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Thanks Rocky much appreciated, if we don't hear from you hope you have a great holiday........
TiL - I commented on the lack of material news and RNS’ with regards other areas of the business while we have been suspended. Specifically, I said that I am surprised that we have not heard more about incremental growth to existing gas contracts along with new gas contracts. I also commented that with only 4 months left of the year, I’m also surprised that we have not seen another SPA for “at least one more” hydrocarbon acquisition which we are hoping to complete by the end of 2023. Whilst I can not remember the comments back work for word the reply was something along these lines:-
“AK is working harder than ever but until things are RNS’d he obviously keeps things very close to his chest and there are very few people in the business who know exactly what’s going on. However, as the SPA for Petronas SS deal was issued in December 2022, and we knew that AK has been working on bringing in at least one more deal, we are assuming that something will be very well worked up and could be announced at any time. With regards additional gas sales, for new and existing companies, although we have nothing concrete to go on (and it would have to be RNS’d first anyway) we are hearing rumours that things are going very well on multiple fronts”
After the reply, the only point I discussed further was to ask if we could see a new SPA RNS prior to Ad Doc and relist or whether we would have to wait until SS completes due to the very complex RTO rules. I id not get a clear answer here, but my interpretation of what was said is that we would not see another SPA RNS until we are back trading, with or without SS. I could be wrong here though and i think there is a low probability that we could see a SPA while still suspended.
Hope this helps.
Rocky - are you able to elaborate slightly more on “ I do think we will see new custmer/s and contract extensions and or contracts increased by volumes ”.
I have always wanted a bit more aggression from the company in growing the accugas asset considering the pipeline capacity we have. Just wondered whether you got strong inclinations around the timing of these and perhaps how close this might be towards execution.
I was always of the opinion that we should and can be quicker on optimising and maximising the gas around our accugas pipeline and increasing volumes……. And wanted or am looking for more amocon style contracts
Thanks so much for sharing Rocky!
Hey no probs Streets, just my observation from the court papers. Still upbeat and hopefull for a successful SS outcome.
Rocky Thanks for update
Struck out for lack of merit according to Punch
https://punchng.com/breaking-tribunal-dismisses-apms-petition-against-tinubu-shettima/
Surely we could not have more bad luck and Tinubu loses this.
The ruling to determine the winner of the 25 February presidential election in Nigeria is under way in Abuja.
The court will decide on the petitions brought before it by opposition candidates of the People’s Democratic Party, the Labour Party and the Allied People’s Movement seeking to overturn the declaration of President Bola Tinubu as the winner of the election.
Expectations of the ruling have sparked tension across the country following the the deeply polarising election.
In the capital, large number of soldiers and police personnel have mounted road blocks at strategic locations within the city centre and the surrounding communities. There appear to be fears the judgement could trigger protests, depending on who loses out today.
The proceedings are being televised live in order to be fully transparent, the court said - though it did decline to allow live broadcasts during the hearing stages when lawyers made their presentations.
K - sorry I missed of the NOT
The LAST thing AK would want to do is comeback without SS Gov full approval, especially after the Chad fiasco.
AK is desperate to come back with all I’s dotted and T’s crossed and just then seeking shareholder rubber stamp.
I just want to reiterate that sentiment. Thanks for taking the time to share your findings with us here. I have been a holder now since 2017, contributed practically nothing to this board but read regularly. Of the 5 or 6 boards I visit the contributions here are the best and I really appreciate them - you know who you are. Please keep it up even if it appears to be a small audience.
Thanks RR, we all appreciate you sharing this with us, so many thanks.
Quick question, when you say 'NOMAD will decide on further extn if not completed by end Sept but AK will def want to comeback without ALL approvals inc Gov consent ' do you mean 'AK will def NOT want to come back without ALL approvals'?
