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K - would love a quick ruling. And as Chad Gov can’t be trusted and more than likely will never play ball, how about this for an outcome:-
Retain our 41% of COTCo and still sell 10% to SNT for $44.9m
Keep getting paid our dividend from COTCo
Forfeit Doba oil back to Chad Gov / SHT
Be awarded $1bn+ as compensation and be guaranteed payments from liftings in Cameroon
I’d take that all day long pal. What do you think?
Yes, it does, suggesting that the previous Savannah directors replaced by Cotco are in fact the de facto directors. Given the restrictions it has placed on Cotco it possibly suggests that the full tribunal ruling won't be too far away. Hopefully, at any rate.
So Chad won't be getting the $80m it suggested from uplifts this month, that could have an effect on Deby's budget plans
Komakino - I believe it also alludes to Cotco previous general meetings being void as well and re-structure of Cotco will only be permitted following arbitration ruling........... or something along those lines.
It seems to be saying that Cotco can not transfer any monies from their accounts until the arbitration tribunal give their definitive ruling. It's basically an injunction stopping Chad siphoning off any money that may be due to Savannah if the tribunal rule in their favour. So definitely a positive bit of news.
K - good find. Do you know what it is telling us in simple terms as i find it all very confusing.
Facebook page with extracts from the ruling: (in French)
https://www.facebook.com/photo?fbid=6436872976403056&set=pcb.6436873399736347
In a document of more than 80 pages, the Chamber of Commerce and Industry (Cci), seized by the company Savannah energy, took several decisions including that of banning Chad, SHT Overseas and DPII, now called SHT Doba Pipeline Investment Inc., to prevail against third parties or parties to the Articles of Cotco, until the resolution of the dispute on the merits.
After having detailed the facts since the nationalization by the Chadian State of the assets of Esso, acquired by Savannah energy, the Chamber of Commerce and Industry, through the emergency arbitrator, Marc Henry, declares itself competent to rule on requests for emergency measures requested by the requesting Party; declares admissible the requests for emergency measures requested by the requesting Party.
The emergency arbitrator orders “the suspension of the effects of the resolutions adopted at the general meetings of Cotco on May 24, 2023 until the resolution of the dispute on the merits; the suspension of the effects of the resolutions adopted during the Cotco Board of Directors on July 4, 2023 until the resolution of the dispute on the merits”.
The CCI prohibits the Republic of Chad, SHT Overseas and DPII, now called SHT Doba Pipeline Investment Inc., from relying on third parties or parties to Cotco's Articles of Association until the resolution of the dispute on the merits; suspends the holding of the meeting of the Board of Directors convened on July 26, 2023 by the new Chairman of the Board of Directors until the Arbitral Tribunal constituted on the merits rules on the holding of this meeting; suspends the holding of the combined general meeting convened on July 26, 2023 by the Chadian shareholders until the Arbitral Tribunal constituted on the merits rules on the holding of this meeting.
The emergency arbitrator rejects the request for a declaration that the composition of Cotco's board of directors is that registered with the Registry of the Court of First Instance of Douala-Bonanjo on June 6, 2023 until the Arbitral Tribunal constituted on the merits decide on this question; the request to prohibit COTCO from making any payments from its accounts or from moving accounts between its accounts, except for the payment of its employees, taxes and its existing subcontractors and suppliers essential to the operation of the pipeline until a resolution of the dispute on the merits.
https://dworaczek--bendome-org.translate.goog/v2/affaire-savannah-energy-la-cci-interdit-le-tchad-a-se-prevaloir-a-legard-des-tiers-ou-des-parties-aux-statuts-de-cotco-jusqua-la-resolution-du-differend-au-fond/?fbclid=IwAR1XFKDAVhJnL_lrqpzd8Qpe3KCHWJQdGAFxbw59yCmSqUGRkREHSQw78E0&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp
Interesting that they have sent Idriss Deby itno to mediate the coup on behalf ECOWAS, bit like putting Gary Glitter in charge of a nursery ?
Rockyride - Not worried about Niger for the minute and not material to our operations at the moment as we haven't really kicked of anything there and doesn't contribute to our bottom-line or SP for the time being. Hopefully should be resolved swiftly as ECOWAS have basically given a week to restore order or they will do a joint military intervention with the support of US and French.
As for all things South Sudan here are a few thoughts from me, and wonder what everyone else thinks:
1) They have given a new deadline of 30th September however IR made it seem like to Sajy it would come much earlier............ So I am slightly confused here seems like they are not sure themselves as to the timelines which makes me wonder they are not working on a definite timeframe and it's pretty loose..............
2) Is the south sudan government approval the only thing holding back the admission document or there are other workstreams. Workstreams is pretty vague word to me so could mean anything or everything.................
3) There will come a point where Savannah will have to make a decision if all the other workstreams are done and the south sudan government approval is the only thing pending than they will have 2 options, come back to the market without approval or simply terminate the deal due to lack of inaction from SS government.
