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Must be confident of continued growth if they are setting their own company up for this
SAVANNAH STAFFING SOLUTIONS LIMITED
Private limited company
15228140 - Incorporated on 23 October 2023
40 Bank Street, Canary Wharf, London, United Kingdom E14 5NR
SIC codes - 78109, 78200
https://find-and-update.company-information.service.gov.uk/company/15228140
Definitely see this reaching a conclusion much sooner than the icc arbitration. where it’s currently at seems like no one is winner with funds frozen. So I would think a resolution will have to be reached pretty soon.
Have feeling we end up with Chad assets now
Savannah+ SS + CHAD!! Can we start dreaming big again?? Fingers crossed. I know its been a pretty brutal market for all regardless of whether you are in bonds, equities, property etc so we could all do with some good news.
I find the below quote interesting in the article ‘ but also a nationalisation of Chadian oil that would not go as well as he had promised.’
Clearly the chad nationalisation is not going as hoped and clearly there are issues:
1) is it because they are likely to lose at icc arbitration ?
2) is it because there is a real risk of long term asset seizures and frozen funds has led to nervousness ?
3) are they having operational issues at DOBA fields affecting production it is not easy to become an operator overnight without experience of operating oil fields?
I believe over the next few days, weeks and months will be interesting to see how this unfolds……..
It is clear that the current stance around all the icc arbitration and nationalisation of assets is not going to be sustainable to continue and if it was there was no need to sack the last minister.
So the question is what is the new plan ? Will it be positive for savannah ? Surely it can’t be any more against than it currently is as they have nationalised the asset already which is the worst case scenario so it can only move towards a more positive outcome ?
Definitely on the new minister agenda…..
https://www.rfi.fr/fr/afrique/20231027-tchad-les-dessous-du-limogeage-du-ministre-des-hydrocarbures-et-de-l-énergie?utm_medium=social&utm_campaign=x&utm_source=user
Chad: the underside of the dismissal of the Minister of Hydrocarbons and Energy
The Chadian transitional president, Mahamat Idriss Déby, appointed, on Friday, October 27, a new Minister of Hydrocarbons and Energy: Alixe Naïmbaye Ndolenodji, several times minister already at the time of Idriss Déby. She replaces Djerassem Le Bemadjiel in this position. Back to the underside of his dismissal.
The transitional president had promised, on the day of his inauguration on October 10, 2022, that "y by January 2023, energy production capacity will be tripled in the city of Ndjamena", under the perks of his public, before making it known that this "will make it possible to meet current, but also future needs".
The promise was not kept, on the contrary: electricity production has fallen sharply since then, because of technical problems, to the great displeasure of the Ndjaménois. Enough to make Mahamat Idriss Déby look red, who threatened, during the Council of Ministers on Friday, October 27, to "take all his responsibilities" in the face of these "repetitive shortcomings on the eternal energy issue", according to the official report of the government spokesman.
The cleaver fell a few hours later, with the signing of a decree dismissing Djerassem Le Bemadjiel in the early evening. "The president felt it was his fault and he thanked him," explains a high-ranking source. "But that's not the only reason," she adds. She mentions in particular problems of embezzlement, very bad relations with the big boss of the National Electricity Company (SNE), but also a nationalisation of Chadian oil that would no
I personally feel the chad government were willing to back the old minister in nationalising perhaps believing it was the right call at the time and would probably bear fruit, with the risk of losing ICC cases and potential frozen asset until the case is resolved which could still be 18 months away and a case which would like go in Savannah favour. Could they now be willing to come to some sort of an arrangement much sooner, let's see......................
I think in the first instance they may be willing to accept Savannah shareholding in the midstream business and pipeline as that was always considered a stretch to far and plus they don't have total jurisdiction over pipeline, that may be the first point to sort out so at least all partners are able to access the dividends / funds generated by the pipeline equivalent to their shareholding which I believe are frozen at the moment apart from paying salaries and suppliers........
Whether they are than willing to come to the negotiation table on the nationalised doba oil fields in chad or perhaps a settlement in terms of a payment to Exxon / Savannah or the unlikely scenario of accepting savannah as operators of the doba oil field.
