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Congo assets are Chevrons by the looks of it as they are pulling out of Congo
https://www.reuters.com/markets/deals/chevron-launches-sale-congo-oil-assets-sources-2023-05-25/
https://www.chevron.com/worldwide/republic-of-congo
An even juicer bit of research on acquisitions front another interesting profile on LinkedIn of a Subsurface Data - Reservoir Engineer
Seems like we have scoped out Congo and Nigeria as well. Not sure about Congo but Nigeria is the holy grail and especially OML 128 and OML 129, Nigeria and plus it’s offshore so it’s technically vey secure…………… We Know Equinor announced in Jan 2023 that they are looking to exit and the price quoted is roughly $1bn for 25,000 bopd. This asset I can definitely get behind we have presence in Nigeria already with accugas asset and strong performance their plus 3 office in Nigeria a team ready to go come on AK bring this baby home………………………………………………
I am crying out for an acquisition in Nigeria on the basis that we have done wonders with accugas and Nigeria still remains relatively secure compared to it’s other African countries. Nigeria OML 128 & OML 129 is right up my street.
https://www.reuters.com/world/africa/equinor-joins-western-oil-firms-retreat-nigeria-sources-2023-01-25/
Subsurface Data EngineerSubsurface Data Engineer
Savannah Energy · Full-timeSavannah Energy · Full-time
Dec 2022 - Present · 10 mosDec 2022 - Present · 10 mos
• Responsible for the analysis, quality, and efficiency of the Subsurface data.
• Reservoir analysis for new business development in Republic of the Congo (Moho-Bilondo, Lianzi, Nkossa- Nsoko).
• Reservoir analysis for new business development in Nigeria (Block 128 and 129).
• Development in Power Bi – DAX of reports and dashboards, for monitoring of Oil and Gas production and artificial lift pumps in Chad fields (The dashboards include, location maps of wells and fields) furthermore decline curve analysis.
https://www.linkedin.com/in/jose-morillo-5a696316/
Zengas - I was also looking at the Amocon news. You will see the map on page 3 with Amocon EPF which is a third party connection. So when you refer to the job referring to Eket i am guessing it might be similar a third party inter connection. We will start to see a lot of small interconnections going forward around the main accugas pipeline and that will help us achieve as much as unprocessed gas capacity going forward so we can maximise the full 600mmscfd throughput of our pipeline
https://wp-savannah-2020.s3.eu-west-2.amazonaws.com/media/2023/05/New-Natural-Gas-Sales-and-Purchase-Agreement-signed-with-Amalgamated-Oil-Company-Nigeria-Limited-Final.pdf
Possibly LST, though I would imagine most likely after publication of the admission document and the formal contract between the two. So maybe 60 days from tomorrow? Maybe why they are scrabbling round for a loan.
Another nugget for all the believers. Whilst I was searching LinkedIn profiles for employees right now I stumbled across this interesting profile of a Geo Scientist at Savannah Energy.
Looks like the individual joined just a month before the South Sudan SPA and quote "Delivered technical assessment and recommendations for five Business Development projects"
Having delivered technical recommendations would mean that work would have already been done on other acquisition targets 5 to be specific in 10 months since the individual has joined. So South Sudan is not the only egg in the basket......... Yes one thing we can never know is status of these recommendations and execution timeline............. But oven technical leg work done on assets means we can swiftly strike on the deals..................
Is that why the company was confident in delivering another significant opportunity this year............ Just joining the dots reallly................
https://www.linkedin.com/in/daniella-guy-78080089/
GeoscientistGeoscientist
Savannah Energy · Full-timeSavannah Energy · Full-time
Nov 2022 - Present · 11 mosNov 2022 - Present · 11 mos
London Area, United KingdomLondon Area, United Kingdom
Appraising technical areas of Business Development opportunities, seeking to grow company oil and gas asset portfolio. Main responsibilities: assess reserves and resources, QC seismic interpretation and static models, assess development opportunities and analyse greenhouse gas and emissions data and capex/opex costs.
