Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Https://www.union.sonapresse.com/gabon-economie/rachat-des-actifs-dassala-gabon-la-goc-fait-valoir-sa-preemption-27227
ONE month and a half after the instructions of the President of the Republic, Brice Clotaire Oligui Nguema, concerning the
purchase of Assala assets, Gabon confirms having received several offers from large companies and reassures public opinion
of its ability to raise funds as part of this operation. Indeed, while rumors were circulating relating to
an alleged inability of the State to raise the funds necessary to exercise pre-emption for the repurchase of Assala,
as announced by the Head of State in his speech to the Nation, the Director General of Hydrocarbons, Ernest
Ndong Nguema, brushed aside this information.
"I would like to remind you that the pre-emption process as defined in the law, that is to say the Code of
hydrocarbons, provides that in the event of transfer or assignment of rights, the State has 60 days to make
pre-emption. In the event that the State does not exercise its right of pre-emption, the national operator (GOC) has at its discretion
45-day turn to pre-empt. The GOC exercised this right of pre-emption on November 25, 2023, therefore before
the expiration of the deadline which was December 3, 2023. This was the only deadline that had to be respected,” he declared.
And to continue: “The sellers and the GOC are now engaged in a negotiation which should lead to the
signature of a new deed of transfer, which defines the deadlines for the payment and effective transfer of the asset.
Concerning the State's capacity to raise the funds to make this acquisition a reality, I would again like to reassure
public opinion. Several opportunities and financing mechanisms are available to us. Our attention is focused
therefore on the assurance that we select the best option from the point of view of the interests of the State ".
Fascinating, thank you TIL. It’s really intriguing from a SAVE perspective! As perhaps one of the second hydrocarbon deals contemplated by the company and referred to last year, I would guess it could be well worth exploring. Economics need to be right of course and one would imagine the financing by way of a PXF etc would have to involve a 3rd party trader (such as has been previously postulated in articles). Which might mean some greater sharing of the economics. We’ll see.
I am hoping SS financing would by now just be required to be a short term - say 12 month - PXF. Which I would hope would be provided by the vendor, to ensure low cost for SAVE & with the financier having solid knowledge of asset & hence relatively sympathetic on terms. With built in grace periods etc. we’ll see.
Just re-reading the RNSs and the evolution in wording of each RNS on the extensions particularly since June last year on SS - to me the wording slight changes in vocabulary gives the potential hint that we might expect a formal notification either way sooner than the deadline - ie either extension or Admission Doc - end Feb or March. We’ll see - maybe I’m reading too much in!
Just food for thought!
I bet AK is also negotiating another deal,in the background for 2 reasons, if the S.S deal falls through, I would imagine this next asset as a back up will be in a better country in Africa. So backup required in case the deal don`t go through.
Also just imagine if the S.S deal goes through, and we start trading with a much bigger market cap and everything is in place we could annouce the other deal and no need for suspension as it should not be bigger than our current Mcap after S.S.
Assuming this is the outcome, and S.S completes sometime this year we could be picking up another asset shortly after and if this was being discussed in 2023 there could and should be an affective date from beggining of Jan 2023 or July 2023.
Yes you are all correct I have my Rose Tinted Glasses on! it`s the weekend :)
AK said the plan was for another acquisition in 2023. Assuming that SS is the reason for the delay in announcing this, it's more than reasonable to assume it would have have an effective date of early 2023 at the least. So there is definitely the possibility in my mind that we could announce the SS deal quickly followed by an SPA for another acquistion.
The sun is shining so feeling optimistic this morning :-)
Mukesh and Komakino - with every extension I have always felt that the intention is to return to market with a deal I am sure in the back of AK mind you don’t want to have wasted 14 months in suspension to not come back with a deal and than ask for another suspension to pursue deal making strategy will be hard sell to shareholders so the idea being come to market with a deal following the current suspension period would be the most prudent and sensible course of action now whether that’s with South Sudan or another deal or South Sudan and another deal who knows. Now since December 22 it’s only recently after over a year we have started to get a little more commentary on the deal itself:
1) first time since suspension savannah added a little context to the rns on 1st Feb 24 - saying in country approvals are being pursued this can be viewed in many ways it could mean from Savannah point of view they are reaching a stage where they have completed all they need to and have satisfactory lined up t
Workstreams in order to complete that to me is how I read it effectively they are now saying the ball is in SS government hand but savannah has got everything ready to go if approval is granted.
2) Shore capital - saying realistically expect admission document in the new suspension window.
3) Africa intelligence saying on 30th Jan article due to complete in the next few weeks.
4) the IC interview loosely touching on completion shortly.
Now that’s the most drip feed or breadcrumbs we have had since deal announcement which has been over a year in the last few weeks.
Folks can view the above with caution or optimism……. ……………….
On a separate note may the year of the dragon be with savannah energy plc and Andrew Knott. Hoping everyone prosperity and good fortune