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No comment about whether we can expect the 'written approval for the Proposed Transaction'
I guess they've really got no idea as it's subject to the whim of pen pushers
keep the faith - one day Rodders !
Ian, you need to look harder.
I agree with all you say TIL, but the BOD have been supremely poor at communicating with shareholders during the entirety of the suspension period.
Failing to deliver on communication promises when a plc is shameful. The NOMAD should not have signed off on the text or the last RNS if there was the slightest chance that no announcement would be forthcoming.
This company has been woeful in the news flow it provides to shareholders.
Further to the Company's announcement on 28 March 2024, the Company provides the following additional information on its proposed acquisition of PETRONAS International Corporation Limited's energy business in South Sudan through the acquisition of Petronas Carigali Nile Limited ("PCNL") (the "Proposed Transaction"), as first announced by the Company on 12 December 2022.
Completion of the Proposed Transaction remains subject to satisfaction of certain conditions precedent, principally the receipt of written approval for the Proposed Transaction from the Government of South Sudan. Following receipt of this approval, Savannah would then progress to finalise an AIM Admission Document to facilitate seeking a restoration to trading on AIM of the Company's ordinary shares.
Publication of the AIM Admission Document requires the release of the Company's FY 2023 audited annual results, together with the finalisation of the audit of the financial statements for FY 2023 of PCNL. It is currently anticipated, therefore, that the AIM Admission Document, together with Notice of General Meeting to approve completion of the Proposed Transaction pursuant to AIM Rule 14, would be published in late Q2 2024 /early Q3 2024.
Keep the faith guys you have got to understand that any update they provide has to go through various reviews and they are juggling a tight legal rope as well wouldn't surprise me if they wanted to run past the South Sudan government if the deal was still active the last thing the company would want to do is release something which jeopardises all the work they have put to date and annoy the SS government, this is one of the many reasons why I feel the company has chosen to provide limited information with this particular deal.
I will continue to keep the faith it what Andrew is trying to deliver and happy to receive only info which has all parties on board and keeps the transaction alive.
Time after time this company fails to deliver on promises.
No RNS. No comment at all. If this was quoted I’d be out.
I’m telling myself today is one of those Harry Enfield “calm down, calm down” moments. These deadlines can take on a life of their own and I can get overly focussed on a dreamt up date, when many factors are not in the company’s control. But the truth is that although obviously a successful SS announcement today would be a fantastic end to the week, shareholders will actually just be very pleased to hear in a few weeks on a successful Gabon SPA(!?) and then later - it may take even a month or two more - on a successful SS government approval, if that’s the way it goes, as I postulated in my lengthy(!) 16 Feb post - i commented that on Gabon the parties are much more motivated from a timeline perspective and we may be pleasantly surprised that Gabon beats our SS Gov approval / success. But who knows, I’m just relying on public info that TIL has really helpfully dug up and shared. Interesting though that the pressure to close in Gabon continues…
On SS, President Kiir will have a terrific story to tell his electorate at the signing ceremony (and later at the run up to election) when he replaces an investor who is not willing to ramp up investment in multiple SS oilfields with SAVE who will sweat the assets and invest in the assets more - so delivering to the SS government greater oil revenues. Revenues which are desperately needed by the people.
In the meantime a really thorough Operational Update would be good but I am guessing we may be waiting til June for this - sadly.
I’m also thinking about the AGM in June. Which I hope follows some success in the above (Gabon and SS).
It’s going to be key that the CFO (in person, not on a dial in) takes us through a really thorough presentation on assets, and liabilities, country by country, across each business line - hydrocarbons and renewables. With a really clear breakdown. There is much that can be shared about the business which is not subject to arbitral confidentiality.
CYB posted the ppt recently on this bulletin board from Dec’21 (from memory). That sort of thorough ppt updated and presented at the AGM would be welcome and frankly expected. But more importantly, a proper Finance ppt is called for.
It will be very important that CEO and CFO are there in person, sharing from each of their perspectives the business. We know we’re an “And not Or” company, we know we’re a company doing hydrocarbons AND renewables, “projects that matter” etc, we all believe this. so no more than 2 minutes on this please!
We will definitely be getting an update today, confirmed by IR. Although Save has agreed to this update, I get the feeling their arm has been twisted by the regulator.
Surely the question is, which year will SAVE quote again.
What is your guess guys ?
Should have said ‘next fortnight’. But I’m not terribly fussed when.
Moho: Won't make any difference whilst suspended. Though i expect positive news for some reason.
Ideally not after midday. Friday afternoon RNSs were always where you tried to slip out the cr*p news.
They have missed multiple promised deadlines over the years. But saying you're going to release news in a few months time and then not get anything, is somehow more acceptable/less weird (albeit still frustrating), than saying we'll update you next week, and then getting nothing.
Surely something will be/has to be released today?!
It would not be the first time that a set time limit is not being kept; in itself it is disrespectful - in my view, if you are not dead certain, just keep quiet.
Meanwhile, I am witht komakino, I am not holding my breath.
GLA
Moho, the main purpose of the RNS was to inform of the extension, not just to say there would be another one next week. Would be surprised if we didn't get one later today though.
It does seem daft taking the effort of issuing an RNS (and paying for it) just to tell the market you're going to be issuing an RNS, and then not release one, so expecting something today. I was always advised that these had to be down the wire for 7am
They'll have to put something out today as they flagged it last week.
It's becoming increasingly clear that the Mexican stand-off between management and the South Sudanese decision-makers continues.
Tier - I am expecting the update to be wrapped in with Q1 2024 update and that usual comes in the second week of April so I am not expecting any news this week even though that was the words used in the rns last week. Perhaps they will be able to push out the Q1 202 update on Friday but lets see.
Trust, how you’ve got all your info is beyond me! You’re definitely right up there among the top posters! Thank you so much! 16:30 today or 7:00 tomorrow? 16:30 tomorrow?
"I am interested to see what the first funded renewable project impact on the SP for savannah would be, that would be interesting to see."
Think much will depend how ESG fund managers look at our revenue mix, and if they get a more explicit go-ahead from regulators to hold fossil fuels. In Europe, where ESG investing rules are the world’s most far-reaching in scope, authorities are in the process of reviewing the framework they enforced in early 2021, and how to treat so-called brown assets will be a key focus.
Absent that, it will be just like any other project where investors look at the NPV of the project(s), but wont apply a green premium to the SP.
Certainly looks like a strong partner for savannah and big experience in closing a number of renewable deals towards financing, impressive credentials and I am sure the partnership would bode well for savannah. I am interested to see what the first funded renewable project impact on the SP for savannah would be, that would be interesting to see. As all the projects at the moment are still pretty much on scoping to study phases, but when savannah manages to land a renewable project which is either close to funding or funded that would be massive on the renewables front
https://www.rencore-energy.com/people-1
Says on their website that grant funding for the environmental studies was provided by
Proparco, the private sector subsidiary of the French Development Agency (AFD)
Looks like our next renewable partnership is in Mali and a wind farm 150 MW, with us partnering with another company called rencore energy.
Here is an interesting article on a potential investment by British companies in 🇲🇱 .
Rencore Energy and its partner Savannah Energy are British companies with considerable experience in the renewable energy sector.
https://x.com/uk_mali/status/1775457539347362299?s=46
https://www.rencore-energy.com/kayes-en
Dec 2022 suspended