•Delivered technical assessment and recommendations for five Business Development projects
•Carried out exploration review for South Sudan fluvial-lacustrine Cretaceous rift-basin fields
Hi Komakino is that 60 days from signing of SPA ?
I would also assume that nationalizing these assets as they are shared with other companies would be nigh on impossible given who the partners are ?
That's why whether south sudan lands or not i am not to worried as i have always maintained that accugas can easily double in volumes in the next 12 months.
Sorry here is the LinkedIn account for our construction manager from LinkedIn was hired in July so work should be moving on the CPF front
https://www.linkedin.com/in/emeka-okoye-pmp%C2%AE-mba-b-eng-mnse-coren-5b0b7426/
Zengas - Possibly we know 200 mmscfd is our processing capacity and 600 mmscfd is our pipeline capacity for unprocessed gas................. So potentially we can use 400 mmscfd to transfer under processed gas through pipeline. The amocon deal has shown they might try to use as much as spare capacity as possible through third party gas
On a positive they have hired a construction manager for the CPF facility so should be progressing in the background.
Construction ManagerConstruction Manager
Savannah Energy · ContractSavannah Energy · Contract
Jul 2023 - Present · 3 mosJul 2023 - Present · 3 mos
Lagos State, NigeriaLagos State, Nigeria
Construction Management for the Uquo Export Gas Compressor Installation Project
Interesting: 60 days from notice of acquisition
22.Assignment
(I) A contractor shall not directly or indirectly assign all or parts of the contractual rights and duties under a petroleum agreement to a third party, including an affiliate, without the prior written consent of the Ministry.
(2) The assignee shall fulfil all applicable requirements under the laws of the Republic and shall be a person with the requisite technical competence, sufficient experience, history of compliance and ethical conduct and financial capacity to adequately fulfil all obligations of the petroleum agreement and any other requirements stipulated by the Ministry.
(3) Any transfer of ownership interests in a contractor which directly or indirectly results in a change of ownership control in the contractor shall be subject to the prior written approval of the Ministry and notice of the transfer shall be announced in the Gazette and made available by any other appropriate means to inform interested persons. For the purpose of this Section, direct or indirect ownership of 50 per cent or more of the shares, or a majority voting power, shall be deemed to entail control in the contractor.
(4)Consent in accordance with subsections (1) and (3) of this Section shall not be unreasonably withheld.
23.Pre-emption
(1) Where a contractor decides to dispose of all or part of its interest under a petroleum agreement, the National Petroleum and Gas Corporation shall have the right of first option to acquire the interest on the same terms as agreed to with the potential buyer.
(2)If the agreed consideration is not a monetary value, the National Petroleum and Gas Corporation shall have the right to pay the corresponding monetary value of the agreed consideration.
(3)The National Petroleum and Gas Corporation's right of pre-emption shall lapse unless exercised within sixty (60) days after receiving notice of the acquisition.
Just looking at those vacancies you reffered to Trustilie
Saves 3 Nigerian office locations are Lagos, Abuja and much further away in Uyo.
The vacancy for a senior HSE co -ordinator
'Job Purpose/Objectives - To establish HSE culture in Savannah Energy work sites, by ensuring elimination of accidents and injuries' 'to deal with contractors, work sites etc and supervise 3rd party contractors'
Full job role - https://careers.savannah-energy.com/job/Eket-Senior-HSE-Coordinator-AK/956490655/
But It's based in 'Eket' and about 35 miles from UYO
I haven't looked at all our contracts but i don't think we had any in or around Eket ?
New additional supply contracts being developed ???
TiL - having reflected on the Caltech saga I think they simply put this impossible deal out there as a final shot to see if anybody would like to come in and make an offer better than ours - throw a spratt to catch a mackerel!!!
