaly to the north of Logbaba is estimated to be about 1TCF and is the next drilling target. Our risked NAV increases to 14p as a result of the update and we maintain our Buy rating.
Full text (VOG part is 500 words):-
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