Hi Yelkcub
I don't suppose you have any idea of the context of this, do you? As it is phonetic, it is really hard to know where to start, unless there is a clue as to the subject. I don't seem to be able to get a hook on it at all. It looks like Pitman, but there are some peculiarities, so I am wondering if it is one of the various eclectic styles which developed. Problem is that shorthand writers tend to develop their own style and shortcuts which makes it difficult for others to read. Also, as you say, the lack of lines makes it even harder.
Interestingly, the use of so many vowels would imply that either it was written by a learner, or it was not written at speed but more to ensure that it could be read in the future. When an experienced shorthand writer is writing at speed, vowels (the little dots and dashes) are seldom used unless the writer feels the need to clarify a word for later ease of transcription.
Regards,
Greensleeves