Victoria Oil&Gas WKN:AOB74X Hochinteressant
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Presidential Visit and Launch of Gaz du Cameroun
Victoria Oil & Gas, the emerging African energy utility company, today announces a successful visit by His Excellency Paul Biya, the President of the Republic of Cameroon. The visit was for a formal Inauguration of the Company's gas plant and pipeline in the City of Douala, Cameroon. The visit took place on Friday 15 November, and President Biya, together with dignitaries including the First Lady, Presidents of The Senate and The National Assembly, the Minister for Energy, the Regional Governor and the British High Commissioner toured the Company's Logbaba gas facilities in front of a crowd of several thousand people.
Importance of Energy to Major Industrial Zone
In a speech made by President Biya, he stressed the importance of sustainable, low carbon energy to Cameroon and thanked all the members of VOG's operations for their work. The Minister for Energy and the Governor of Douala also made speeches regarding the key role energy has to play in supporting the economic development of Douala, a city of 2.5 million. It is one of the major industrial hubs of both Cameroon and Central Africa. Douala has a thriving port and hosts a range of medium to heavy industries including breweries, cotton production, dairies and food manufacturing. Major development work is also being undertaken in the region with two new cement works under construction in the Wouri River and port areas.
President Biya made a ceremonial inauguration of the plant, cutting a ribbon and turning on a gas flare valve. A granite plaque also commemorated the event. The inauguration was of significant importance in Cameroon, covered by all the major national news agencies.
President Paul Biya, speaking at the ceremony on Friday said:
"I want the General Director of Rodeo Development Limited and his entire team to know that Cameroon fully appreciates the huge investments that have been made on the Ndogpassi gas field concession, in Douala III Subdivision, which investments, I am pleased to salute and recognise today.
Valued at more than 100 million US dollars, that is, about 50 billion CFA francs, there is no doubt that these investments will produce many positive economic, technological and social effects, to mention just these few, for the benefit of the population and enterprises in the city of Douala."
Subsidiary Rebrand
Marking the inauguration and the transition of the Cameroon operations from development to utility the VOG subsidiary company was rebranded from "Rodeo Development Limited" to "Gaz du Cameroun." Following recent major restructuring in Cameroon by VOG, with new sales and operating heads being appointed, the Gaz du Cameroun brand was launched last Friday as part of a major initiative to expand the existing customer base. The presidential visit has given major national exposure to Gaz du Cameroun and positions the Company as a recognized part of the country's domestic energy strategy.
Commenting today Kevin Foo, Chairman said;"The visit by President Biya was a great honour and very important to us as we work with customers making major conversions from Heavy Fuel Oil generators to gas. The endorsement of our project by the President and his visit to Douala, one of the major industrial zones in the region, helps to clearly align our goals with customers and Government objectives.
The rebrand to Gaz du Cameroun also tells customers we are here for the long term, supplying local energy solutions to local customers. Our operations and sales team in Douala are building customer confidence by consistently delivering power through multiple energy supply channels. Douala is a microcosm of the new Africa: industrialized with access to world markets, but needing new infrastructure to unlock the real potential and this is the real opportunity for Gaz du Cameroun."
RSM Produktion Corporation (USA) ("RSM") vs VOG und Rodeo Development Ltd ("RDL")
Die Gesellschaft gibt bekannt, dass das Sekretariat der Internationalen Handelskammer ("ICC") hat VOG informiert, spät in der Nacht, dass sie eine Entscheidung in dieser Sache (der "Award") erreicht hat.
Doch bis die Überprüfung abgeschlossen ist, wird die Gesellschaft nicht in der Lage, eine RNS (die "RNS-Award"), die Klärung der Position auszugeben. Dementsprechend hat die Gesellschaft vereinbart, dass Aktien der Gesellschaft werden vom Handel an der AIM ausgesetzt, bis die Auszeichnung RNS freigegeben wird.
Verlieren koennen wir nicht;entweder mehr Geld auf der Bank oder neuen-alten Partner.
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13 December 2013
The Company announces that the Award in the ICC Arbitration proceedings brought by RSM has now been handed down to the parties. Whilst numerous RSM claims were either withdrawn or rejected, the Tribunal has determined that the cure period for RSM’s “unequivocal default” should have been 30 days and not the 15 days contended for by the Company. Consequently the automatic contractual forfeiture of RSM’s interest in the Concession has not been upheld.
ICC Arbitral Proceedings
In May 2013 the Tribunal accepted RSM’s request to withdraw four of its claims in the arbitral proceedings ‘with prejudice’ including its claim that Rodeo Development Limited (RDL) had unilaterally and wrongfully applied for an Exploration Licence of 44 sq. km adjacent to the Exploitation License area. In June 2013 the evidentiary hearing took place in Denver, Colorado. On 11 December 2013 the ICC published the Award in this matter.
