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No matter what he’s well compensated and lost nothing.
That's now about 2% of the market value of SAVP £110m.
BB
Absolutely the crazily amazing Zengas. Unbelievable knowledge and memories.
As for the virus effect, some of us are simply saying this stock has been falling for months and virus or no virus it’d probably have continued so anyway. All along management offers no reassurance. To say that they don’t do enough is being generous.
It's no problem, ceo still gets the massive cheque hitting the account each month, easy. aint life lovely.
In the current corona virus worried macro environment very few companies will put out an RNS around no known reason for s/p weakness imho. ( even if things were going braodly to plan until recently, creditors might be slower to pay for eg in coming months.. or progress slower than hoped for in a demand sense.. or production issues because staff off sick ..etc..)
PS; In case of confusion here from our previous exchange of ideas, I think you Zengas are about the best poster here in terms of detail on SAVP and things Oil and Gas generally in Nigeria and environs. That is very valuable to this BB and I appreciate it a lot.
They say you test the character of a fund manager or CEO during a crisis. Well, AK now has his chance to shine, but so far, it's looking more like he prefers to hide behind the sofa.
I think that’s the point. This isn’t an oil play, it’s a fixed price gas play at this price with zero value for anything else. If projections are true they create their market cap in free cash flow every year so why is it priced to go bankrupt without any correspondence from the company via email or Rns ???? If everything was chugging along nicely in Nigeria why haven’t we had a “No known reason for share price weakness RNS” ????
So why is every other O&G stock going down then? Have you seen the price of Brent? All companies are at risk to n this environment. Savp with its fixed prices can weather the storm, but that might mean protect cash flow and delay Niger. Theres alot worse out there who have little cash flow.
You cannot really blame the fall on the virus.
I’m actually very worried, is there something behind the scenes we do to know about? Anyone in contact with the company over the last week or so? Agadem, you here? Haven’t heard from you for awhile.
This is just so bad, nothing from the company.
Three months to go until the next set of results and by that time the worst of the virus should be over.
this has been in freefall since November last year not just recent weeks! the covid-19 sell off you can't blame the company for but this started long before that. where is the news flow??
Like I said yesterday, this is 70%+ all about a rapidly deteriorating macro picture. Silence from savp all this time isn't helping.
All good news. However we are 70% $170 million down in 3 months on Jack s___ volume, very little shorting, something doesn't seem quite right
In addittion - the new gas transportation code was introduced a few weeks ago in Nigeria making it easier for metering and transportation into gas networks previously monopolised by NNPC. I would have thought this would be up Accugas' street for them to supply more gas to more customers. Lets not forget barely 4 weeks ago AK was meeting the Akwa Ibom govenor seeking to exploit idle gas fields in the state.
https://www.mirabaud.com/en/news/detail/article/1580899093-the-topic-nigerias-dash-for-gas/
We are covered by a sovereign guarantee so i tend to agree with what 'itsriskythat' posted earlier. It's almost 4 months since Accugas sent that letter 25/11 saying they would invoke the guarantee if not paid within 7 days. It may be that this is treated as part and parcel of Savps/AIIMs day to day running of Accugas and see no need to update on every matter. That's to do with the actual gas supply but we should be getting some of that revenue because Accugas buys the gas from Savps/AIIMs 80/20% ownership of the Uquo gas field that supplies gas to Accugas even though they are all interconnected businesses . Anyway not to complicate matters, surely there must have been something resolved because yesterday a $2.2 billion sovereign guarantee was put up to honour a major $2.6 billion gas pipeline.
ABUJA, March 4 (Reuters) - Nigeria will issue a sovereign guarantee to back the bulk of a gas pipeline that is a core part of the government’s energy strategy, Finance Minister Zainab Ahmed said on Wednesday.
The Ajaokuta-Kaduna-Kano natural gas pipeline aims to enable Nigeria to develop gas resources that are often burned at the well due to the focus on crude oil.
The sovereign guarantee will back 85% of the $2.59 billion pipeline cost, funded in turn by a loan facility from Chinese lender Sinosure. The loan has an interest rate of libor plus 3.7% with a 12-year repayment period and a three-year moratorium.
State oil company NNPC will cover the remaining 15% of the project’s cost.
“We have done an extensive review of this project and we are satisfied that the cash flows from the Ajaokuta-Kaduna-Kano gas pipeline will be sufficient to repay the facility,” Ahmed said. “This project is one of the cardinal policies of this administration and it is very strategic to national development.”
The government plans to develop gas-fired power plants along the pipeline, and also to use it to encourage companies to capture and sell gas rather than flaring it, which environmentalists say creates a health hazard and contributes to global warming.
Last month, Nigeria launched new regulations aiming to encourage gas development and announced a $1 million grant from the U.S. government to develop a power plant that would be fed by the pipeline.
https://www.reuters.com/article/nigeria-oil-gas/nigeria-to-back-2-59-bln-akk-gas-pipeline-with-sovereign-guarantee-idUSL8N2AX7JU
Yesterday Nigeria issued a sovereign guarantee to the Chinese to build one of the major gas pipelines
It is possible the funds didn't make it before end of 2019 and therefore will not appear in accounts end of this month and someone is aware. However on the other side of that the institutions all increased which seems unlikely they would have done if cash not received by year end.
Basically I haven't got a clue what is going on and this has been well and truly battered.
You sure it’s a buy?
Paul Curtis small topping up towards bringing his overall average price down by up to 1p perhaps ?
£58k purchase - someone’s confident
The current cash position requires clarifying urgently esp. is the Nigerian Government still in default on its v substantial payment obligations to us?
I have reread all relevant RNS's and listened to AK's pod casts but am no clearer. Is he being deliberately obtuse? He consistently talks about payments "expected" but never about being received , nor do we know what the actual cash position is. I have written to SAVP's IR team nd not even had the decency of a reply.....here goes again: " I note I haven't received a reply nor even an acknowledgement of my earlier email - in view of the further damage being done to Savannah's market value and reputation, can you please advise me when the Board are going to update shareholders on the current position and in view of rumours circulating to the contrary, can you please confirm that all cash payments due from the Nigerian state owned corporation have now been received by Savannah?
If those Nigerian payments owing have not been received in line with published guidance made by the CEO in November last year, then in my view the CEO must update the market forthwith as this represents material news and not to do so will mean he will be in breach of 'market abuse' regulations. "
lol Munchbox- Wish you could hear yourself with your post - "Future share price projections are the work of a scam artist".
So does that apply to you in LEK - after their CEO and management imo were appallingly lax in DD.
3/1/20 17:16 If we hold through to 20s and the drill turns on the off field in July then I’m expecting the following sp pattern ...Jan -15p Feb-25p March - May will see consolidation around 30-40p July August this will explode to 70p on ogo drilling Year end £1.20 minimum.
5/1/20 12:21 Why you talking about market falling when Lek sp is down 80% ytd? The market can do what it likes ..... won’t effect Lek at all.
6/1/20 12:07 Next stop says 16p after 11.5p broken. 19p after that. By then I think charts go out the window as this could be in the teens b4 we know it.
6/1/20 19:09 don’t even care about the sp movements ..... the mms know it’s real value and are playing you fools to sell low.
8/1/20 08:45 Glad I’ve added today. Average 7.9p
2.8 pence today
FFS this is ridiculous! wtf is going on Mr Knott? this has been heading south for months long before covid-19!
On the cards here.
I’m looking to buy at that level. Really feel for you guys here who have been through torture. Infeitvthecsame but sold out after relisting @ 28p
What is AK playing at ? No post pumping this stock makes shy sense. Future share price projections are the work of a scam artist.