Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Had a chat with IR today. No change to the guidance for SS, still expecting to issue AD by end of September for now. I asked if the company could extend the deadline beyond September if they needed to and was told yes they can and it is not an issue.
Asked why no Rns for the recent court case win against Citibank. Told legally advice is to not Rns news re Chad while ICC case ongoing, also do not want to add fuel to fire. Asked any chance of negotiating a settlement with Chad Gov and told highly unlikely.
Asked why no news or updates last few months, told it's been a quiet period. Company will be issuing interims report before end of September and also got the feeling other news also imminent. Asked if AK could do a presentation for the interims, request will be passed to Ak.
Although we have had no news got the impression things a progressing well behind the scenes and we are likely to get a few updates soon.
Very good memory but it’s the No 18 bus to Hanley from where I live - LOL
As an aside - great to see other senior execs on their metal presenting at various conferences etc. I’ve always had a little gripe that we only used to see AK ‘doing it all’. Genuinely impressed that he’s taken the shackles off quite a few people.
I really think we are seeing some serious momentum forming now - we just need to turn in in in to closed deals, BOPD & 2P. Then we will all enjoy the SP taking care of itself.
That will be a number 21 bus to Hanley bus station from your location (if I remember correctly), followed by a National Express coach to Cape Town 🤫
Good to have you back here RR
and thanks for all your very informative posts...
Shall we hire a bus and all nip over?
Mine too! Love love love. Gorgeous. Enjoy. I’m so jealous. Need to go back at some point. Just too busy.
Thank you, J.D.!
That would be appreciated JDC, enjoy Cape Town my favourite city let me know if you need some restaurant recommendations.
CYB - I'll be attending AEW. I'll see if I can glean anything useful beyond what is already public.
10 days to go
Https://twitter.com/Savannah_Energy/status/1704075449171669409
I find the below quote interesting from AK
“Therefore, we fully expect to continue to acquire, develop and operate hydrocarbon businesses and re-invest the cash flows we generate into both hydrocarbon and renewable energy projects for the benefit of our host countries.”
Clearly as we speak and considering the article was published yesterday there is a degree of optimism that acquiring hydrocarbon assets is still part of the strategy and nothing has changed on that front.
There must be some degree of confidence that they can successfully land these assets whichever they may toward full completion.
You may have a good point there CYB, so I think it is worth mentioning the dates of the upcoming African Energy Week (AEW) 2023 conference, which is taking place from 16–20 October in Cape Town.
(My apologies if dates have already been posted).
There has been a lot of very informative posts of late and would like to add my Thanks to all for sharing.
I'm probably reading *far* too much into the tea leaves here, but this seems rather a late stage to be announced as a speaker and sponsor for this Cape Town gig. It may suggest that Savannah has recently secured something material and this forum is the place to announce it. That would be rather nice.
Is anyone heading down south for this?
Am up to date on the convo re order of sign offs.
As you know I’ve been told AK’s preferred way would be to come back with everything signed except SH approval. Now as we know the usual way is similar to what we have done before and the way Afrenta announced today. Ie issue Ad Doc / re-list, then SH approval and finally Gov sign-off. Doing it this way stops any Gov embarrassment with this having to give the final nod. The last thing they would want to do is approve only for SH’s to vote it down at a later date.
So why could we do it in a different way with Gov approval announced at AD Doc / re-lis time and SH approval to follow 2/3 weeks later and the Gov be comfortable with this?
Well with 64% of shares held by BOD / II’s we could provide letters of intent that 64% would agree and hence approve.
Additionally SS may want it done before Energy Week to REALLY prove that they are open for business.
WOW TiL - I like that read. And can you imagine how powerful it would be to be talking at conference in October if SS was closed at end of September? The renewable stuff and Nigeria stuff reads extremely well and could not sound better. Really looking forward to 29/9 now to read the H1 report and whatever we get told about the SS deal.
Andrew Knott quote for the article sounds Bullish and upbeat
This PR article from Africa Energy Week as we will present and be sponsoring
https://aecweek.com/advancing-sustainable-og-investments-savannah-energy-joins-aew-2023-as-bronze-sponsor/
Komakino - I fully concur the importance placed on admission document and approval coming in tandem is purely based on information fed by people who have spoken to IR, but the position was never set in stone.
I believe what IR truly meant to say was AK is probably looking for some assurance by the way of certain pre-approved conditional approval which is binding on all parties to release the admission document. In most cases as Zengas previously alluded to final government approvals normally come after shareholder approvals and re-admission and that tends to be the normal course of timeline for all deals.
So in view of the above fact the market will have to factor in the economics of the deal....................
The 25% rise on AET is on a smaller deal, our deal is potentially 55,000 bopd plus 300 - 400 million 2p reserves. So there is no way the market doesn't give a premium even if it's modest to begin with
Who knows we may even get news this week ?
Porsche - This is the point I made yesterday. Obviously if it comes with government approval the bigger the rise, but without it there will be a premium to SP as well.
Are we perhaps reading more into govt. approval than is needed? When I firsted invested into SAVP, it was on the basis of the Seven acquisition and I waited for govt. approval before buying in. From that point on it was pretty much a steady decline down to 7p, and thankfully I averaged down massively otherwise I'd still be underwater! When we announced the Exxon deal we again had none of the required sign offs but the sp went from about 20p to 40p before drifting back. After the Chad situation I understand why most would prefer to come back with approval but I guess it's possible we are making too much of it and the market will base it's response mainly on the economics of the deal.
Interesting to see the Afentra are up 23% today following the issue of an updated Admission Document following completion of their Sonogol and Azule acquisitions without Government approval that is expected after Shareholder approval.
This was the order of the Gabon court that Chad were trying to unpick:
In view of the urgency;
[6].
Order CITIBANK GABON SA to maintain the freeze on COTCO SA's bank accounts in its books until the disputes between COTCO's shareholders have been finally resolved;
[7].
We also order, if necessary, the freezing of these accounts again until the final settlement of the disputes between its shareholders, and in particular between the Chadian party and the petitioning company;
[8].
We state that only transactions related to the payment of salaries, taxes and social security contributions can be debited from the accounts;
[9].
We hereby order the immediate provisional execution of the present order and before registration;
[10].
Costs to be borne by the petitioners.
Delivered in our chambers on July 14, 2023
Doesn't appear to have much to say recently about Chad or South Sudan, maybe they will update soon ?