I believe 2 separate issues but both would be on the new minister agenda especially with the backdrop of pending ICC cases.
I for one still believe that out of court settlement is the best way out for chad, either they pay up and officially takeover the doba oil field giving savannah and exxon a clean break or they handover operatorship to savannah. Judging by the fact that the hydrocarbon minister was sacked this week deliberations on the topic are definitely happening in the background and clearly there must be views amongst the political elite in chad in regards to what their next step is one which avoids a potential ruling against them well before ICC hands it's official verdict. Perhaps through their lawyers they must have already gauged probability of success in their favour and the advice they must have received isthat it's strongly weighted in the favour of savannah, let's hope whatever the outcome it bears fruit for savannah which ever way the dart lands.
Chad definitely looks like it's back in play in terms of news front and we perhaps may not need to wait 18 months for an ICC outcome....... ..........
Another interesting article - https://www.yenisafak.com/fr/international/tchad-le-ministre-de-lenergie-demis-de-ses-fonctions-14895
Chad: the Minister of Energy dismissed from office
The Chadian Minister of Hydrocarbons and Energy, Djerassem Le Bemadjiel, was dismissed on Thursday, October 26, 2023 from the Government of Saleh Kebzabo.
This hasty departure from the government team comes eight days after the resignation of two ministers involved in a scandal, which led to a slight reorganisation of the government on October 21, 2023.
The decree of his dismissal, published on the page of the General Secretariat of the Government, gave no details on the reasons. However, some observers believe that the inability of the National Electricity Company (SNE) to regularly supply the city of N'Djamena, the Savannah Energy case and the freezing of assets are related to his departure.
Djerassem Le Bemadjiel was Minister of Oil under the late President Idriss Déby Itno from 2013 to 2016. He was the one who negotiated the loan of more than a billion dollars with Glencore, which plunged Chad into a financial crisis.
Accused of illicit enrichment, embezzlement of public funds and corruption, he was arrested in September 2020, then provisionally released in February 2021. He regained this position in the first transitional government put in place upon the death of President Déby. Then he was reappointed to the second government currently led by the opponent Saleh Kebzabo.
Under his leadership, the transitional government engaged in a legal standoff with Savannah Energy, a British firm, in the purchase of Esso Chad's shares. This showdown led to the nationalisation of Esso's shares and the creation of Chad Petroleum Company.
Interesting MR B - they have just announced the new hydrocarbon and energy minister it’s a female. Interested to see how it plays out for us in terms of out cases and also the nationalisation of doba assets.
Let’s hope she is more pragmatic in her approach and come to some sort of an agreement. Surely cases at ICC and potential frozen assets could not bet a good look for the departing minister and perhaps that’s what led to his departure.
https://www.facebook.com/sggtchad
With the energy minister gone and what looks like him being the main instigator in getting Chad to Nationalise its assets amongst other misdemeanours, is there a slim possibility Chad may ask Savannah to return to the negotiating table ?
—————————-
APA – Ndjamena (Chad) No reason was given for the dismissal of the energy minister.
Minister of Hydrocarbons and Energy, Djerassem Le Bemadjiel, was dismissed from Saleh Kebzabo’s government on Thursday, his sacking coming eight days after the resignation of two ministers incriminated in a sex scandal.
This led to a mild government reshuffle on 21 October 2023.
The decree sacking Le Bemadjie, published on the page of the General Secretariat of the Government, gave no details.
However, some observers believe that the inability of the ‘Societe Nationale d’electricite’ (SNE) to regularly supply the city of Ndjamena, the Savannah Energy affair and the freezing of assets are linked to his departure.
Djerassem Le Bemadjiel was Minister of Petroleum under the late President Idriss Deby Itno from 2013 to 2016.
He was the man who negotiated the billion-dollar loan with Glencore that plunged Chad into a financial crisis.
Accused of illicit enrichment, misappropriation of public funds and corruption, he was arrested in September 2020 and provisionally released in February 2021.
He returned to this position in the first transitional government set up following the death of President Deby.
He was then reappointed to the second government currently led by the opposition Saleh Kebzabo.
