Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Too right Zeng one can’t win :) my go is at Save. Trust and you and everyone else is doing an incredible job keeping this board going. I hate silent board. Come on SS official cooperate grant the approval please it’s well overdue.
RR Hopefully soon
The alternative Tier is no research or analysis and nobody discusses or shares anything.
Then the next thing is where is everybody ?
But when will we see the fx rate improve? It’s gone down again in the last week from 1,540 to 1,594…
ABUJA, March 8 (Reuters) - Foreign exchange inflows to Nigeria rose to $2.3 billion in February, the central bank said on Friday, fuelled by renewed interest from foreign investors and a rise in overseas remittances.
Africa's largest economy has been experiencing crippling dollar shortages that have pushed its naira currency to record lows in recent weeks and forced the central bank to devalue the naira twice in less than a year.
Central Bank of Nigeria (CBN) spokesperson Hakama Sidi Ali said foreign investors bought at least $1 billion of Nigerian assets last month, bringing total receipts of portfolio inflows to $2.3 billion. That compares with $3.9 billion for the whole of 2023.
CBN data also showed overseas remittances more than quadrupled to $1.3 billion in February, compared with $300 million a month earlier, Sidi Ali said in a statement.
"All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off," CBN Governor Olayemi Cardoso said in the statement.
The CBN's series of measures to boost forex liquidity include limiting how much banks can hold in foreign currency, capping their net open positions at 20% of shareholders' funds, and outlawing street-trading of foreign currency.
Higher forex inflows have continued in March, Sidi Ali said, driven by increased investor interest in short-term sovereign debt after the CBN hiked its key interest rate by 4 percentage points to 22.75%, the highest in around 17 years to tame soaring inflation.
At the CBN's Open Market Operation auction on March 6 when it sold securities worth 1.053 trillion naira, bids from foreign investors accounted for 79% of the total, or $530 million, Sidi Ali said.
There’s almost too much research and analysis here but no real result whatsoever. Potential potential potential but never any real outcome. Does anyone think approval likely by month end?
Once in a lifetime opportunities
We have more access to capital than our competitors
It all comes down to your relationships now AK
IMHO time is running out for the next decent deal after 7E
No pressure
Helium1 have done just that in Tz.
I didn't realise that Shell was that desperate to sale it's Nigerian asset that effectively it's financing it's exit buy providing the full loan. That's unheard of just goes to show Majors are willing to provide Significant finance if buyers are unable to raise funds for acquisitions through other sources
"The company said it would provide a term loan of $1.2bn to the buyers. It will also provide another $1.3bn to fund SPDC’s spending on gas projects."
https://www.energyvoice.com/oilandgas/africa/548104/shells-nigeria-exit-faces-challenges-but-suggests-a-way-forward/
Rocky - Thanks for clarifying on Niger. I am guessing IR have probably run out of things to say hence you haven't received anything
TiL - AK has always said that bringing in a partner was a very credible option.
By the way I was promised some replies from IR about 3 weeks ago but have not received anything.
Zengas - Thanks for your interesting cost basis analysis for Niger Agadem development. I am wondering if they want to do some of the work programme solo to prove up the blocks more than perhaps bringing in a partner further down the line would provide a better deal. As supposed to now although if are getting a good partnership now which means it allows us to be more aggressive in Niger quickly than it wouldn't be a bad option as well.
I can't remember but have savannah ever mentioned bringing in a partner in the more recent years ?
With Great Wall drilling having a base and rigs i'd say this is the best option in the immediate term.
We'd need a crew and how experienced might they be plus spares etc and pipe where that's probably already carried and with GWs success/experience it might be better to rely on them on a per well basis.
In 2021 completion and production testing of Amdigh, Eridal, Bushiya and Kunama was costed at $7.7m.
EPF $4.3m.
Other Capex for flowlines between the 4 fields, the export station and civil works $5.4m.
Total $17.4m.
We are supposed to be within 30km of the export pipeline though no cost for this connection given.
