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Reading the article I came across an ad for a natural remedy that solves the 'quick pouring' problem. way. Never heard of you-know-what being referred to as that.
Though 'pouring' is not the verb that comes immediately to mind. Perhaps for some men it works out that.
Sounds minor, but who knows...
https://independent.ng/pia-akwa-ibom-communities-spoil-for-a-fight-with-savannah-energy/
Sounding more promising this time?
https://www.nbcnews.com/news/world/warring-factions-sudan-agree-temporary-ceasefire-us-saudi-mediators-sa-rcna85440
SAVEs Julian Horn managing director of renewables at the Cameroon Hydo-electric site
https://twitter.com/Savannah_Energy/status/1659571709974904832?cxt=HHwWgIC8xa3r_YcuAAAA
Also spent over 6 years as development director at Lekela Power. "led Lekela's investment in the 158.7 MW Taiba NDiaye wind farm in Senegal, which reached financial close in July 2018. This will be the largest wind farm in West Africa."
https://uk.linkedin.com/in/julian-horn-a6584713
SAVEs Niger windfarm will be much bigger than the one in Senegal.
It will be interesting to see the future value expected to be created from SAVEs renewables division with 1GW to be announced by this year end.
In March this year, Lekela Power with an installed 1 GW where SAVEs Julian Horn was development director was sold to Infinity Power for $1.5b.
https://waya.media/infinity-power-acquires-100-of-lekela-power/
In turn - the buyer Infinity Power (part of MASDAR Company) has 3GW in operation and under development with 2GW expected to be operational by 2025. https://weareiph.com/
Worth noting that Lekela was all wind power.
Lekela had a total of 1034 MW installed in Africa and operational with up to 225 MW in development in Ghana. https://lekela.com/
FinnCap estimated the wind cost development at $0.7m per MW so 1GW coming in at around $700m with 75% of that financed ($525m) on their analysis.
On the above and with cash being diverted from oil/gas, the renewables division could be as big/bigger than the hyrocarbon element itself.
Hi Komakino, this info is not from any articles but from someone I trust. He is pretty sure that is the current situation regarding the Chad assets. We were receiving the revenues and paying salaries but that has stopped now.
………..
If that was the case an RNS would have been issued.
‘Someone I trust’ and ‘he is pretty sure’ doesn’t fill me with confidence.
Happy to be corrected
It’s hard to tell on the revenue front so making educated guesses on information available. I believe they are currently mediating and try to find a solution that satisfies all parties, I understand neither want to continue with an ICC case as sometimes it takes years to reach an outcome so both are willing to negotiate, now where this negotiations will lead is anyone’s guess.
1) Either the chad government buy the assets of us completely
2) They re-negotiate the revenue sharing and terms where they get increase share of revenues
I believe that number 2 is the more likely outcome as I can’t see the chad government looking to fully take on operating the field as they still need to build a credible operating company something that doesn’t happen overnight.
Thanks Sajy
Hi Komakino, this info is not from any articles but from someone I trust. He is pretty sure that is the current situation regarding the Chad assets. We were receiving the revenues and paying salaries but that has stopped now.
Hi Sajy, what was the source of the info. as I haven't seen anything definite in any published articles?
My understanding is that we are no longer receiving any revenues from our assets in Chad and therefore stopped paying the salaries of the employees. I cannot confirm 100% but I am pretty confident that is the case at present.
Yes, I guess that's a possibility though it's a long way away from the public statements of the govt. Would be good if there was an agreement in place, especially if that is notified before we relist.
Komakino - don’t think so you can’t be breach of your contract in one way but not another. Meaning if they are not get revenues that’s a breach of contract already and the contract is void already and ICC would view it the same you can’t pick and choose what elements of a contract you like and don’t
So I believe a transitional agreement is already in place between savannah energy and chad government which may not be public knowledge with the terms I highlighted in my previous post.
