I must admit they had me worried at one point. The concern I had was whether or not there would be enought initial customers who continuously take gas to allow for the taps to be permanently turned on (and therefore to allow for those who only occasionally wish to take the gas to do so). Well it's happened. And it addresses the final concern that I had.
We now are the proud owners of a company which has: 212 bcf of gas (with potentially a lot more very nearby), a processing plant, 13km of our own pipeline straight to customers, and now - Customers who are continously buying our gas! That 0.7mscf/d is only the start is beyond reasonable argument. I am yet to hear anyone say that they think it will remain at that level.
We are now proving the security of supply to customers. 8mscf/d are predicted by the company within just six months. While I would understand anyone who was reluctant to take VOG's BOD's word for this, suppose it is even half that good. At 4mscf/d the revenue is still massive.
Each new customer will result in an increase in revenue. It's not possible on the information available to say how many customers are on line (just that 3 of them are taking enough to warrant continous production) but we know we have 9 prms in country with a furthe 10 arriving in Q3. The potential ramp up in production is staggering.
RNSs to expect any time soon, include a further increase in sales, which could happen any day, and our first delivery of a tanker of condensate to Limbe which any time now. We're currently producing 14 barrels per day (100 b/week or £10,000 worth)
It's also worth considering our financial position right now cos it's actually pretty good. £3.15 million was raised last month in a placing, $1.2 million was raised via a loan note, and there is a potential further £2.8 million loan note available. And now revenues, significant revenues are imminent.
As to West Med, and the liability/asset argument, well it currently is reflected by 0.0 pence on our share price. And the BoD, all of whom are major shareholders have a number of choices, sell, drill or farm out. I'm not in this share for West Med but I simply don't buy the argument that this is a negative not a positive to VOG. They, after all, do have a 14.4 million boe discovery and massive potential reserves. This has a positive value on any sensible view.
In short everything is in place and this, imo, is going to start to fly very shortly. All of our ducks are in a row.