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Loki I think the frustration here is that we have suffered a lengthy suspension for a supposedly value accretive deal. We now languish at 8p and whilst I accept the Macro environment an update is due as it is clear the ambiguity around payments is eroding the SP. AK doesn’t give a toss about anybody other than the IIs we are all second class citizens as PIs. The seven energy takeover, complexity, timeline and now post acquisition comms have been APPALLING.
This has been the most useless company ever for giving investors updates, i bought in at 28p on a "hot tip" (wont be doing that again) manage to average out lower down and then sell and now im holding 120k shares at 8p.
Just wanna see a decent rise so i can sell this **** and stick it on Tullow oil
I don’t need tweets or name changes. Simple confirmation Via RNS that we are being paid and that the FCF forecasts and projections are holding up. This would suffice! I’m losing my patience with AK and will be glad to exit this when the time is right.
Thanks longshorttrade,
I also spoke to him this week and he confirmed the same to me.
In this mornngs RNS - ***currently supplies gas which accounts for 10% ...*** ie same as always so unlikely that this figure would still be happening if they were not being paid.
In addittion, reiterates first Niger oil in the short term (not long or medium term) and continue to refer to them as flagship assets. If anything was a miss or not comfortable with, i doubt if they would issue such a statement.
"The change of name reflects the Company's increasingly diversified asset portfolio. Savannah is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the Company currently provides gas to power stations accounting for over 10% of Nigeria's power generation capacity and operates one of the largest privately-owned gas transportation and distribution systems in sub-Saharan Africa. In Niger, Savannah is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term."
Zen, Jimmy Lea confirmed to me in an email on tuesday that we are being paid for the gas in Nigeria. I did post this the same day.
I’m expecting news shortly also to signal in the new name change
Well from today’s news on the name change they say supplying over 10% of Nigeria’s Electricity needs as before - so surely means they are getting paid as it couldn’t continue supplying so much of the country’s energy need without being paid.
Also says focussed on first oil in Niger in the near term so there was the opportunity to say it wouldn’t happen or the plan to put it back to the longer term.
Everything still on track as how I read it.
Change of management would be a better option !
But with the switch from petroleum to energy, they may be trying to turn attention to the fact that Gas is a much cleaner source of energy compared to the diesel powered generators currently used in Nigeria.
I wouldn't mind a change of name on the CEO front! had concerns right from the start about this guy but stuck with it as assets looked decent in Niger. Never again. Salary package absolutely ridiculous given the monumental decline in value!.
Maybe will help soften the investment image for institutions etc with 'petroleum' gone ?
Does need to get the share price up though to keep them happy and onboard. Wonder will AK indicate when an actual dividend might come in given they were indicating $12.5m previously and on less than $100m free cash flow when the deal was first announced.
Will it really be SAVE, or there’s already a SAVE?
It’s a better name. Good move. Like.
Let's hope this change of name is the catalyst we have been waiting for and news will begin to flow at 7am tomorrow !!
Goodness me you’re too informed!
BOD, you should know by now there’s no escape from our amazing board members, nowhere to hide.
So now it’s SAVE.
Zengas fair, knowledgeable and balanced as usual I get irritated on the occasions that you are unfairly accused of being a ramper. I was starting to get tempted to get back in but have decided to wait.
Tier- its on the Companies House website:
https://beta.companieshouse.gov.uk/company/09115262/filing-history
Porsche where did you find this?
Savannah Petroleum PLC has today changed its name to Savannah Energy PLC. I suppose that does reflect its current focus on gas.
Another Zengas post! You should represent us PI all to voice this to the BOD. A lot of us have been saying the same thing.
AK should repay his 2018 bonus, and receive no bonus for 2019. Way too greedy. Literally write his own paycheck. Something needs to be done.
Well said! I Couldn’t agree more!
Well the share price has fallen from 35p to which we were told was a value enhancing deal for all shareholders and would underpin/derisk us through guaranteed gas revenues plus any new customers and less dependent on oil. My point is - how in the face of such share price destruction/performance can any further bonus be paid if the remuneration committee are reading this ? Also the $5m loan which was to be settled around 17th Jan 2020 was not mentioned again in any shape or form until 6th March and is extended to 6th June. If bonuses weren't handed out so quickly until the company actually delivers, there would have been less need for most of that $5m in the first place.
My comments then on 15th Jan 2020 in which the share price has fallen from 22p by a further 66% in that time to 7.5p and which can't all be blamed on the CV-19 outbreak. Therefore any blame attached to the CV-19 outbreak by the CEO/Chairman does not address the dire performance prior to this and the lack of delivery on past guidance.
AK: "Our focus in Niger in 2019 will be on testing the Amdigh-1 discovery, delivering first oil from our R3 East EPS, and commencing a further exploration programme in the second half of the year, potentially with a partner. We expect this process to be one that adds significant value for all of our stakeholders".
'Lets hope any bonuses under consideration if any for 2019 are suspended or cancelled and that the remuneration committee wake up to the fact that nothing has been delivered at any point since listing in terms of any growth for shareholders. Some of those dozy old compliant codgers should consider this fact when they're patting each other on the back about jobs supposedly well done and see that the company actions have repeatedly sent the share price south with every passing year.
Meanwhile let's see if the $5m short term loan is repaid in cash or by shares.
CEO Pay/bonuses
y/e 2014 paid $352k
y/e 2015 paid $671k
y/e 2016 paid $886k (of which $278k being his bonus)
Y/e 2017 paid $1.814m ($1.248m being the bonus)
y/e 2018 paid $2.1m ($1.4m bonus).
y/e 2019 to be announced
In 5 years (2014-18) including pension contributions he's earned $5.8m while the share price has been decimated
Unless he starts to get the share price up, deliver on promises and explain the dividend ambiguity then this progressive enrichment has to be nipped entirely in the bud and linked only to share price performance and every shareholder should make their feelings known about this to IR/JL/Remuneration committee and AK himself. It simply isn't good enough and has to be challenged. Going on 7 years and only 5 wells drilled in Niger - shameful.'
Pay cuts/ staff reductions should be on the cards if there has been no improvement in outlook.
2020 FCF will be in 10s of millions this will re-rate massively happy to accumulate under 10p. Remember our revenues are tied to gas prices not oil prices
The only justification for no Covid update is that might be politically sensitive. ie SAVP trying to appease Nigerian Govt. I note G20 have now agreed debt defaults till year end in order to help countries such as Nigeria to cope. This should help Govt cash flows although reality is that defaults looked inevitable whatever
However this an unprecedented situation and I can’t see why Govt would be ‘offended’ if SAVP spelt out current situation and explained the process of invoking the World Bank Guarantee, if only as a safety net. Anyone know how this Guarantee is triggered? I assume have to issue default notice after x months of non payment.
The concern is the debt pile that SAVP took on board with 7E deal. Maybe they are renegotiating this.
Whatever, why can’t they say what’s going on! We all understand that there are massive sector problems, hence share price down nearly 75% from year highs. Leadership is about being open and honest at such times, not alienating shareholders by appearing contemptuously indifferent.
Time will reveal why no update but unless damn good reason, many of us will sell out into next bounce post AGM vote!
Thanks Z and NtM. My thoughts too. I don’t think they know if their current invoices will be paid on time. They might not have received payments for 2020 Q1 supply as yet.
Doesn’t look like anyone know their invoice and payment terms.
I hadn't read Zengas's latest post before posting mine.. so plenty of 'snap' / agreement in the latter part of his post of 2.14 and mine.