Manic day so I'll be very brief after quite a long call chewing the cud:-
South Sudan
AK still in SS and been thee most of the summer
Working flat out to complete by end Sept and company still hopeful it will be done by then
I don't know if have Gov approval but could not be told anyway
NOMAD will decide on further extn if not completed by end Sept but AK will def want to comeback without ALL approvals inc Gov consent
I think if not fully completed we will see further extn until everything completed apart from shareholder approval
Chad / Cameroon
ICC case ongoing but I get impression maybe longer than initial guiadance
The recent court win in favour of SAVE re board appointments being overturned is a VERY positive indicator
Very recent Citibank case to early to comment
Still looking to sell 10% of COTCO for $44.9m but proving difficult to make progress. SAVE very keen to liquify the 10% cash here
Niger
Strange as it may sound, I don't think our operations or the completion of the Chinese $4bn pipeline have been badly affected by curring situation
Renewable prijects likely to be progressing as not run from in country
Nigeria
All going very well and I do think we will see new custmer/s and contract extensions and or contracts increased by volumes
I forgat to ask about debt re-financing - must try hrder!!!
At least 1 more inorganic deal this year
AK obviouly keeps cards very close to chest but "as SS was announced last December we would be extremly surprised if AK has not got at least 1 deal very well worked up and ready to announce seeon after Ad Doc
So all in all nothing earthshattering but good to have the call again and agreet to catch up again post end Sept
Summary - EVERYTHING dependent on a successfil SS closure and the company are still working extremely hard and hopeful it will happen by 29/9/2023
Time will tell...
LST - I know you’re not being negative, but I am a bit more positive - there will be other avenues / assets / funds to go after in the unlikely event we cannot obtain this- through the supply chain / financial chain. See other posts on Mareva injunctions.
Rockyride - thanks in advance for always going out of your way to update us on your conversations with IR it’s much appreciated.
I think perhaps an acknowledgment of whether the admission document is on track for the end of the month would be nice see if you are able to draw that out, obviously they might give you and explicit answer but perhaps you would be able to gauge from the tone of your conversation
Is now at 10.00am tomorrow. I’ll update here if anything of interest arises. Although as we all know, nothing material can or will be mentioned but i always think it’s good to keep the channel of comms open for a regular discussion and Q&A.
We should win this but who knows.
SS completion is all that matters. Start praying.
I originally put jungle instead of swamp but there is indeed a rule of law in the jungle that is way above the standards (sic) of th gangsters in Chad.
Citigroup has a market capitalisation of $80 billion and I've a feeling this will not sit too comfortably when the top people get wind of events, particularly contradictory statements in writing, relating to an international legal dispute.
"4. Citibank, N.A.’s Mr. Dawodu sent a subsequent letter on July 14, 2023, in which
he claimed for the first time that the Gabon Branch is a separate corporate entity not controlled by
Citibank. A true and correct copy of the July 14, 2023 letter is annexed hereto as Exhibit 15. As
demonstrated in SMIL’s Memorandum of Law, the claim that the Gabon Branch is a separate
entity not controlled by Citibank is contradicted by numerous public statements by Citibank,
including in prior litigation in this District."
Attornies for each of the parties have submitted their notice of appearance which they have to do on or before they apopear in court, so suspect this will be heard fairly quickly.
Sadly if we don't get this injuction that will be the end of any financial compensation hopes for Chad and a costly lesson to boot.
When would we expect the injunction to given ?
If we win ICC i think we can say we would not continue doing business in Chad and Cameroon.
Thanks for finding and posting this CYB.
A thickening plot laying bare all the opportunistic shenanigans to move SMIL aside........SAVE not going down without a fight!
Https://dockets.justia.com/docket/new-york/nysdce/1:2023cv07771/605569
https://globalarbitrationreview.com/article/chad-pipeline-dispute-reaches-new-york
Goodness....
Also looking at the deal in tandem with strong brent price at present it seems like a steal for Oando
Looks like Eni has sold it's onshore assets to Oando. Looks like a solid and really cheap deal for Oando. Reported sell price over $500m and production circa 24,000 bopd net plus 400-500 million barrel of reserves.
https://www.energyvoice.com/oilandgas/africa/ep-africa/529408/eni-sells-down-nigerian-onshore-to-local-player/
https://www.reuters.com/markets/deals/eni-sell-nigerian-oil-gas-unit-naoc-oando-2023-09-04/
I reckon if we go for Nigeria assets they will be far cheaper comparatively than other countries.......................................................
Which end of September for closure are you thinking of?