Under his leadership, the transitional government was engaged in a legal tug-of-war with Savannah Energy, a British firm, over the purchase of Esso Chad’s shares.
This resulted in the nationalisation of Esso’s shares and the creation of the Chad Petroleum Company.
https://apanews.net/chad-junta-fires-energy-minister/
Thanks JD, that's useful to know
@ TIL; Romain Bohbote also there from SAVE (finance, M&A role)
Thanks JD, I heard the same as well. I believe Julian Horn our renewables director was the only Savannah Energy representative at the AEW......
I was at AEW, RR. Other than learning early on that AK was stuck in SthSudan and hadn’t travelled to the conference, I didn’t hear anything particularly new or insightful specific to SAVE. Was rather tied up with the day job though tbh so had limited digging around time.
Sudan conflict: RSF takes control of Nyala in Darfur https://www.bbc.co.uk/news/world-africa-67226076
Brilliant find MR B and thanks for sharing. It is indeed interesting to see what this means for us, and cant be such a bad thing as our chad position as it stands is already nationalised, so either it means no change and we wait till ICC ruling or could be some shift along some of the political lines that they may start to pivot from the nationalisation stance and be willing to come back to the negotiating table it remains to be seen, but one thing for sure is the chad petroleum minister sacking is probably significantly due to the nationalisation of assets and everything else around it with the number of cases at tribunal and the number of ICC cases. Perhaps the petroleum minister stretched his hand to far let's see where we get too on this............................................
Another case of more and more reliable gas and renewable energy needed in another West African country.
Ghana power crisis: Limited gas supply triggers nationwide power outage https://www.bbc.co.uk/news/world-africa-67236078
Thanks Mr. B. Not seen anything from Chad news agencies yet. Couple of posts on social media in the last couple of hours from Chad that pique the interest e.g.
'What is Djerassem hiding on the SAVANNAH vs. Chad case?
Looks like the urine under the carpet is starting to smell'
'Savannah just won her lawsuit 😂
Little genius is terminated 🤣
The Chad '
Hopefully get some more details filtering through over the next day or so.
N'DJAMENA, Oct 26 (Reuters) - Chad has dismissed Petroleum and Energy Minister Djerassem le Bemadjiel, the government said in a decree on Thursday. It did not give a reason or name a replacement.
The government also said that Daoud Hamid Dabou was named Chairman of the Board of Directors of the Société des Hydrocarbures du Tchad, the state oil company, replacing Dago Yacouba.
Chad earlier this year nationalized all the assets and rights including hydrocarbon permits and exploration and production authorisations that belonged to a subsidiary of Exxon Mobil (XOM.N), after contesting a deal to sell them to Savannah Energy (SAVES.L).
https://www.reuters.com/world/africa/chad-dismisses-oil-minister-government-decree-2023-10-26/
Surprised we’ve not seen stuff on these. We’re we not sponsors of a couple that have passed now and wan’t somebody on here going to one of them in South Africa?
Nigeria Supreme Court dismisses election challenges by Atiku Abubakar and Peter Obi https://www.bbc.co.uk/news/world-africa-67227814
Agreed Komakino - just interesting that the media coverage has started to come alive in regard to South Sudan oil and gas sector so must mean plenty of deliberations going on in the background
Til, you would hope this was positive for Save, but I guess after all the hiatus recently we'll just have to wait and see as usual. Thanks for the post anyway.
Seems like South Sudan may be scrapping there plans to nationalise assets if they have asked CNPC to boost production, so highly likely that there will be an extension on the PSC that were due to expire in 2027, I wonder what this means for savannah one would hope positive if they approve the savannah deal than we can work with CNPC to increase production as well.
https://www.bloomberg.com/news/articles/2023-10-24/south-sudan-asks-china-s-cnpc-to-boost-oil-output-stay-longer?utm_medium=social&utm_source=twitter&cmpid%3D=socialflow-twitter-markets&utm_content=markets&utm_campaign=socialflow-organic&leadSource=uverify%20wall
And a 2nd RNS. Looks like Aberdeen just shifting things about a bit between funds.