How better to RAPIDLY hit the press than to get something out from Kirk being at the UN?
So, highly unlikely that they will get a better counter offer at this late stage, especially with the Sudan war still very much in progress. Even moe unlikely that somebody would fund them unless Perenco want to give it a shot LOL.
So I think thay either have to do nothing and leave the declining asset with Petronas or give us approval.
Anyway we can all pontificate to our hearts content, none of us really have any idea at all with what’s going on.
See you all back on here after tomorrows RNS(s).
RockyRide - That's a million dollar question mate........................... Can only go by the facts that we know so far.
1) Your IR updates have confirmed a few things for us over the last few weeks and months as follow::
- AK preference was to always come back with approval alongside the admission document from what's publicly available this has not been granted otherwise you can not keep these things quiet for too long there is always someone who wants to break the story first. We may have got all the regulatory approvals in such as ministry of petroleum and South Sudan oil and gas commission. But the final approval all depends on presidential approval.
- When you spoke to IR after the caltech saga broke on Monday. You mentioned that they were still progressing as if the deal was a go ahead and they were none the wiser.............. We all know the caltech saga was a sham and a credible entity is still to come forward with a credible bid unless they have come in the last couple of days. Which I highly doubt otherwise that would easily would have hit the news.
- We know that it's not a legal requirement to wait for approval just preference and you had mentioned that the company and it's auditor were reviewing the half year results and admission document side by side.
- I think we can credibly say that South Sudan wishes to nationalise vs reality in it's ability to do so are far apart still.............
In terms of the Admission Document itself I was always under the impression that it always comes first and never have I ever seen explicit approval come in tandem. So in my mind there was never that expectation. I think because a few on here have spoken to IR and confirmed that AD and Approval will be in tandem has got everyone twisted almost treating that as reality and we know that's never the course of play you only have to look at all the other SPA's approvals timeline to know this fact.
So if the company haven't received a no from the SS government than they would be well within there right to issue an admission document if all the quote "other workstreams" are completed.........................................
If we haven't received a no than it will purely remain a choice on Savannah on whether they want to still weight out another month at max and than make that call............................. But that will also be driven by what else would still remain outstanding in terms of the workstreams.
Will we issue AD in the morning with relist Monday morning? Not beyond the realms of possibilities that we do this and gain SH approval then sit it out / carry on negotiating to get Gov approval.
Guess the NOMAD busy ATM and would like to be a fly on the wall over the last few days…
Going to be an interesting speech in light of the news this week:
https://www.zawya.com/en/press-release/africa-press-releases/advancing-sustainable-oil-and-gas-og-investments-savannah-energy-joins-african-energy-week-aew-2023-as-bronze-jwwv7jix
COMMERCIAL ANALYST - https://careers.savannah-energy.com/job/Lagos-Commercial-Analyst-LA/956494355/
SENIOR HSE COORDINATOR - https://careers.savannah-energy.com/job/Eket-Senior-HSE-Coordinator-AK/956490655/
Nigeria team is big enough for a couple of additional deals now........................... ;)
The maintenance of EPSA means the contractor shall have the exclusive right to develop all petroleum fields within the contract area, including but not limited to the construction of the infrastructure necessary for transportation and delivery to the intake point of the transportation system and lifting the sale of contractor's share of all crude oil and gas, produced from the contract areas specified in this agreement, to the delivery point.
Under EPSA, the consortium is mandated to submit a list of the expatriate administrators, professional and technical personnel, whom the contractor intends to employ for the conduct of the operations to the minister of Petroleum for approval, which shall not be unreasonably withheld.
The aforesaid list shall be accompanied with the curriculum vitae and contract of service for each employee. Upon approval, the selected personnel shall be granted such entry, work, and residence permits as may be required by the laws of South Sudan.
