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Zengas. Surely the big doubt is over whether payments are being received promptly and this is impacting current SP. Would you not agree that with this being the case a company update is warranted? Or once shareholders purchase stock is the presumption we are life long holders. AK is aware of the drag caused by the uncertainty with with the onset of COVID across Africa would be very easy to remove. Company treats shareholders with disdain ! There is no excuse
It's possible the tweets were not intended as any update for actual investors at all.
Yesterday was world health day but on top of that Nigeria just in the last week has seen less power generation and a lot of it blamed on lack of gas delivered to the generating companies. Also on 2nd April Nigeria issued notices to reduce staff at oil/gas installations as the country is in lock down.
Therefore the tweets may be more aimed at reassuring the public/business in Nigeria that Savp are unaffected and as stated have been increasing gas supplies essential for power generation while taking all steps to protect its staff at the same time.
Totally agree with snaffleman. We are in the midst of a global pandemic and the virus has reached Nigeria. The lack of update despite the tweeting with regards to increased offtake is baffling. I used to feel AK was a credible CEO but increasingly find myself doubting his aptitude and credentials to do anything but raise money with institutions. The company appear to treat all PIs with disdain and given Mcap vs projected FCF an update of payments is the very least we should expect. I suspect it’s not positive news!!!
Why have they not put out an RNS stating that despite the dire macro economic situation business gas production is continuing and indeed has increased in Nigeria and SAVP is being paid in line with contractual arrangements.
If there are any problems that is material news and demands an RNS. These are exceptional times and share holders deserve an RNS one way or the other. AKs reputation was already shot to hell before this nightmare started what the hell is he playing at. Releasing tweets in this situation suggests to me that they have some good information but want to hide the bad . Otherwise why no formal RNS.
Why don't you re-tweet them with your comments below?
Hi. Heard back from Sally last week they haven't had call on the guarantees in place for either Calabar or Unichem. Glad to hear work is preceding and staff are healthy. That's most important thing. Hope all of those that post are keeping well. Sad to say we lost one of our nurses on Sunday. ATB cj
As mentioned, if there were any issues with payments atm, its very unlikely they would be supplying even more gas, so looks positive to me.
It would be interesting to see the revenues being created through the extra Gas sales at present. FCF should be looking very healthy.
If payments are being received. i think they should take advantage of these share price levels, and buy back a block of shares from the market. Considering in December some institutions took more at over 20p, this would make logical sence to me.
there's a few new tweets from their account: https://twitter.com/SavannahPetrol
Lobon i believe there are a few on here who are awaiting the same clarity so as to press the buy button. did a bit of additional buying around the 7p mark but want some reassurance before adding further.
probably true but we need clarity in the form of an RNS
Can we gain any comfort that surely they wouldn't pump more gas if they weren't getting paid ?
my very crude summary
lets say savp have made a $10m free cash flow per month since they took over seven assets , lets say a modest 4 months equating to $40m profit as Net asset-level free cash flow generation of circa.US$130m p.a.
thats 50% of current market cap (£75m)in just 4 months ... seems incredible and massively undervalued .
only question remains are they getting paid or using world bank facility
i am sitting on funds to top up be won't due to lack of clarity
or perhaps the II's are being kept well informed in an informal fashion..
leaving me and you to hope for the best in terms of payments for gas being received one way or other, some time or other
tweets are very positive today operating above usual day to day production rates
only question is now are they getting paid and how much ? why the silence for a long period and forward plans for 2020. not much to ask really AK.
i've pretty much come to the conclusion that management don't give a toss about shareholders and will do it their way regardless . however i do wonder about the larger holders stance here , perhaps a takeout could be looming hence radio silence
Another tweet
Savannah has been a very dependable source of gas supply in Nigeria during the COVID-19 crisis. We have stepped up production to help ensure a reliable supply of gas is available for power generation during the country’s lockdown.
We are conscious of the issues COVID-19 poses. To date, our operations remain unaffected and we continue to monitor the situation closely, so we can continue to operate the business while keeping ourselves and our loved ones safe. #SAVP #COVID19 #EmployeeWelfare #WorldHealthDay