Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Yes: it's been a one year papal conclave. Smoke from the chimney of Bank Street still grey...
...I doubt it has much (or possibly any) significance, but we'll soon find out.
Https://twitter.com/PatrickHeinisc1/status/1733254790757388717
More than one way to interpret this...
Hi snaffleman
My posts in late August set out my DCF approach. I got to 9.4 pence on Nigeria, but that includes 100% of the central group overhead. Exclude that and I had 20.3 pence-ish. My model is based on the sectoral analysis from the company and disclosures in various RNSs.
It was pretty conservative, I think.
Hi oaw. 15p without a deal but I think it'll stay suspended. Greetings from Bangkok (rich tea in hand)
Licence extensions beyond 2026 are surely key. We can hardly sign up if the licence expires in three years' time. This uncertainty exists for ONGC and CNPC too, of course.
I do hope Mr Kiir manages to stay on for a bit...
You may well be correct, Zengas (which is my way of saying I don't really know!) You have a great track record of being on top of such matters!
But that gets us back to a deal which is "subject to" goodness knows what. It may be that management is once bitten, twice shy on that approach after the Chadian pantomime; and of course it may also be that relationship and legal circumstances preclude such a move.
And if we did relist, subject to various conditions precedent being fulfilled, how does that give appropriate price discovery?
I don't like being suspended but it's the least worst option, in my opinion at least. Perhaps I'm missing the point: wouldn't be the first time...
Good grief: what idiot programmed the filter here? You can't even say s-p-a-r-s-e without some editorial fascism. Spbackside, perhaps?
hi moho
i share your frustration with the long suspension and sp**** communication. however, if we relist, i believe the ss deal would have to be abandoned under listing rules: that would lead to a significantly lower share price upon relisting. given that the ss deal makes such a fundamental difference to savannah, there's no way it can't be interpreted as a reverse take over.
andrew knott is extremely shrewd: he wouldn't be staying suspended unless this deal still had a decent chance of completion; i think we have to stay suspended until the deal is either done or clearly cannot be done.
i think we'd all like to be trading, but i'd happily remain suspended until 2025 if this deal could get done on attractive terms.
Many thanks, Rocky.
My read between the lines on this is that debt restructure looks close to completion, SS not so much, no extra hydrocarbon deal close to completion and Niger (our part of it) looks stalled.
Interesting on the Accugas capacity and demand. I must look up the potential addition once the expansion project is commissioned.
Meanwhile, in New York...
https://jusmundi.com/en/document/decision/en-savannah-midstream-investment-limited-v-republic-of-chad-sht-overseas-petroleum-limited-sht-doba-pipeline-investment-inc-societe-nationale-des-hydrocarbures-snh-and-cameroon-oil-transportation-company-cotco-s-a-order-of-the-united-states-district-court-for-the-southern-district-of-new-york-friday-15th-september-2023#decision_54621
I'm not sure if someone else posted this. Looks like the freeze on anyone moving the $151m was approved by the court of 15 Sep but Citi sent notice of appeal 18 Sep and that's the latest. Assuming SMIL wins, it just means that the funds sit there until the Paris proceedings are concluded (I think).
This company would make a blockbuster movie.
Thanks, N2M; kind of you!
Dear Board of Directors
We are now three weeks away from your putative deadline for closing the South Sudan acquisition from Petronas. I note that this is just over a year after the RNS announcing the deal in the first place (12 December 2022) and that, unlike your earlier announced deadline intentions, that it isn't at month-end. My hunch is that there may be a twelve month (or just over) long-stop date from the original announcement to get the deal over the line and that's why what was advertised was 15th December rather than 31st: this is pure speculation on my part.
Given recent apparent political instability in South Sudan, I am expecting that the deal will not be concluded by 15 December. No matter what pressure you may be getting from institutional investors, regulators, the nomad or others to abandon the deal and relist, please continue with the suspension and continue to work on the deal if there is a reasonable chance of successful conclusion. By the way, I am not accusing any of these parties of applying pressure, just assuming that it may be there from some parties.
A good number of your shareholders understand that the complexities and parties here are multiple: Malaysia, Indian, Chinese SOEs; South Sudan government; Sudan wartime government (for distribution); changing faces in negotiations; extension of drilling licences; capex plans to renegotiate; financing; and so many other things that I for one will be ignorant about.
So if the deal still has legs and parties are amenable (or legally obligated) to continue working on the deal, please do keep going. Savannah, given where it is working and what it is working on, is a marathon not a sprint.
Best wishes to all the team in all locations.
The EV bubble may be fading as supply exceeds demand with slowing global sales CME: Lithium prices have fallen by about 75% while cobalt is down by over 50%
https://twitter.com/Mayhem4Markets/status/1725429695884259466
Good morning.
I agree on FCF. I would've thought bottom line Q2 is similar to Q1 if the average basket price is similar (which it is for the quarter to date; Rh marginally higher, Pt and Pd marginally lower). Perhaps I haven't understood the revenue adjustments. Anyway, you think 15-20m for the year, I think 10-12: either way, I don't think this is a buy....yet.
The whole natural resources and energy space is a good buy I think. The green lobby seem not to understand that wind, solar and the laughable EVs are....whisper it.....made of stuff that comes out of the ground.
Kelboy: you wrote what I was thinking, only more eloquently! The global witness "governance" team look exactly how you'd expect them to look...and one of them is a BBC person (aka the paramilitary wing of The Guardian).
Https://twitter.com/PatrickHeinisc1/status/1724540011188502661
Good morning.
If the deal remains live, we stay suspended.
I'd be happy to be suspended a year from now if this deal still has a decent chance of completion on terms that satisfy our BoD.
That said, Patrick Heinisch's recent posts on x.com don't provide much comfort on the local politics.
https://twitter.com/PatrickHeinisc1/status/1723992924235448388
Thanks, bangrak. I have an excuse for a beach visit now!
Q2 profit will be interesting given the apparent lack of volatility in basket price and thus an expectation of lower revenue adjustments: it might give me a better steer for profit expectations for the year. Maybe my 10-12m USD is too bearish.