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Shall we hire a bus and all nip over?
Mine too! Love love love. Gorgeous. Enjoy. I’m so jealous. Need to go back at some point. Just too busy.
Thank you, J.D.!
That would be appreciated JDC, enjoy Cape Town my favourite city let me know if you need some restaurant recommendations.
CYB - I'll be attending AEW. I'll see if I can glean anything useful beyond what is already public.
10 days to go
Https://twitter.com/Savannah_Energy/status/1704075449171669409
I find the below quote interesting from AK
“Therefore, we fully expect to continue to acquire, develop and operate hydrocarbon businesses and re-invest the cash flows we generate into both hydrocarbon and renewable energy projects for the benefit of our host countries.”
Clearly as we speak and considering the article was published yesterday there is a degree of optimism that acquiring hydrocarbon assets is still part of the strategy and nothing has changed on that front.
There must be some degree of confidence that they can successfully land these assets whichever they may toward full completion.
You may have a good point there CYB, so I think it is worth mentioning the dates of the upcoming African Energy Week (AEW) 2023 conference, which is taking place from 16–20 October in Cape Town.
(My apologies if dates have already been posted).
There has been a lot of very informative posts of late and would like to add my Thanks to all for sharing.
I'm probably reading *far* too much into the tea leaves here, but this seems rather a late stage to be announced as a speaker and sponsor for this Cape Town gig. It may suggest that Savannah has recently secured something material and this forum is the place to announce it. That would be rather nice.
Is anyone heading down south for this?
Am up to date on the convo re order of sign offs.
As you know I’ve been told AK’s preferred way would be to come back with everything signed except SH approval. Now as we know the usual way is similar to what we have done before and the way Afrenta announced today. Ie issue Ad Doc / re-list, then SH approval and finally Gov sign-off. Doing it this way stops any Gov embarrassment with this having to give the final nod. The last thing they would want to do is approve only for SH’s to vote it down at a later date.
So why could we do it in a different way with Gov approval announced at AD Doc / re-lis time and SH approval to follow 2/3 weeks later and the Gov be comfortable with this?
Well with 64% of shares held by BOD / II’s we could provide letters of intent that 64% would agree and hence approve.
Additionally SS may want it done before Energy Week to REALLY prove that they are open for business.
WOW TiL - I like that read. And can you imagine how powerful it would be to be talking at conference in October if SS was closed at end of September? The renewable stuff and Nigeria stuff reads extremely well and could not sound better. Really looking forward to 29/9 now to read the H1 report and whatever we get told about the SS deal.
Andrew Knott quote for the article sounds Bullish and upbeat
This PR article from Africa Energy Week as we will present and be sponsoring
https://aecweek.com/advancing-sustainable-og-investments-savannah-energy-joins-aew-2023-as-bronze-sponsor/
Komakino - I fully concur the importance placed on admission document and approval coming in tandem is purely based on information fed by people who have spoken to IR, but the position was never set in stone.
I believe what IR truly meant to say was AK is probably looking for some assurance by the way of certain pre-approved conditional approval which is binding on all parties to release the admission document. In most cases as Zengas previously alluded to final government approvals normally come after shareholder approvals and re-admission and that tends to be the normal course of timeline for all deals.
So in view of the above fact the market will have to factor in the economics of the deal....................
The 25% rise on AET is on a smaller deal, our deal is potentially 55,000 bopd plus 300 - 400 million 2p reserves. So there is no way the market doesn't give a premium even if it's modest to begin with
Who knows we may even get news this week ?
Porsche - This is the point I made yesterday. Obviously if it comes with government approval the bigger the rise, but without it there will be a premium to SP as well.
Are we perhaps reading more into govt. approval than is needed? When I firsted invested into SAVP, it was on the basis of the Seven acquisition and I waited for govt. approval before buying in. From that point on it was pretty much a steady decline down to 7p, and thankfully I averaged down massively otherwise I'd still be underwater! When we announced the Exxon deal we again had none of the required sign offs but the sp went from about 20p to 40p before drifting back. After the Chad situation I understand why most would prefer to come back with approval but I guess it's possible we are making too much of it and the market will base it's response mainly on the economics of the deal.
Interesting to see the Afentra are up 23% today following the issue of an updated Admission Document following completion of their Sonogol and Azule acquisitions without Government approval that is expected after Shareholder approval.
This was the order of the Gabon court that Chad were trying to unpick:
In view of the urgency;
[6].
Order CITIBANK GABON SA to maintain the freeze on COTCO SA's bank accounts in its books until the disputes between COTCO's shareholders have been finally resolved;
[7].