In summary the Tribunal’s findings were as follows:
1. The Second Cash Call issued by RDL to RSM was validly made in accordance with the contracts signed by the parties;
2. RSM does not have a carried interest in the Logbaba project and the Tribunal has upheld RDL’s interpretation and operation of the cash call procedure;
3. RSM was “unequivocally in default” by failing to pay the Second Cash Call on time;
4. A valid default notice was served by the Company on RSM on 2 July 2011;
5. The parties had “sharply conflicting, equally plausible interpretations of the First Arbitration Award determined in RDL’s favour on 31 May 2011.” The ‘conflict’ related to whether there had been a prior default by RSM evidenced in the 31 May 2011 arbitration award. If there had been a previous default as the Company contended, then the 15 day contractual cure period applied to the second default before automatic forfeiture. If there was no earlier default the period was 30 days;
6. Notwithstanding the Company’s reasonable position on the question of a prior default, the Tribunal found that it had not been established to the level of certainty required by Texas Law when dealing with forfeiture of a participating interest. Accordingly the Tribunal declared that RSM’s 40% interest in the Exploitation Licence for the Concession has not been forfeited;
7. As a consequence the LA102 and LA104 wells which were to be transferred to RSM under the terms of the first arbitral award dated 31 May 2011 must now be transferred to RSM. These wells are shut in and abandoned, having been drilled in the 1950’s.
8. Success in the arbitration was found to have “been divided” such that each party is to bear its own costs of the proceeding;
As a consequence of the matters outlined above, the position between the parties is as follows:
· RSM must now pay the Second Cash Call in the amount of US$4.1m promptly or else risk a further default.
· In accordance with the Tribunal’s endorsement of RDL’s operation of the cash call procedure, RDL will shortly be issuing a third cash call for RSM’s 40% share of expenditures incurred since the second cash call (June 2011) in the amount of approximately US$20m. RSM is obligated to pay the third cash call within 10 days of receiving the cash call failing which it will once again be in default.
· RSM is required to pay all future cash calls for on account sums and expenditures in accordance with the terms of the agreement.
· RDL remains entitled to recoup approximately $65 million of drilling costs before RSM can claim its share of profits.
· RDL will now be pursuing RSM for payment of US$512,000 representing the unpaid costs awarded to RDL in the first arbitration.
Commenting on the Arbitration Kevin Foo, Chairman, of Victoria Oil and Gas; “We had a dispute with RSM and it is now resolved. The Company now has a contributing partner responsible for 40% share of all costs going forward and who is obliged to pay an outstanding cash call of approximately $4 million. Additional cash calls of approximately $20m are also due to be issued imminently. Under Agreements with RSM, RDL expects to recoup the majority of its $65m capital expenditure on wells 105 and 106 before any profit distribution is due to RSM. Furthermore, VOG’s subsidiary RDL is entitled apply for an additional 44 sq. km area exploration area that borders our existing 20sq km Exploitation License on three sides.”
Background
In July 2011, VOG announced an increase in its effective working interest in the Logbaba Field to 95%, following the serving of a Notice of Forfeiture (“Notice”) on RSM, which previously had held a 38% interest in the Logbaba Field. This course of action followed RSM’s repeated failure to pay cash calls pursuant to the terms of the operating agreement between the parties. The forfeiture provisions of the operating agreement are subject to Texas law and operated automatically on service of Notice following RSM’s failure to rectify its default within the default period prescribed by the operating agreement.
VOG further announced on 25 October 2012 that arbitration proceedings had been initiated by RSM in relation to the forfeiture of RSM’s interest and was to take place in June 2013 (the “Arbitration”).
VOG has always vigorously defended the claims believing its action in forfeiting RSM’s interest to be reasonable and entirely in accordance with the agreements between the parties. The opinion of VOG’s UK and US lawyers was that the forfeiture should be upheld. The arbitration was expected to take place in June 2013.
The hearings and various post-hearing submissions and replies in the arbitration with RSM Production Corporation were completed in June and July 2013 and the judgement of the Tribunal was anticipated at the end of September 2013.
On 1st November 2013 VOG announced that the Secretariat of the International Chamber Commerce ("ICC") has informed the Company that pursuant to Article 24(2) of the Rules of Arbitration, the ICC International Court of Arbitration has extended the time limit for the above case until 29 November 2013. On the 2nd December 2013 VOG announced receipt of a further extension until 31st December 2013
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Kevin Foo/Chane Brooks/Laurence Read Tel: +44 (0) 20 7921 8820
Fox-Davies Capital
Daniel Fox-Davies Tel: +44 (0) 20 3463 5010
Strand Hanson Limited
Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494
Tavistock Communications
Victoria Oil & Gas PLC
8th January 2014
(AIM: VOG)
Victoria Oil & Gas Plc
("VOG" or "the Company")
Commercial Developments, Gaz du Cameroun
Victoria Oil & Gas Plc, the emerging African energy utility company, today announces the signing of key customer agreements that places Cameroon operating subsidiary, Gaz du Cameroun ("GDC"), in a strong position to expand gas production volumes.
Highlights
· AES-Sonel (electricity utility) collaboration agreement for conversion of Heavy Fuel Oil ("HFO") to gas power generation.
· Dangote (cement manufacture) agreement for thermal power provision reached, Q2 2014 connection anticipated.
· SOCAVER (glass manufacturer) connection review and commissioning by engineers from Germany, scheduled for January 2014.