Unless they were doing that so that in the arbitration they could not be found to have abrogated themselves of their responsibilities as an employer and so found to have been in default of the contarct?
I believe there is a confidential agreement between Savannah Energy and the government of Chad.
Conditions included in the contract may be
Savannah Energy is to maintain its operations of the Doba oil endeavour.
A portion of the project's revenues will be granted to the Chadian government. (This makes up for the huge exit fee they wanted from Exxon for approve the sale, not a upfront payment but a portion of revenues in addition to there current share will make up for lose in exit fees.
Savannah Energy will handle all tax and royalty payments associated with the project.
The contract may have a specified duration, after which the government of Chad reserves the right to buy the project from Savannah Energy.
The agreement serves as a temporary solution that will enable Savannah Energy to continue its management of the Doba oil operation amidst an ongoing legal dispute with the Chadian government. The final verdict of the lawsuit will be the deciding factor on whether Savannah Energy retains the ability to run the project and gain from its revenues.
This would tie in with the article released through Africa intelligence that savannah energy were continuing to still pay salaries of chad DOBA employees. No company in there right mind would continue to pay additional salaries.
The Savannah team and distinguished guests visiting the dam site at Bini a Warak. The hydroelectric power plant is anticipated to support both existing local electricity demand and enable a number of energy-intensive industrial projects in the region.
Awalou Mouhamadou, the Mayor of Ngan’ha, wished Savannah well with developing the project. Project sanction is expected in 2024 and first power is targeted in the 2027-2028 window. 💰
🫶❤️😍
Finally. Hopefully the above signs aren’t enough on the resumed trading share price 😃
🙄
Are now available to use 👍 😊
I've noticed that other Savannah personnel, other than AK, have been more to the forefront recently in things like this, Yacine Wafy, Savannah's VP West Africa in particular. Can only be a good thing and was one of the concerns that Agadem wanted addressed so hopefully he is happy about this :-)
Interesting to see our CFO Nick Beattie taking part in The rise of renewables: Sharing lessons with the extractive sector 11:45–13:00 on 14th June. Looks like Andrew would normally take part in such events but that also coincides with the SSOP 2023 oil conference so he can’t make it.
https://eiti.org/eiti2023/programme
Savannah Energy clearly positioning itself in renewable with all the project its lining up and the exposure should hopefully help us finance our renewable project through debt.
I find it interesting that Savannah haven't posted about being a sponsor of SSOP 2023 on their social media. Looks like they want to control the comms timeline in relation to South Sudan entirely and don't want to give an impression about the deal. Just a small observation clearly Savannah want to control proceedings about how the market is appraised on south sudan.
If Savannah Energy Plc use the full $2.5bn debt they can easily get up to 150,000 - 200,000 bopd with reserves well in excess of 1bn+. With assumption that brent crude price will average above $70 and above for the foreseeable future we will reach £2 share price in quick time
Agreed Komakino - The nature of the assets that we are doing deals in i.e south sudan would always have contingency built into the contracts so clearly they must be pressing ahead with the deal and they would have more on the ground intelligence as to what the actual situation is than we ever would know through mainstream media. They clearly must be happy to proceed and must have contingent and clauses built in that protects our interest without comprising the deal.
Let's hope we close south sudan and move onto our next hydrocarbon deal Amni Energy deal ;)
Well, based on Sunbed's chat with Camarco yesterday and then this, it does appear that it's full steam ahead with the SS acquisition and whatever concerns we had over the war in SS has either been reflected to their satisfaction in the contract or they are just not concerned about it, though I find the latter hard to believe. Looks promising for hopefully what turns out to be, as AK likes to call it, a transformational deal for the company and, as we all hope, a transformational uplift in the share price!
Surely the timing of announcing us as gold sponsor for SSOP 2023 is a good sign ;)
https://twitter.com/energycappower/status/1658804808730411009?s=46&t=bdVeLrGB139mDog1SFRNlw