Firering Strategic Minerals: From explorer to producer. Watch the video 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.
If we've been working on the deal for 18 months and haven't completed all workstrreams how the hell can this company have done it in 4 weeks with aparently no contact with Petronas ? seems iffy to me though again you are dealing with African govenments so anything possible.
Correct beggarman there is more than meets the eye with this best to let it play out and only news from credible sources on deal status I.e Petronas or savannah energy will be deemed actual factual news.
As I said in one of my earlier post if we were close to completion this perhaps could be a last ditch attempt to squeeze more out the deal or an attempt to continue stalling the deal further if they had run out of actual genuine excuses. I still find in interesting the official source didn’t mention savannah at all. I would have expected it so say they have formal rejected the savannah Petronas deal. Seems to me like they are playing chess for perhaps additional add ons
Beggarman. The company along with everyone on here don't know if it is true and have only been made aware of this today along with all of us, so unable to make an announcement,
If the deal was dead in the water since the 22nd August, shouldn't the company have issued an RNS confirming the fact and re-admitted the shares to tading?
Seems Secretary General of the Presidency, Ferdinand Ngoh Ngoh is the key to brokering the deal............. they met a month ago so let's hope positive things are to come perhaps cotco pipeline funds being frozen for all parties will force them to the negotiation table
Savannah uses British diplomacy to pressure the presidency on ExxonMobil shares
The newly appointed British ambassador to Yaoundé (who previously held posts in Bamako and Algiers), Barry Lowen, is trying to rescue the London-based junior company Savannah Energy. In a confidential meeting, he met the Secretary General of the Presidency, Ferdinand Ngoh Ngoh, on 29 August. Lowen hopes that the Cameroonian authorities will quickly bring together the various stakeholders so that Savannah Energy can receive compensation for the damage it has suffered in the ExxonMobil case.
At the end of 2022, Savannah Energy bought ExxonMobil's 40% stake in Cameroon Oil Transportation Co (COTCO), the company that manages the pipeline that transports Chadian crude from Doba to the Cameroonian port of Kribi. However, in March, the Chadian government finally decided to nationalise these shares.
In April, Savannah Energy undertook to sell 10% of its 40% stake in COTCO to the Cameroonian government for $44.9m (AI, 31/07/23). However, in order to convince Yaoundé to also nationalise ExxonMobil's assets in Cameroon, Chad finally decided in mid-August to double its stake by selling 20% to Cameroon.
This incident led to conflict between the Managing Director of Société Nationale des Hydrocarbures (SNH), Adolphe Moudiki, who was closer to Savannah Energy, and Ngoh Ngoh, who sided with Chad (AI, 06/06/23).
The US courts recently ordered the freezing of COTCO's accounts held by Citibank's Gabonese subsidiary.
Agreed Komakino - To be fair either way I want the interim results first to show the progress the business is making on all existing fronts happy to wait for AD if it takes longer.
Look at the career profiles for employees on Linkedin and website it's even more hilarious besides never heard of a government getting explicit budgetary support as a side to the deal surely that would lead to all sorts of international law condemnation and be akin to a bribe and also if the said individuals are us based individuals that surely there must be some law they are tripping up which could lead to potential persecution.
Also considering the bad press that Oil and Gas sector has got in sudan especially as there is currently the lundin case, Would Petronas really sanction a deal where the source of funds and credibility of buyers is sketchy, as sellers they have a responsibility to sell with all the due diligence as well.
If a genuine major like exxon, chevron, etc.................... came along and offered $3bn dollars than fair game you got outpriced by a company that is actually genuine and has the power but this entity seems like bad joke
this reminds me when lekoil announced that they had funding from qatari investors and they got scammed -
https://www.theguardian.com/business/2020/jan/13/nigerian-oil-firms-shares-suspended-after-revealing-alleged-scam#:~:text=Lekoil%20had%20already%20revealed%20the,the%20validity%E2%80%9D%20of%20the%20deal.
No smoke without fire. i would say worst case this 'news' has been placed to get Savannah to put some news out there, although i expect we are just starting to see the cracks. You have to say though, with Savannah, they have a bit of a knack of getting into scrapes like this.
the problem is, the minute they announce deals like this are in progress, Its almost a green flag for negotiations to start with officials in positions of power in the country by other parties, especially if they need to raise money. They are weaker the minute they announce these deals. Other parties can get support of governments if they make concessions to them first in these jurisdictions, if they do that before even engaging with the seller then they have a strong hand. Petronas just want to exit.
