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What a relief!....:)
Savannah Petroleum PLC Receipt of Ministerial Consent for Transaction
19/08/2019 7:00am
UK Regulatory (RNS & others)
Savannah Petroleum (LSE:SAVP)
Intraday Stock Chart
Today : Monday 19 August 2019
Click Here for more Savannah Petroleum Charts.
TIDMSAVP
RNS Number : 4532J
Savannah Petroleum PLC
19 August 2019
19 August 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Receipt of Ministerial Consent for Seven Energy Transaction
Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to provide an update in relation to the Seven Energy Transaction (the "Transaction").
Seven Energy International Limited ("SEIL") has received notification from the Nigerian Department of Petroleum Resources that His Excellency President Muhammadu Buhari has approved the transfer of the Seven Assets (SEIL's entire interests in Seven Uquo Gas Limited, Universal Energy Resources Limited and Accugas Limited) to Savannah or any of its subsidiary companies (collectively, the "Consent"). As anticipated, the Consent is subject to the payment of all taxes due in relation to the Transaction within 90 days of the receipt of the approval letter conveying the Consent.
The receipt of the Consent represents the satisfaction of a significant condition precedent for the Transaction. The principal remaining conditions precedent for the Transaction relate to the execution of long-form documentation in relation to the Accugas debt restructuring and the Frontier Swap, following which the Transaction completion process is expected to commence. This completion process will follow pre-agreed steps as set out in the legally binding Implementation Agreement which was signed in February 2019.
Further updates in relation to the outstanding conditions precedent and Transaction completion will be published as appropriate, and completion will be followed in due course by the publication of a Supplemental Admission Document.
Andrew Knott, CEO of Savannah Petroleum plc, commented:
"The receipt of Consent in relation to the Seven Energy Transaction is a significant milestone for Savannah. I would like to take the opportunity to thank the Federal Government of Nigeria for their support in relation to the Transaction. I look forward to working with all stakeholders as we advance the Seven Assets."
The Seven Energy Transaction refers to the planned acquisition by Savannah of the Seven Assets and the restructuring of Seven Energy's existing indebtedness, as more fully described in the Company's Admission Document dated 22 December 2017 and per the Company's RNS announcements dated 20 September 2018 (specifically relating to the gas for oil swap with Frontier Oil Limited and the buy-out of minority shareholders in Universal Energy Resources Limited) and 21 December 2018 (specifically relating to the acquisition of an additional 55-60% interest in Accugas as well as the sale of a
Older - you may not have to buy anymore and hopefully will get your money back today. ??
With you all the way with those sentiments and investment position. I'm so over exposed to SAVp that I dare not buy any more, even though it is so oversold technically. In my case it's thank goodness for Eco for getting me out of jail though I'm sure other folk have similar saviours.
Agadem, it's a compelling investment for me and why I continued to average down and with Nigeria we should get a £2 valuation from both in time.
Many seem to forget the extremely low exploration risk in Niger and the huge upside for multiple similar and deeper discoveries.
Not only an oil and gas producer in Nigeria but a separate gas supply business as well - both offering significant growth in their own right.
This would be transformational once we got access to the enormous free cash flow.
I think we are the 2nd-3rd major player in Niger so in time, any prospective buyer is going to see Savp as having a future 50-100k bopd potential as part of Nigers 500k bopd plan.
Every 1k bopd was potentially worth $10m free cash flow - but even at half that ($5m) and on 50k bopd it's worth $250m/yr plus circa $150m/yr from current fields/supply in Nigeria yet still has more than 50% spare capacity I believe on the gas supply side - so room for both new production, reserves growth and gas supply output.
500,000 bopd in the next 6 years - that's 1.8 billion bls in a single year.
5 years of that would mean 9 billion bls being produced so a bold statement/expectation that there is yet to be a lot more oil to be found.
Savps chasing 2.8 billion bls unrisked with 4 billion bls unrisked mid case.
50 mbbls discovered at a 100% success rate (from a 79% discovery rate on all wells drilled previous).
Once we get going, who's to say we won't be sitting with 500 mmbls reserves @ $4/b and $2billion (£1.5 billion) of value which is just 18% of the 2.8 billion bls recoverable that we are chasing.
We have 10% of that discovery figure now.
Good spot happysparrow :
Niger aims to raise its oil production currently estimated at 20,000 barrels per day (bd) to 500,000 bd by 2025-2030, said President Mahamadou Issoufou in an interview this week to the magazine Jeune Afrique.
According to him, the good economic growth of the country, with forecasts around 7% for the next five years, is driven by investments in infrastructure, agriculture, oil and to some extent by uranium.
Referring to the oil outlook, Issoufou said he would aim for a quintuplement of production by 2021. "Our self-sufficiency reached, the next step will therefore be to become an exporter of crude," he said, before adding: "To 2025-2030, our capacity should increase to 500,000 barrels a day, which will allow us to seriously consider our membership in OPEC. "
As a reminder, since 2011, Niger has been producing oil as a result of the exploitation of the Agadem deposit (north-east). It now has a complete oil industry, producing a high quality oil processed by the Zinder Refining Company (SORAZ).
Current production is 20,000 bj for a national requirement estimated at 7,000 bj. With the next start of the second phase of operation of the Agadem block, thanks to an advantageous rider to the production sharing agreement adopted in June 2018, Niger aims to boost its current daily crude oil production five fold to 110,000 bpd. 2021, an official source said.
Meanwhile, according to the Nigerian Minister of Petroleum, Foumakoye Gado, several reforms and concrete structuring projects are being implemented in Niger to deal with infrastructure and supply problems.
For the routing of crude via the port of the economic capital of Benin, Cotonou, it is envisaged the construction of a pipeline of 1,980 km.
A bilateral agreement for this project valued at $ 4 billion was signed last January in Niamey by Mr. Gado and his Beninese counterpart Samou Seïdou Adembi, it is recalled.
Added to this is the project to build a multi-product pipeline of 1,076 km on the border of Burkina Faso, crossing the major consumption centers in the interior of the country. It "aims to also provide food for neighboring countries, with economic, social and environmental benefits," said Gado.
http://news.aniamey.com/h/93107.html
le Niger ambitionne de quintupler sa production journalière actuelle de brut pour passer à 110.000 bj d'ici 2021, a-t-on indiqué de source officielle.