Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Longshort - no need to apologise we all want the best for each other and by best I mean a healthy share price. A lot on here feel that share price appreciation is fully tied with acquisitions but it’s not, I always view savannah as the savannah with accugas and Niger and how we can grow those and anything else on top such as renewable or new deals as bonus so based on just those 2 assets alone I genuinely believe we are still trading at discount which is why I am slightly disappointed that they haven’t signed bigger gas contracts. I would hope to see some sizeable gas contracts imminently at the very least.
On paper the SS deal was always the toughest deal in Africa even tougher than the chad deal so no surprise that it will take longer. There are a number of things at play here
1) all the production sharing contracts have expired so these need to be re-negotiated
2) stability of ministry staff as they constantly get sacked or re-shuffled.
3) potential presidential election looming next year so it’s going to be used as tool for debate by current party and opposition.
4) nervousness around open transparency in the oil sector in country meaning more scrutiny and less of the book deals, remember they have been use to 3 state oil companies in CNPC, ONGC and Petronas. State oil companies have governance but less public disclosure so things can easily be brushed under the carpet.
And probably a million and one other reasons that our mind can not comprehend.
There is still plenty for savannah to play for on the home
Front with accugas and Niger pipeline coming to completion. The coup in Niger doesn’t seem that bad now as they have opened airspace for commercial flights.
Hence I am looking forward to interims as I want greater detail on what they are doing on the home front as much as like the away front in terms of acquisitions.
TIL , ignore word Nut, but why is this so difficult to get over the line, i know its big but ffs
TIL apologies nut these things are sent to try us
I’m very excited to be seemingly very wrong. Yet the fat lady still hasn’t sung yet. Let’s hope it’s music to our ears when she does.
Guess this will be corrected tomorrow? https://mofaic.gov.ss/news-releases/
Do these officials treat everything like a game? Well rest early tonight for more developments tomorrow. 😴
Statement in full courtesy of Trustlie.
Date: September 25, 2023
To: The Public and All Concerned Parties
Subject: Clarification on Meeting Between HE. the President and Caltech Trading Corporation
Dear Citizens and Stakeholders,
We wish to address recent claims circulating in the media regarding a meeting that took place on the sidelines of the United Nations General Assembly between the President of the Republic of South Sudan and representatives from Caltech. These claims suggest that the government has finalized a $3 billion deal with Caltech. We would like to clarify the situation to provide accurate information to the public.
During the meeting between the President and Caltech, discussions did take place regarding potential investment opportunities in the Republic of South Sudan, with this being a courtesy meeting with H.E. the President. Discussions between the Minister of Finance and Caltech have been ongoing since August 2023, exploring various potential areas of cooperation. However, it is important to clarify that as of now, no formal agreement has been signed between the parties. The government of South Sudan remains committed to transparent and accountable processes in all its engagements, and any developments in this regard will be communicated to the public in due course. Therefore, it is important to emphasize that no final agreement or deal has been reached at this time.
The Government of South Sudan follows a transparent and thorough process when engaging in significant investment agreements. Any such agreements would require careful consideration, including legal and financial due diligence, as well as approval from relevant government bodies. As this has always been the standard procedures when engaging potential investment partners. As of now, no commitments have been made.
We understand the importance of providing accurate and timely information to our citizens and the international community. Therefore, we assure you that any developments related to this matter will be communicated through official channels in accordance with our nation's transparency and accountability standards.
In the meantime, we encourage the public and all concerned parties to rely on verified information from official govemment sources for updates on this matter. Speculative claims can lead to misunderstandings and confusion, and we are committed to ensuring that the people of South Sudan are well-informed about matters of national significance.
If that were the case, surely they’d have come up with something a little more credible. No doubt there’s lots more twists & turns to come!
Telegraph it could have been a negotiation ploy to turn the heat on for a better deal who knows at this point you got to remember the old production sharing agreements have all expired so they are clearly looking for more generous terms perhaps this little saga was design to achieve that
Either way, are we sure having the S Sudan state as a de facto business partner is still a good idea?!
Confirmed no deal with caltech and breathe……………
No final deal
https://x.com/patrickheinisc1/status/1706371638315364628?s=46&t=bdVeLrGB139mDog1SFRNlw
Ministry issuing the statement correcting entity name and title
https://x.com/patrickheinisc1/status/1706365689638924499?s=12
Tone has changed from a deal to discussion a “US company that held discussions with members of the South Sudan delegation on the sidelines”
Gently slow walking it back obviously they are not going to outright say that they didn’t do the right due diligence.
But interesting chose of words the word deal has been replaced by discussion
Thanks for that. I’ll sleep better.
Energy voice backtracking
https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/
I’ve never wanted to be more wrong. Tomorrow maybe we will find out. Sleep tight everyone. What will be will be.
I'm surprised they didn't do the announcement at the shopping mall .... specifically at the UPS branch where the company is registered.....it would have been a short drive. I'm sure Mo Malik...Malique maybe he has an alias cos his LinkedIn and website bio seems different. Where's the money coming from I've no idea but doing business this way will I'm sure see Kiir benefit rather than his people and that's why I'll tip my Black Stetson to AK and sell my stock as soon as I can.
If this is just ‘fake news’ SAVE would have had rns’ed by now. They have had the whole afternoon. Sadly I do think we have perhaps lost the deal. If we haven’t, I’m not sure we will get it in the end.
But as per Rockys update petronas never knew anything about it and besides there is usually a termination fee if the termination is not mutual meaning that savannah would get a break clause fee if they were bypassed unless they both agreed mutually to terminate
Gooseman - I follow your logic - I wonder how much we would have had to pay if the deal had closed today?
Surely Petronas are in breach of contract if they dump Savanah for Caltech at this late stage. They can't have been negotiating this long without something in writing, like Heads of Agreement.
Jimzim, they can string it out for another 6-12 months and there won't be any money to change hands - job done!
I reckon Caltech is really a front, shell, and behind that are friends and family of the President. Still can't see where all the cash is suddenly going to appear from, however.
I agree, komakino. "rum do" doesn't begin to do it justice.
CYB, what's a 'invement' deal? Headline isn't even spelt correctly. Something odd going on with all of this for sure.
Mr. B Caltech is not some latter day Perenco. It's just a front. They'll get paid of with a few grand. Likely someone in the government reckons they can run the business themselves.
What a rum do.
It's on the SS Ministry of Foreign Affairs website here:
https://mofaic.gov.ss/south-sudan-concludes-multi-billion-oil-sector-invement-deal-with-us-firm/