However in the costings Save were going to build a pipeline from Amdigh to Gounmeri at a cost of $16.9m (bringing the overall total up to $34.3m).
In another slide (Fig 6:3) this was shown as 90 km from Amdigh to Gounmeri.
Also the flow lines were approx 25km between the fields tying to Amdigh ie 7 km Kunama to Eridal. Another 7 km onward flowline Eridal to Amdigh and an 11 km flowline from Bushiya straight to Amdigh.
The 90km $16.9m pipeline from Amdigh to Gounmeri shows that you could reasonably connect more distant satellite fields of 50-100+ mmmbls (if discovered) at low cost imo.
With Sinopec after 4 adjacent Agadem blocks, surely it could be an attractive deal to do something with us. Perhaps a swap on their 30+ million boe 2C gas at Stubb Creek and a bit more in exchange for onward 50% cost of drilling etc. Stubb Creek would convert to 2P once we had a sanctioned development plan as in Niger.
On Niger, I would want Savannah to purchase a drilling rig and any associated equipment and store in Niger, as supposed to hiring rigs, plenty of drilling and exploration to be done in Niger purchasing a rig and having it fully available at all times for drilling in Niger would be so beneficial in getting an expediated work programme in Niger in place and alleviate and time lag, Plus over time the cost of a drill rig would easily pay back overtime and it allows much more operational flexibility.
Based on my previous experience working with AIM Cos, Nomad will be about £20k/qtr, PR £7k/qtr and each of the brokers £5k/qtr. Happy Days ! Lets hope they have something to do before too long..
Moho30 - I reckon I can do a better PR Job than whoever they are paying, and probably for 1/10 of the price. Perhaps I should be on Savannah payroll afterall the time and effort in research I make.................................. has to be rewarded.................. ;)
That's why the Financial PR people earn the big bucks ! Been a cushy ride for Nomad, Broker and Fin PR for over a year. Assume they're still pulling their quarterly retainers.
They finally realised they has a twitter social media account lol
First Tweet in months from Savannah
https://x.com/Savannah_Energy/status/1766040104798155177?s=20
All good , lets hope AK and Save haven't just been sitting on there ar--s regarding Niger as we have discussed on here many times we believe absolutely zilch for Niger is attributed in the SP, so positive news here will be a welcome tonic.
Hopefully my earlier comment about getting 5,000 bopd from Niger and debottleneck Uquo from 2,000 bopd to 5,000 bopd this year will get us to 10,000 bopd of oil production without an acquisition
Really positive article on Niger from SP. Oil is already flowing through pipeline for storage tanks in Benin ready for first cargo lift end of april or early may
Mentions Savannah Energy
Savannah Energy, the only Western company operating in Niger, hopes to bring a 1,500 b/d oil project onstream in coming months, before ramping up to 5,000 b/d.
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/030724-niger-on-verge-of-first-oil-exports-with-110000-bd-benin-pipeline-completed-sources
Morning all, another week down all quiet on the Savannah front.
In other news looks like we could potentially explore renewables opportunity in Tunisia
https://www.linkedin.com/posts/aidabenghorbal_uk-tunisia-sustainable-energy-cooperation-activity-7171731439095418881-C9H0?utm_source=share&utm_medium=member_ios
Thanks Zengas - It would be interesting to see how Gran Tiera conversation proceed and the substantial pivot from nationalising 12 months ago to now trying to bring in a partner.
Perhaps this was the deby plan all along nationalise the asset to please public for the elections which are in May once he secures the election than perhaps pivot away from nationalisation
Good to see Nigeria continuing to execute reform to increase sentiment and investments in oil and gas sector through executive orders, here is hoping to another asset preferably an oil asset even a small one with small production numbers and development and exploration potential would be nice in the range of 5,000 - 10,000 bopd.
https://saharareporters.com/2024/03/06/tinubu-signs-three-executive-orders-reform-nigerias-oil-and-gas-sector