Message for the Board of Directors24 Nov 2023 06:34
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.
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