On the other hand, the contractor shall, one month after the signature date of the agreement and upon consultation with the minister prepare and carry out specialized training programs for all qualified South Sudanese employees engaged in petroleum operations and not hire unskilled labor from outside the country as expatriate employees.
https://www.southsudanminingjournal.co/en/post/technical-hurdles-force-south-sudan-to-consider-retaining-1997-oil-deal/370
Interesting timing of the article.............................................................
This article is even more interesting and the timing of it being released as well, and talks about the production sharing agreements continuing as they are because of technical hurdles and South Sudan inability to nationalise the assets
Technical hurdles force South Sudan to consider retaining 1997 oil deal
Juba, Wednesday (September 27, 2023) - There has been a consideration to review the Exploration and Production Sharing Agreement (EPSA) signed between the government of the then Sudan and China National Petroleum Operating Companies, Petronas, and Sudapet nearly a decade ago.
The agreement, which came to effect on March 1, 1997, granted the oil consortium the right to explore and develop blocks within the country's southern territory.
The consortium bears the financial and technical risk of exploration, and if commercially viable resources are discovered, they will undertake the production and extraction operations, according to the agreement.
Areas of operations, it entails, included but were not limited to Block 1a, located onshore South Sudan and now operated by Greater Pioneer Operating Companies, Block 2a, and Block 4 - all of which are located in the Muglad Basin.
In return for assuming the risk and investing in exploration and development of these blocks and sub-blocks, the consortium was granted an exclusive right to the resources found in the designated area.
The terms and conditions of the agreement included provisions on the duration of the contract, work obligations, fiscal terms, profit sharing, and other regulatory requirements.
"The contractor, subject to the provisions of the Agreement, shall carry out Petroleum Operations to explore for, appraise, develop, and produce commercial discoveries in the contract area, provide all capital, machinery, equipment, technology, personnel, and services necessary for carrying out petroleum operations," reads Article III of the agreement under the Grant of Rights and Term.
The content of the aforementioned article is unlikely to change after the inaugural National Economic Conference recommended that Joint Operating Company (JOC) remained in charge of the ownership and control of the oilfield due to a lack of adequate local expertise to nationalize the oil industry.
The recommendation came months after Puot Kang, minister of Petroleum, received a certificate of approval of EPSA from the National Petroleum and Gas Commission Chairperson Caesar Oliha Marko in November 2022, hinting the continuation of the agreement regulating an oil block in Unity State.
"The Chairperson of the National Petroleum and Gas Commission (NPGC) Amb. Caesar Oliha Marko handed over the approval certificate of EPSA/ Block B2 to my office. In this regard, the commissioners of NPGC unanimously resolved to approve the exploration production sharing agreement for Block B2 in Jonglei State," he wrote on X.
Interesting quotes -
"It is crucial that as we continue to contribute to the economy of South Sudan, and as the company expands across the region, that we apply the highest level quality services and management standards," said Trinity Energy CEO Robert Mdeza in a statement issued on Wednesday.
"[Again], to create a positive example in South Sudan's nascent and vibrant private sector, and attract international partners to the economy to support job creation."
Exactly Savannah's intention and plans job creation................................................
Some interesting articles on South Sudan mining journal
https://www.southsudanminingjournal.co/en/post/energy-entities-declare-war-against-corruption/363
Energy entities declare war against corruption
Juba, Wednesday (September 27, 2023) - To prevent corruption creeping into the energy private sector, South Sudan's leading indigenous energy supplier has announced it is embarking on employing measures to curb the vice and making the sector more promising in contributing to the nation's economy.
In working closely with it's partners - Dentons and Willkie Farr & Gallagher LLP, Trinity Energy aims at ensuring a top-class compliance by conduct of risk assessment of its operations to guide informed decisions.
As a signatory to the UN Global Compact and ISO 9001:2015 certified company implicated by the US-based watchdog in 2023, Trinity Energy now recommits to transparency and corporate standard to become a model for South Sudan in international arena.
