We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Think about it rather than old news but what's in that news. AK said he still expects a partner to be introduced.
The articles are relevant because Jefferies are handling the farm-out process/timeline.
1) Africa Intelligence reported on 10/9/19 (2 days before Savps RNS) that Savp had appointed Jeffries International to handle the Niger farmout. "In the presentation brochure sent out to potential investors that Africa Energy Intelligence was able to consult " - so it saw the farmout process material.
2) Savp a few days later RNS that they had appointed Jeffries International as joint corporate brokers on 12/9/19.
3) Upstream article of 1 month later 14/10/19 (5 months ago) quoted Asian Conglomerates interested and also mentioned Indias ONGC Videsh. Specifically, it said from sources that the farmout process was ***EXPECTED TO TAKE 3 - 6 MONTHS***. This then keeps us in the current timeframe of up to an expected 6 months to complete a farmout and why nothing is yet announced, possibly until signed off within whatever farmout timeline is defined in the process deadline by Jeffries reporting back to Savp.
4) The previous report 1 year earlier by Africa Intellignce reported the significant links between 2 Savp investors (Azerbaijani ie Asian), also the $50m funding from the Geneva based Oil trading group which AEI reported as being Socar Trading a subsiduary of the Azerbaijan national oil Co/link to Savp investors. Now only 4 months ago on the 14/10/19 'Upstream' reported Asian Conglomerates interested as well as Indias ONGC. So maybe some connection to Socar is in there as a potential partner ?
So while we wait for news on Niger - it may be outside Savps control until whatever process/ timeline/deadline imposed under Jeffries watch is completed. Jeffries farmout process must have got underway by 10/9/19 if Africa Intelligence were able to see the material. Upstream said the process was likely to last 3-6 months. 6 months from 10/9/19 would put us at a 6 month timescale of 10th March 2020 by which we may hear some news or some alternative if no farm-in.
Finally it's interesting to see the February presentation out (even if little changed), the share register update yesterday and the emergence of a New York based investment house having 2.8% or 28m shares in Savp.
Hi Zen, I posted way back about the concert party of which from memory Musayev was part of. It’s in one if the RNS’s. I looked into the shell companies way back it’s just how some of the super wealthy play things for tax purposes. AK was pulled up once for a tax scheme, still at least he likes the money and I don’t think he’s gonna loose out on his stake in savp. Gives me confidence buying at these apparent low levels using SIPPs and ISa’s!
Wrt Socar as a jv, given the extended radio silence nothing would surprise me from here. I do agree though a double bottom of 12p looks likely but only in the absence of news!
Trek
Are there any connections to the Upstream report of Asian Conglomerates being interested 5 months ago and to this a year earlier in AEI and Savp connections. Socar/Socar Trading would definitely be Asian ie part of the Azerbaijani national oil Co.
From 16-10-18
The British junior developing its deposit in the Agadem zone has well-heeled shareholders close to Baku.
According to our sources, Turab Musayev, an executive of Azerbaijani group Socar's Genevan trading arm Socar Trading, holds shares in British firm Savannah Petroleum, the latest competitor to join Niger's offshore playing field. While Musayev's stake in Savannah may now be a mere 0.1%, which he owns via his private equity firm Luzon Investments, he has backed the company since its beginning in 2014. As well as its Nigerien blocks, R1, R2, R3, R4, Savannah is also active in Nigeria where it bought Seven Energy's assets.
Turab Musayev's brother Taleh Musayev also holds shares in Savannah via his firms Aralia Capital and Peleng Holding Corp. Taleh Musayev's share of the firm has reportedly fallen from 9% to around 2.5%.
Taleh Musayev has known Savannah founder and chief executive Andrew Knott for over a decade. They were colleagues at corporate bank Merrill Lynch for a spell and in 2013 cofounded Lothian Oil & Gas Partners, which provided the oil and gas junior with financial and administrative support when it was sent up in 2014. It is said that Lothian Oil & Gas Partners no longer works with Savannah.
Socar Trading is a wholly owned subsidiary of Azerbaijani national oil and gas firm Socar, headed by Rovnag Abdullayev. The latter is a MP of the ruling party and part of President Ilham Aliyev's inner circle.
In a press release posted last September, Savannah announced it was in talks with a mystery Genevan trader, which it did not wish to name, to raise $50 million (AEI 825). When contacted, Savannah Petroleum declined to disclose the trader's identity.
ONGC Videsh India mentioned amongst Asian conglomerates as potential farm in partners.
Subscripton based - Quotes a "A well placed industry source."
Partners sought are "large independents and national oil companies" with tech/finance clout.
"Asian Conglomerates" said to be interested, "May include Indias ONGC Videsh which was close to finalising a farm in deal a few years ago" (with Savp).
"You can assume that is a name Savannah will be revisiting this time around" a source.
Could farm out up to half its stake (a source).
Farm out process aided by Geo consultancy Merlin Energy Resources likely to last between 3-6 months. (We do know it started a while back)
'Situation changed with the pipeline deal - now much much more attractive to potential faminees.'
"Interest has increased since the pipeline deal (said a source). It's looking like a very healthy process".
https://www.upstreamonline.com/weekly/savannah-seeks-niger-partner/2-1-685340