· First cash call of US$4.1m received from RSM, following the ICC Arbitration Award.
· All six 1.5MW Caterpillar Gensets cleared from Customs
Commercial Developments
The Company's operating subsidiary, Gaz du Cameroun is pleased to announce a number of important commercial developments:
Cameroon has an installed power generating capacity of about 1200MW. Of this, 732MW is supplied from hydro-electric plants. Approximately 192MW is supplied into the Douala region from HFO and Light Fuel Oil ("LFO"). A collaboration agreement with AES-Sonel, the sole electric utility in Cameroon has been reached whereby GDC and AES-Sonel will work on a technical and operating plan to progressively replace HFO and LFO power generation stations with gas fired generation. This collaboration on power generation is a first in Cameroon. It is planned that GDC will initially supply temporary units with gas, with a combined capacity of 45MW. This first stage is expected to be online during Q2 2014 with anticipated gas consumption in the range of 2.6 to 5.9mmscf/d. AES-Sonel is preparing a study of the conversion of the 13MW Logbaba and the 86MW Dibamba Heavy Fuel Oil power plants to gas.
GDC has also reached an agreement with Dangote, the large cement manufacturing company, to supply thermal gas for its operations. GDC anticipates customer connection to be completed during Q2 2014 and gas consumption to range from 0.4 to 0.5mmscf/d
Year end daily production levels remained in the 2.5 to 3.0mmscf/d range because the SOCAVER plant was not commissioned as expected and some customers had significantly reduced consumption over the holiday period. In particular our largest customer had an unscheduled plant shutdown but is due back online this month.
Glass manufacturer SOCAVER, part of the SABC group has now secured engineers from Germany to commission the burners installed on its boilers. Expected gas consumption is 0.4mmscf/d.
All six 1.5MW gas fired portable generators (Gensets) have now been cleared through customs and will be installed in customer factories.
Cash Call received from RSM
Following VOG's RNS on the ICC Arbitration Award announced on 13 December 2013, the Company has received the pending cash call of US$4.1m from RSM. Further cash calls have been submitted to RSM.
Kevin Foo, Chairman said; "Supplying the major domestic electricity utility with gas to drive their oil fired generators will be a big step forward for us. With most electricity coming from hydro-electric sources in Cameroon, consistent power supply during the dry season is an issue. Our engineering team will be working with AES-Sonel to create a practical conversion programme. The clearing of our Gensets through customs now enables us to install them at customer's plants and further increase gas production."
For further information, please visit www.victoriaoilandgas.com or contact:
Victoria Oil & Gas Plc
Kevin Foo/Chané Brooks/Laurence Read Tel: +44 (0) 20 7921 8820
Fox-Davies Capital
Daniel Fox-Davies Tel: +44 (0) 20 3463 5010
Strand Hanson Limited
Angela Hallett / Stuart Faulkner Tel: +44 (0) 20 7409 3494
Tavistock Communications
Ed Portman / Conrad Harrington / Simon Hudson Tel: +44 (0) 20 7920 3150
Victoria pens Cameroon deal as it enters "crucial phase"
By Julie Fisher | Wed, 8th January 2014 - 16:26
Victoria pens Cameroon deal as it enters "crucial phase"
Shares in Victoria Oil and Gas (VOG) were up 6% on Wednesday as the company signed a number of "key customer agreements" through its Cameroon subsidiary Gaz du Cameroun.
The most important of these was a collaboration agreement with Cameroon's sole electric utility AES-Sonel, under the terms of which AES's heavy and light fuel oil power generation stations will be replaced with gas-fired generation.
The first stage, intended to come online in the second quarter, will replace 45 megawatts (MW) of the current heavy and light fuel oil capacity of 192MW with GDC's gas.
"Supplying the major domestic electricity utility with gas to drive their oil-fired generators will be a big step forward for us," commented chairman Kevin Foo.
"With most electricity coming from hydro-electric sources in Cameroon, consistent power supply during the dry season is an issue.
"Our engineering team will be working with AES-Sonel to create a practical conversion programme."
GDC has also reached an agreement to supply thermal gas to cement-manufacturing company Dangote. It will supply 0.4-0.5 million cubic feet per day (mmscf/d), with connection anticipated in the second quarter.
In addition, the commissioning of the SOCAVER glass-manufacturing plant, originally expected at the end of 2013, has now been scheduled for January 2014. GDC will supply a further 0.4 mmscf/d to this plant.
Investor view
Despite the positive share price movement, Interactive Investor discussion board user 'investmouse' lacked confidence in Victoria, commenting: "Still not great news, just goes to show inconsistency of supply and demand.
"Nice that more customers are signing up but if revenue doesn't come soon I dread another share placing - remember Foo hasn't ruled this out!
"Looks like no great share price movement until September and that is only if production ramps up."
'Malbrun' was also cautious, but saw more potential upside, saying: "I believe we are now entering a crucial phase for the company.
"In the next three to six months we have projected some major connections which will have a huge impact on cash generation and profitability.
"I really hope that Victoria has realised that it really needs to manage the news cycle on this and give us regular monthly updates."
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Ich setze es hier rein,weil der Kursverlauf in D.nicht angezeigt ist.