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Https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/
Cant catch a break!
Am I missing something, is this a separate transaction to ours, I was under impression that we were buying 100% of Petronas's interest in the country...?
Would be happy for someone to lower my heart rate here.
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/?utm_source=ground.news&utm_medium=referral
Wilson if you read the statement it's basically a fraud company first they use the term 'Project that matter' which is our term.
this is there sketchy website
https://www.caltradcorp.com/
The linkedin profile says they are based in south Korea and has the same individual referenced on website named Mohammad Malique
https://www.linkedin.com/company/caltech-trading-korea-corporation/about/
List of employees is hilarious as well......................
Perhaps someone can contact the company for further clarification, but I find it incredibly convenient that this article hits today.
https://twitter.com/patrickheinisc1/status/1706008149734412418
this company need to release a statement asap, quite an elaborate **** take if not true.
A bruising few years for SAVE if true.
'The agreement fell after the South Sudan government disapproved of Savannah'.
https://www.eyeradio.org/south-sudan-inks-deal-with-u-s-firm-to-acquire-petronas-shares/
Also the government announcement doesn't explicitly say that they have terminated deal with Savannah Energy so this could be last ditch attempt to squeeze a better deal who knows until we get official confirmation from the company on what the status is at present
What price SAVE shares, if the SS deal doesn't go through, and we wait until June 2025 for the Chad arbitration decision?
Olderandwiser the SP will still be fine although we can't dream of £1 etc. Since the suspension we would have 10 months of operational excellence plus we are in a high energy price environment we broadly tracked seplat pre-suspension and seplat is up 50%+ since our suspension. I would expect us to be at fair value at the moment the chad deal was never priced in anyway at the time of suspension and and clearly the market is not aware of the ss deal prior to suspension so that was definitely not priced in so one would expect us to be between 26 - 30p.
I firmly believe Savannah Energy will have good news lined up either in the form of expansion of accugas business, debt restructuring, CPF expansion, Niger progress. Savannah as a minimum has to retain shareholder value and confidence especially after 10 months of suspension and I firmly believe they will
Only had time for a quick skirt around:
hTTps://www.datanyze.com/companies/caltech-trading/355852590
If SS doesn't go through and arbitration aside, the worst bit for me would be that we, as shareholders will have seen effectively zero benefit from the oil price rally.
The above in my mind along with the fact that this will be the second deal to fall flat will seriously erode shareholder confidence in the business plan and those behind it.
Spoke with IR and they had no knowledge of this announcement hitting the press, neither had SAVE or Petronas. IR have had quite a few calls from industry journalists this morning and are trying to get to the bottom of it. They do not know if it is fact or rumour and are working with Petronas and their respective legal teams to work out precisely what’s going on and whether an RNS needs to be issued or not.
In conjunction to that the respective deal teams from SAVE and Petronas are continuing to work on the deal until they know anything different.
From the research IR have done so far, they can only find a very small company in the name of Caltech and at present they have no idea how they could possibly think of raising the mentioned funds.
This is a fast moving bit of work at the moment and i guess that all we can do is wait until we see the next bit of news on the transaction.
Cheers RockyRide Topman as ever appreciate the speed in which you are able to get an answer much appreciated from me and everyone else on here.
So clearly they haven't struck a deal with Petronas as well, perhaps this is a smokescreen to squeeze a better deal or final terms.....
Assuming this is fake (that company website looks as dodgy as hell) , the fact that the deal teams are continuing to work on the deal suggests that it's unlikely we would be getting the AD this week.
Agreed Komakino - To be fair either way I want the interim results first to show the progress the business is making on all existing fronts happy to wait for AD if it takes longer.
Look at the career profiles for employees on Linkedin and website it's even more hilarious besides never heard of a government getting explicit budgetary support as a side to the deal surely that would lead to all sorts of international law condemnation and be akin to a bribe and also if the said individuals are us based individuals that surely there must be some law they are tripping up which could lead to potential persecution.
Also considering the bad press that Oil and Gas sector has got in sudan especially as there is currently the lundin case, Would Petronas really sanction a deal where the source of funds and credibility of buyers is sketchy, as sellers they have a responsibility to sell with all the due diligence as well.
If a genuine major like exxon, chevron, etc.................... came along and offered $3bn dollars than fair game you got outpriced by a company that is actually genuine and has the power but this entity seems like bad joke
this reminds me when lekoil announced that they had funding from qatari investors and they got scammed -
https://www.theguardian.com/business/2020/jan/13/nigerian-oil-firms-shares-suspended-after-revealing-alleged-scam#:~:text=Lekoil%20had%20already%20revealed%20the,the%20validity%E2%80%9D%20of%20the%20deal.