We also order, if necessary, the freezing of these accounts again until the final settlement of the disputes between its shareholders, and in particular between the Chadian party and the petitioning company;
[8].
We state that only transactions related to the payment of salaries, taxes and social security contributions can be debited from the accounts;
[9].
We hereby order the immediate provisional execution of the present order and before registration;
[10].
Costs to be borne by the petitioners.
Delivered in our chambers on July 14, 2023
Doesn't appear to have much to say recently about Chad or South Sudan, maybe they will update soon ?
This is therefore a third court decision in favor of a status quo which is rendered at the request of Savannah Energy. We remember that last July, the British junior had already obtained from the Paris Chamber of Commerce, ruling under emergency procedure, the suspension of the effects of the resolutions adopted during the general meetings of May 24, 2023 and 4 July 2023 from COTCO. In other words, the directors of Savannah Midstream Investment Limited (SMIL), a gas subsidiary of Savannah Energy, dismissed during the board meeting of May 24, were reinstated in their rights as well as the Managing Director designated by the British who controls 41 .06% of the company's shares. The order of the emergency judge also rendered null and void the appointment, at the beginning of July 2023, of Cameroonian Harouna Bako to the position of General Director of COTCO and suspended the meetings of the board of directors and the general meetings which had been convened on July 26, 2023.
Read also: Control of Cotco: Savannah wins arbitration
To convince the emergency judge, Savannah indicated that holding the meetings on July 26 would confirm her ousting from the company in which she holds more than 41% of the capital. “This situation will be irreversible, and COTCO funds will be dissipated, and it will not be possible to recover them since Chad, one of the poorest states in the world, is not solvent and benefits from the “immunity from execution,” the company’s counsel said.
A legitimate fear because in a press release made public on June 2, 2023, the Chadian Ministry of Hydrocarbons announced the dismissal “with immediate effect” from the COTCO board of directors of all directors representing Savannah, including the Chairman and CEO. Nicolas Deblanpré. N'Djamena also ordered the banks holding COTCO's accounts in Cemac, as well as the Bank of Central African States (BEAC), “not to follow up on instructions for movement of funds, particularly abroad. » executives appointed by Savannah Energy. Chad then claimed the majority within the board of directors after having bought back the 30.16% of the shares that the Malaysian company Pétronas held in COTCO, Chad's participation in this joint venture having increased to 53.77% against 41.06% for SMIL and 5.17% for Cameroon (via SNH).
Https://ecomatin.net/pipeline-tchad-cameroun-la-justice-americaine-ordonne-le-gel-des-comptes-de-cotco-a-citibank-gabon/
Chad-Cameroon pipeline: American justice orders the freezing of COTCO accounts at Citibank Gabon
The case may be far from over, but it is already another “small victory” for Savannah Energy in the legal battle between it and Chad. At the request of the British oil and gas junior, the judge of the Court of First Instance of New York, on September 15, ruled in favor of freezing the funds of Cameroon Oil Transportation Company (COTCO), housed in the books of the Gabonese subsidiary of the American bank Citibank.
Photo by EcoMatin EcoMatin Send an email9 seconds agoLast updated: September 18, 2023 17 3 minutes read
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CitiBank
“Savannah Midstream Investment Limited (Savannah) needs help because investments belonging to Cameroon Oil Transportation Company S.A. (COTCO), of which Savannah is a 41% shareholder, risk being dissipated and misappropriated. The funds are held in an account in the name of COTCO (the company responsible for managing the Cameroonian part of the Chad-Cameroon pipeline, editor's note) at Citibank Gabon, S.A., a subsidiary of Citibank. The underlying issues are subject to arbitration by the International Chamber of Commerce, which will determine ownership of the funds. This will be of no use if the funds have been disbursed in the meantime,” we read. Clearly, the court based in New York fears that before the Paris Chamber of Commerce (CCI) decides on the merits of the case, the Chadian party will get its hands on these funds estimated at 151 million dollars, or approximately 93 billion FCFA.
Read also: Cotco affair: beyond the arbitration award, these facts which overwhelm Savannah
It therefore instructs the bank to preserve the “status quo” by freezing said funds until the resolution of disputes between shareholders of the company, “with the exception of the amounts necessary for the normal payment of COTCO employees, taxes, and its existing subcontractors and suppliers essential to COTCO's operation of the pipeline. We also learn that an order from the Libreville Commercial Court would have rendered a similar decision on which the New York judge visibly relied.
Https://www.bbc.com/news/world-africa-66837026
Hope they've got a DR plan...