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003/PT/PM/MH/2024
Haven't translated it because its via facebook but released today saying Save losing another battle as the 'Paris CCI arbitration court refuses to freeze and seize Cotco funds giving Chad and COTCo right'. Seems to go back to 8th May when this was heard.
I wonder will or can Save comment on the status of this dispute and update shareholders without us having to hear about it from the other side in the dispute.
Google translate:
*.*.*.*.*
jjjJ' 4—Uj
uulijja-Jl Sjljj
N'Djamena, May 13, 2024. Another lost battle for Savannah: The CC1 arbitration court in Paris refuses to freeze
and sequester COTCO's funds, ruling in favor of Chad and COTCO.
*.*.*.*.*
In the arbitration procedure relating to the consequences of nationalization on Savannah's loss of shareholder status
in COTCO, the ICC Arbitral Court of Paris has just rejected all requests for interim measures made by Savannah
aimed at obtaining the freezing and sequestration of funds from COTCO. As a reminder, the emergency arbitrator
appointed by the ICC before the constitution of the Arbitral Tribunal had also rejected the request to freeze COTCO's
funds.
This order constitutes a new failure by Savannah in its desire to further disrupt the functioning of COTCO and the
Chadian oil industry, in particular through the multiplication of abusive procedures in disregard of the law and in denial
of the consequences of the Chadian nationalization law on the management of the Chad-Cameroon oil pipeline.
****.*
N’Djamena, May 13, 2024
**.*.*.*
*****
In this regard, the Arbitral Tribunal emphasized that the statutes of COTCO, which reflect the close integration of the
Chad-Cameroon oil pipeline with the exploitation of the Doha oil fields, clearly limit the access of COTCO 's
shareholders to States of Chad and Cameroon and the members of the Doha consortium, of which Savannah is not
part. The Arbitral Tribunal also concluded that there was no proof of Savannah's allegations concerning the alleged
dissipation of COTCO funds by Chadian shareholders.
As a reminder, on March 4, 2024, in another procedure, the Arbitral Tribunal had already rejected the request made by
Savannah to sequester, until the resolution of the merits of the dispute, the oil revenues of Tchad Petroleum Company
SA ( TPC), depository company for nationalized assets.
In its order of May 8, 2024, the Arbitral Tribunal rejected Savannah's arguments seeking to present the freezing and
sequestration of COTCO 's funds as necessary to ensure the preservation of its alleged shareholder rights in COTCO,
because it believed that Savannah had not demonstrated any significant chance of success.
With this new failure, which marks the legal weaknesses of its position, Savannah sees itself further prevented in its
attempts to benefit from the illicit acts committed in complicity with ExxonMobil to take control of the revenues from the
Doha oil fields and the Chad oil pipeline. -Cameroon.
What does this mean for us? Expected or rather bad for us?
We need to know the actual facts of the decision as the devil is always in the detail. The Chad Ministry may also have put their own spin on the decision.
IMHO this is all legal sparring whilst awaiting the main event.
That main event is the calculation of the compensation that is due to either Save or ExxonMobil following the Nationalisation of the oil fields.
Read an article the other day that the Americans will play ball with Chad as it is there only hand left in the Sahel ffs sake will be on the wrong side of politics again , AK You maybe out of your depth here.
Zen i have always resected you as poster but you made a comment that peolple speculating this wouldn't open at below 20p was rubbish or words to that effect but unless there are some huge Rabitts out of the hat a $50m Nigerian deal isn't going to cut it against a failed Chad deal, excessive FX loss, increased debt, F--k all happening in Niger (well at least we think that ) it is obscene the lack of communication from the BOD, nearly 18 months disgracefull
Nope, no disrespect longshort, but I never said that ie as rubbish or words to that effect’ . It was re the 15p comments and I said I wouldn’t be making any reactionary decision on re admission to trading. (21st March 24). I get a sum of the parts valuation higher than 26p and gave my earlier reasons for this. Sentiment and investor reaction is another thing but why I won’t be reacting to any of it.
Longshort / Zen - not long to wait now as the full year results are due in the next 4 weeks. So all will be revealed.
Personally if they can get stuff right which is within there control I.e cpf completion and Niger work programme than we will be on our way towards the so growth that we all seek here.
Time for savannah to be more aggressive with what’s within there control and not waste too much time on blue sky chasing
Apologies Zen frustration taking hold on my part its been a long few years in here, GLA
This Chad article cites only a statement from the Chad govt not from the Paris court of arbitration itself. Also it only discusses the fact that Chad's pipeline accounts cannot be frozen. No mention of the more important issues of the nationalisation itself and the related theft of assets. As mentioned below, this could simply be Chad trying to put a spin on a meaningless aspect of this case. Like others, a frustrated long term holder here. Fingers crossed that all those boxes start to get ticked off this year.
No need to apologise longshort, every right to be frustrated as i am.
Been that long since a Malcy or VoxMarkets interview we'll forget what AK sounds or looks like !
Come friday, surely they need to be under pressure to soon say how long they expect this to go on for regardless of the looming results date. With the exception of the Nigerian acquisition there's been an absolute silence on operations.
Not one presentation for shareholders either with any material or slides available or growth projections.
Haven't checked it exactly since the name change but we must be approaching 3-4 years suspended out of the last 10 as a listed company.
It will be poor form to issues another shareholders letter from the CEO and Chairmans introduction and continue in the same vein. Communication needs to change.
Zengas - Even if the chad deal fails to close, i imagine we would extend until the accounts are released and than come back to the market, with us being suspended for nearly 1 year and half there isn't a pricing point if the south sudan deal fails to complete so the release of 2023 full year accounts will inform the markets on how to view the business performance regardless of any other deals and attribute a deemed value based on performance and prospect assigned to accugas and Niger
We all know that savannah are under no obligation to wait for formal written government approval to come to market with an admission document, however with the chad situation and increasing trend of African government sticking there foot in divestment deals has made AK vary of coming to market without formal written approval on this front I fully concur with him and best to wait out as there is plenty of deals out there that has had interventions the list is endless, chad, gabon, nigeria etc................all the deals in the countries listed have struggled to close successfully as i write so in this respect we are not alone, the only exception is probably the afentra azule deal which again was smaller in size compared to all the other deals in various countries still awaiting government approval.
I think many on here are annoyed by the fact of silence on the accugas and niger side of the business where there the company has frustrated on that's the main sticking point and not the deal making for me personally.