Meaning to Hang Out, Gab, And Conserve Energy. This is used as a synonym for "hang out", solely for the reason that there aren't enough synonyms for the word, making it very over used and banal. Hogace means hang out, but without active pastimes involved. Hogace is usually performed sitting down with essentially no calories being burned.
Nick: Would you like to hogace tomorrow?
Matt: Fucking hell yes I would! I'll bring the potato chips and a nice cushion because I know I won't be exerting much energy!