4) At this stage we cannot rule out further extensions to end of Q4 or Q1 2024 both possible and the rns didn't make it sound like this was the final extension whatever may come.................................
5) I believe we should start to execute on other deals now and can no longer wait on SS loose deal timelines, my preference would be be to either seal a big or a few small deals in Nigeria...........................
6) Surprised that now they have pushed back the re-admission document there isn't a Q2 update, with them mentioning that the next update was likely to be the admission document itself rather than the Q2 update seems odd if the admission document is 9-10 weeks away......................
There are plenty of gaps to fill here, of course we all would like to complete the South Sudan deal with approval as soon as possible but at the same time the company can not be granted extension upon extension and there will come a point where the nomad and institutions will have to force a decision on the company......................
Plus in my opinion I feel like AK is running out of suspension periods so he either has to land the south sudan deal or another deal of similar size in this window as I feel if he doesn't land a deal of this size in this window the nomad and institutional investors are very unlikely to grant future suspensions on long drawn out deals that do not close in the end.
Would love to here everyone's thoughts on this..........................................................................
PS Rocky - I will have to conserve my energy now and hibernate for a while so might be pos
Ecowas & the West are worried to death of this situation prolonging and Niger forming relationships with Putin / Wagner. It’s hotting up now but to be honest I can see this fizzling out soon and business as usual resuming.
https://www.bbc.co.uk/news/world-africa-66353284
PS TiL only 44 trading days and 61 sleeps until 29th September LOL
Thank you sir, you’re a true gent ~)))) currently in the beautiful Asia. Hope to be waking up one morning to the most amazing news over the next few weeks.
Apols Tier.. (as bow now taken, no need for me to add take a bow too Tier :-) )
The announcement is to 'advance the various workstreams' - so it's not solely down to receiveing ministerial consent imo.
Maybe ministerial consent can't be given until some or all of those are completed.
As far as i know, you can release an RNS to the LSE 24/7 7 days a week and they publish it next business day.
As the interims this past four years have all been on the 30th September, and this years 30th falling on a Saturday i'd go for the interims and a further S.Sudan update on either Friday 29th or Monday am 2nd October.
I would like to say get a signed sealed and delivered deal before return. I wonder if they might now be concurrently working on another deal. Can you simultaneously bring to market as market as part of admission document ? ………………………………………….
In the meantime I would like to see some movement on accuracy debt restructure and also additional accuracy contracts between now and admission document and any other news that the company would deem for to release.
Now that they have extended the timeframe out to end of September I hope that my seem appropriate to provide us with an operations update for Q2 2023.
Excuse moi? I did say end of September also! So yes I’m clever too.
That’s all it matters please get SS signed sealed delivered. Otherwise realist share price won’t sit pretty.
7 it is .. take a bow ACBoom.. (and I'll allow myself half a bow)
In the circumstances, I'm very pleased with this RNS.
I must say it's another lazy rns from IR 30th September 2023 is Saturday so "on or before" is not correct "before" is correct but not "on" should have really said on or before 29th September 2023
Sayj - I hope as you said this morning that they believe it will be much sooner than end of September otherwise no news for another 2 months................................ Surely they can release an Ops update at the very least now...........................................
If oil keeps going up and this gets delayed much longer, Petronas will be paying us to take their SS assets off their hands PMSL
As expected admission document rns released this time round they have gone for end of September to fully manage expectation. Let's hope this doesn't stop them from providing additional operational updates would like to see some gas contracts announced between now and than.
https://www.londonstockexchange.com/news-article/SAVE/south-sudan-acquisition-update/16059651
South Sudan Acquisition Update
Further to its announcement on 8 June 2023 the Company continues to advance the various workstreams required to complete the acquisition of PETRONAS International Corporation Limited's energy business in South Sudan (the "PETRONAS Acquisition") and now intends to publish an AIM Admission Document in respect of the PETRONAS Acquisition on or before 30 September 2023, following such point the Company will seek restoration to trading on AIM of its ordinary shares.
Sadly this has got Russia and Wagner group written all over it, yet another former French colony hit with a military coup, a country fighting Jihadists whilst having split views on where to lean for help with that fight and Wagner tactics have appeared alot more effective than those of the west in recent years. Lets hope it remains peaceful and no one is hurt.
Cheers Sajy amazing mate thanks for the update, yh sounds like a couple of weeks by the sounds of the wording rather than a full whole month.............................. I did here that Petronas had an official exit date of 31st August 2023 in mind so in order to get GM approval from our shareholders intime for this you would have thought that they would have to release the admission document by Friday 11th August allowing 2 to 2.5 weeks to squeeze GM approval by Wednesday 30th August.
I asked if we will be getting a Q2 update soon and the answer was the next news is likely to be the AD. That is why I said I think it will happen much sooner than end of Q3.