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.
Further to its announcement on 5 April 2024, the Company advises that its ordinary shares remain suspended from trading on AIM while it advances the various workstreams associated with completion of the proposed transaction and is working towards publishing an AIM Admission Document in Q3 2024. A further update on transaction progress, and associated matters, is expected to be made within the next four weeks.
Why do they keep repeating the same nonsense ?
Obviously we will have to wait to see what the update within the next 4 weeks tells us in terms of South Sudan acquisition progress and whether we are still pursuing this towards completion it’s a wait and see.
Did notice slight drift in timelines as the one on the 5th April suggested AD would be published in late Q2 2024 /early Q3 2024. Whilst the rns this morning simply states Q3 2024 so we could in theory be talking end of September as well…………. As I said let’s see what the update says in the next 4 weeks as this one still lacks the necessary clarity.
At least we will have our full year 2023 accounts now been craving for a business update for our current operations for a while now so would be a good place for all on here to view how the accugas business is performing and Niger plans
It seems odd how they keep repeating the same thing this is the 4th or 5th update since December that basically says the same thing - which would suggest nothing has changed They haven’t even got in country approval to do the deal and yet wcat has ….. seems very odd
Sadly I can see this taking until at least Q4 to conclude. Whilst hopefully there is a degree of urgency from Savannah to conclude the deal we are none the wiser on SS position and what the sticking point is.
Personally I think this is a cracking RNS and gives me great confidence in the company and the quality their reporting, communications.It also demonstrates the dedicated and professional Approach to keeping the PI community updated with quality communications. IMHO it gives the company another 4 to 5 months to:-
Produce some more lovely ESG documents
Attend multiple conferences all over Africa and in London
Allow then to say fxxx all again at the AGM and AK see no reason to attend again
Give the Naira some more breathing space to weaken further against the $
Allow the opportunity for POO to possible fall
Give the IR team plenty of time to proof read the new WEB site and check for obvious errors
Give AK a bit more time to plan first oil in Niger or contemplate bringing in a partner
Run the rule over a few more very-high risk very expensive M&A opportunities
Permit a few people within the group to go on sponsored training courses all over the World
Bring in another consultancy company to work out the share option scheme on re-list
So all in all this breathing space should allow the company to get all their admin and housekeeping in order. And then when we re-list everybody should have an empty in-tray and we can then start thinking about how we run a successful O&G company.
So all good in my World and cant wait to see another RNS on 30th September extending the suspension to a new date surpassing the 2 year birthday of the first suspension.
GLA all and keep smiling…
Keep the faith Rocky as I have mentioned I am not going to get frustrated about acquisition stuff and always viewed it as a bonus even if we are suspended for another year till June 2025, what i will judge the company on is how are they doing in Nigeria and Niger as that is the priority for me which I am looking to see how both of those operations are articulated in the full year results.
- I want to see CPF facility on the cusp of completion
- I want to see volumes increasing and potential new gas customers taking our production to over 30,000 boepd per day
- I want to see them clearly articulate how they are managing the Naira fluctuations, and if they aren't restructuring the accugas debt than how are they managing this now and going forewords, hopefully in plain English.
- I want to see Niger plans being more aggressive now that the pipeline is complete and oil is heading to international markets.
If they can achieve on all of the above than I will give them as long as they need to close the south sudan acquisition or bring a deal to market.
TiL - I was being sarcastic mate and the longer we are suspended the stronger the SP could come back at should SS fail so it’s all fine by me too. On the flip side of my sarcasm we have the possibility of:-
Accugas production UP
CPF completed with new clients added
More stranded gas tied in
Naira could and should strengthen and debt re-structure could happen
Stubb Creek completion
New wells started to be drilled in Niger
Tie-in to the Benin pipeline and first oil from Amdigh
New M&A announced
Progress announced on renewable projects
New renewable projects announced to take us over 1GW
Debt reduced
Possible progress on one or more of the 4 x ICC cases linked to TOTco, COTco, Doba
So all the above are quite possible and could give us a good chance of returning >26.35p.
The one thing I still see as highly improbable are AK showing his face at the AGM!
Also I have been wondering if any of the delay is due to the damaged pipeline. Would you as a CEO want to sign on the dotted line for $1.25bn of oil assets with no current route to market. There would have to be some serious T&C’s build in to any final sign off.
And although the SP is likely to be very highly volatile on return anyway, can you imagine how volatile it would be in we came back with a completed deal but no pipeline and then a few weeks later the pipeline fixed and production resumed?
Whatever happens I a definitely with Zengas, i.e no kneejerk reaction when we re-list. IMHO the SP will bounce all over the place and it will take sometime before the market fully understands the company dynamics and it will be a while until the REAL value per share settles down.