A February investigative report by The Sentry -- a result of a three-year investigation into a loan deal between a local company and a regional bank-- uncovered red flags for illicit business practices.
"It is crucial that as we continue to contribute to the economy of South Sudan, and as the company expands across the region, that we apply the highest level quality services and management standards," said Trinity Energy CEO Robert Mdeza in a statement issued on Wednesday.
"[Again], to create a positive example in South Sudan's nascent and vibrant private sector, and attract international partners to the economy to support job creation."
According to Mdeza, the measures undertaken add on to the company's internal review of compliance policy and governance structures to ensure zero-tolerance against corruption in the energy private sector, not only in the Africa's nascent country, but also elsewhere Trinity Energy has operations presence.
The company, one of the regional entities dealing in fuel products in Kenya, Ethiopia, Democratic Republic of Congo, also provides it's services in the United Arab Emirates, making it an international corporate.
The measure, which could propel more concrete relations with multinational corporates the company partners with such as the African Export-Import Bank (Afreximbank), is imperative at the moment now it is a subject of the corruption report.
"Trinity Energy is committed to doing its part to improve the business environment in South Sudan by ensuring it has a top-class compliance program in place", Mdeza continued.
Mdeza's statement coincided with the company Chairperson, Akol Emmanuel Ayii's reflections on the Afreximbank's supports to the growth and expansion of the South Sudanese energy and business consortium, including the Trinity Energy itself.
Trinity Energy is now on a move to establishing the country's first-ever oil refinery to curb recurring fuel shortages in the region.
A, sounds like we’re telepathic :) absolutely sleep well tonight ready for tomorrow. Love to all.
Was hoping for an rns first thing this morning. We all know now it’s 100% the deal has not been approved. Sure the government hasn’t said yes or no, but pretty sure they’re unlikely to say yes. Let’s hope Nigeria is doing exceptionally well and we have more new contracts. Niger? Well who knows when we will see rewards and honestly it’s not even on most people’s minds. Happy/sad Friday we still have to face it. Rest well tonight everyone.
Mr B I absolutely share your frustrations along with a multitude of others on here. With being so heavily invested here I do flip flop a lot with my thought train - and by God do I think about this a lot.
But when I look at the risk / reward and the size of the prize should we land a big one, people will hve differing views but at the end of the day, in all honesty, we have been given plenty of info from AK to let us know what he would be trying to do.
One of the ways I look at it is this:- Whilst admittedly, we could have been spending the time and money on something else, but there are no guarantees anywhere and if we'd have done something different, even in Nigeria, we could have hit a similar set of challenges. But all things being equal. I estimate we would hve spent circa $40m on the Exxon / Petronas deals on Chad / Cameronn and on the current SS transaction. If we had not spent that and paid down debt, it would equate to 2.5p on the SP. So as I am in for a lot more than 2.5p, I think this is a risk worth taking.
We have know idea how SS will play out but I genunely belive that we will win the 2/3 x ICC cases and will be rewarded with anywhere between $500m to $1bn - afterall we did pay $400m for the stuff.
I still think AK is right by saying "small deals come with as much hassle as big deals, so we may as well only take on the big ones"! We have recently seen that small deals elsewhere hit the same troubles that we encounter.
Finally, I firmly believe that AK will have known that SS is very high risk and I am genuinely hoping that he has some other stuff 50% to 80% worked though which will either soften the blow should SS fail or be the icing on the cake should it succeed.
Sleep well this evening and let's see what tomorrow brings - MASSIVE FINGERS CROSSED AND GLA
It is frustrating when a share is suspended with any company for a lengthy period and the proposed deal fails to materialise. In Savannah’s case I suppose that’s the nature of the business that we choose to invest in. Speculate to accumulate as they say. We win some and loose others.
Anyhow nothing in set in stone at present and we should all know more tomorrow. No doubt the bb will be busy again. Fingers crossed for a juicy update and progress report.