Assuming this is fake (that company website looks as dodgy as hell) , the fact that the deal teams are continuing to work on the deal suggests that it's unlikely we would be getting the AD this week.
Cheers RockyRide Topman as ever appreciate the speed in which you are able to get an answer much appreciated from me and everyone else on here.
So clearly they haven't struck a deal with Petronas as well, perhaps this is a smokescreen to squeeze a better deal or final terms.....
Spoke with IR and they had no knowledge of this announcement hitting the press, neither had SAVE or Petronas. IR have had quite a few calls from industry journalists this morning and are trying to get to the bottom of it. They do not know if it is fact or rumour and are working with Petronas and their respective legal teams to work out precisely what’s going on and whether an RNS needs to be issued or not.
In conjunction to that the respective deal teams from SAVE and Petronas are continuing to work on the deal until they know anything different.
From the research IR have done so far, they can only find a very small company in the name of Caltech and at present they have no idea how they could possibly think of raising the mentioned funds.
This is a fast moving bit of work at the moment and i guess that all we can do is wait until we see the next bit of news on the transaction.
If SS doesn't go through and arbitration aside, the worst bit for me would be that we, as shareholders will have seen effectively zero benefit from the oil price rally.
The above in my mind along with the fact that this will be the second deal to fall flat will seriously erode shareholder confidence in the business plan and those behind it.
Only had time for a quick skirt around:
hTTps://www.datanyze.com/companies/caltech-trading/355852590
Olderandwiser the SP will still be fine although we can't dream of £1 etc. Since the suspension we would have 10 months of operational excellence plus we are in a high energy price environment we broadly tracked seplat pre-suspension and seplat is up 50%+ since our suspension. I would expect us to be at fair value at the moment the chad deal was never priced in anyway at the time of suspension and and clearly the market is not aware of the ss deal prior to suspension so that was definitely not priced in so one would expect us to be between 26 - 30p.
I firmly believe Savannah Energy will have good news lined up either in the form of expansion of accugas business, debt restructuring, CPF expansion, Niger progress. Savannah as a minimum has to retain shareholder value and confidence especially after 10 months of suspension and I firmly believe they will
What price SAVE shares, if the SS deal doesn't go through, and we wait until June 2025 for the Chad arbitration decision?
Also the government announcement doesn't explicitly say that they have terminated deal with Savannah Energy so this could be last ditch attempt to squeeze a better deal who knows until we get official confirmation from the company on what the status is at present
A bruising few years for SAVE if true.
'The agreement fell after the South Sudan government disapproved of Savannah'.
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/
https://twitter.com/patrickheinisc1/status/1706008149734412418
this company need to release a statement asap, quite an elaborate **** take if not true.
Perhaps someone can contact the company for further clarification, but I find it incredibly convenient that this article hits today.
Wilson if you read the statement it's basically a fraud company first they use the term 'Project that matter' which is our term.
this is there sketchy website
https://www.caltradcorp.com/
The linkedin profile says they are based in south Korea and has the same individual referenced on website named Mohammad Malique
https://www.linkedin.com/company/caltech-trading-korea-corporation/about/
List of employees is hilarious as well......................
Am I missing something, is this a separate transaction to ours, I was under impression that we were buying 100% of Petronas's interest in the country...?
Would be happy for someone to lower my heart rate here.
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/?utm_source=ground.news&utm_medium=referral
Https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/
Cant catch a break!
Rockyride - I have a few questions if you don’t mind clarifying for me.
1) you mentioned that the admission document requires audit granted. I still don’t get the point around releasing it in tandem. Couldn’t the admission document be reviewed alongside the half year results and released a few weeks or months later with it being approved.
2) are you saying if it’s not released alongside the half year results than it requires another review…………
What is your current assessment at the state of play. Also have you been in touch with just IR or the nominated broker as well ?
Correct Komakino there are many facets to the deal and not just government and regulatory approval that can slow a deal down………..
But the positive bits are the independents which can demonstrate ESG and carbon reduction practices will get the lion share of debt financing made available to them and effectively those independents will be the winners as majors start to sell more and more assets and re-balance portfolios
Also like this quote “There are lots of assets available, but completed deals are lagging,”
Shows there is still appetite for majors to sell to independent all though deals which could be concluded quite quickly in the past now take a little longer but the end goal still be a deal made and concluded.
Yes, a number of comments ring true:
'Banks see increasing governance risks around corruption in emerging markets'
'the deals are “proving more complex and harder than ever before. The most significant driver of this uptick is the attitude of majors and rebalancing of portfolios'
Maybe things are just a lot tougher closing these deals than we think they should be.