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Here’s my two cents.
I fully expect an RNS from Save in the next 24 hrs.
I’m slightly perplexed about the energy voice article.
It headlines ‘ South Sudan has announced a $3 billion deal with a small US company on the joint purchase of Petronas’ stakes and other investments. ……The South Sudan presidency said the company would provide $800 million within two months to begin the work. It quoted the Caltech official as saying the company was ready to move into South Sudan.
That’s a lot of cash for an investment company operating out of a strip joint……’The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.’
Prices must have increased since I was last in one 😱
In one sentence it makes reference to the The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.
Ignore last paragraph.
We should all find out shortly… fingers crossed for a positive outcome 🤞
I am fully supportive of AK and truly believe that he will any downside risks. After all the chairman did subscribe at suspended price to the tune of 26.25p and he would have an idea of what else is in the pipeline for the business.
One would hope that Savannah Energy has planned all the what if scenario's as the deal has been progressed in the background during the last 10 months and if it weren't to complete than whats the plan......................................
Eye Radio
South Sudan inks deal with U.S. based firm to acquire Petronas shares:
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/
:(
I’d find Top Tips section in Viz more helpful than broker notes on SAVE
Hard to understand what's going on but i guess we'll find out pretty soon.
The F/b page of the office of President says he met an American Co 'ready to invest'.
Then says finalized a $3b deal of which $1250m is for paying Petronas - but is it still formal ?
Caltech say they are ready to begin formal procedures for the takeover .
In the next 2 months deliver $800m to S.Sudan - is that after they pay Petronas ?
As some posters on the page ask - it's the president & finance minister in the photos but where's the oil minister ?
Kiir was in New York for attending the 78th UN gen assembly - home yesterday.
He's also met the UK and pother governments on the sidelines. So seems pretty quick on any deal with a little if any known so callled oil Co.
Why is a US company using our terminolgy of 'projects that matter' ? coupled to what actual oil experience have they ? (Website is woeful about what they supposedly do and doesn't even give a contact address that i can see).
What about ESG if that matters to Caltech or S.Sudan?
What about Chinese & Indian Cos re new partner ?
Cash supposedly for Government & roads etc but where's the balance compared to a known oil company thats prepared to invest in energy and electricity/power for the country as equally important ?
If the deal has been going on since August 22nd - one month ago and the deal with SAVE fell apart becuase the goverment disaproved of SAVE - it seems peculiar that we have heard nothing from SAVE if true and if they are unaware of that til now.
Why does that make Caltech a better bet for the government in terms of experience etc
I wonder is Caltech all it seems ?
Apparently the SS Facebook page has been deleted
Just checked - the page and post on the so called deal has been deleted.
What a rum do.
It's on the SS Ministry of Foreign Affairs website here:
https://mofaic.gov.ss/south-sudan-concludes-multi-billion-oil-sector-invement-deal-with-us-firm/
Mr. B Caltech is not some latter day Perenco. It's just a front. They'll get paid of with a few grand. Likely someone in the government reckons they can run the business themselves.
CYB, what's a 'invement' deal? Headline isn't even spelt correctly. Something odd going on with all of this for sure.
I agree, komakino. "rum do" doesn't begin to do it justice.
I reckon Caltech is really a front, shell, and behind that are friends and family of the President. Still can't see where all the cash is suddenly going to appear from, however.
Jimzim, they can string it out for another 6-12 months and there won't be any money to change hands - job done!
Gooseman - I follow your logic - I wonder how much we would have had to pay if the deal had closed today?
I'm surprised they didn't do the announcement at the shopping mall .... specifically at the UPS branch where the company is registered.....it would have been a short drive. I'm sure Mo Malik...Malique maybe he has an alias cos his LinkedIn and website bio seems different. Where's the money coming from I've no idea but doing business this way will I'm sure see Kiir benefit rather than his people and that's why I'll tip my Black Stetson to AK and sell my stock as soon as I can.
I’ve never wanted to be more wrong. Tomorrow maybe we will find out. Sleep tight everyone. What will be will be.
Energy voice backtracking
https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/
Thanks for that. I’ll sleep better.
Ministry issuing the statement correcting entity name and title
https://x.com/patrickheinisc1/status/1706365689638924499?s=12
Tone has changed from a deal to discussion a “US company that held discussions with members of the South Sudan delegation on the sidelines”
Gently slow walking it back obviously they are not going to outright say that they didn’t do the right due diligence.
But interesting chose of words the word deal has been replaced by discussion
No final deal
https://x.com/patrickheinisc1/status/1706371638315364628?s=46&t=bdVeLrGB139mDog1SFRNlw
Confirmed no deal with caltech and breathe……………
Either way, are we sure having the S Sudan state as a de facto business partner is still a good idea?!
Telegraph it could have been a negotiation ploy to turn the heat on for a better deal who knows at this point you got to remember the old production sharing agreements have all expired so they are clearly looking for more generous terms perhaps this little saga was design to achieve that
If that were the case, surely they’d have come up with something a little more credible. No doubt there’s lots more twists & turns to come!