Member Info for happysparrow

http://www.lesahel.org/index.php/2019/10/07/5959/

Spike, using your figures of £5m to drill a well and £2m to complete and test:
EWT of WNA-2 = £2m
Drill of WN2 = £5m
Test of WN2 = £2m
16.65% of £9m = £1.5m
Less £2.8m = £1.3m for CPR, admin, etc.

Thus, using your own figures, probably no need to raise until after WN2. Particularly so if well cost only £3m per well. But might raise just before TD on WN2 to take advantage of a good share price - but likely to be a small raise?

Page 31 - interesting summary of key debt facilities - £11.4m Oragroup revolving loan facility, $105m SUGL loan notes, and S371m Accugas iv facility

https://www.energymixreport.com/gas-critical-to-unlocking-nigerias-economic-potentials-joe-ezigbo/

https://oilprice.com/Latest-Energy-News/World-News/Saudi-UAE-State-Oil-Firms-May-Invest-In-Nigeria.html

https://www.energyvoice.com/oilandgas/africa/208976/buhari-backs-oil-law-changes/

Secret BluePrint calculations (3/9/19) = West Newton 125 million barrels of oil.
From that: 125mmbl x 16.665% x $10 per barrel / 1.22 ($ to £) = £171 million /12.11 billion shares = 1.4 p per share.
Current price: 0.19p

Just some patience and common sense needed.

What is needed is a moderate amount of patience and some common sense.

Hilarious comment from Woodstock - just ignore.

Now well into oversold territory. Approaching 200 day MA.
Biggest onshore UK discovery for years.
Totally mad

AK - 'liquidity required to get to close (of 7E deal) - straightforward to finance through incremental loan notes as required - as said at AGM.'

https://audioboom.com/posts/7383059-bidstack-live-company-group-savannah-petroleum-and-europa-metals

From today's RNS:
Under the terms of the R1/R2 Production Sharing Contract and within the provisions of Niger's petroleum code, the first phase of the R1/R2 Exclusive Exploration Authorisation ("EEA") expired on 5 August 2019. Savannah is actively engaged in discussions with the Government of Niger regarding the terms for the renewal of the EEA and is confident that such renewal can be obtained.

There is a $50m debt facility (RNS 20 sept 2018). However, it has conditions attached, including the triggering of a $1 million utilisation fee on first drawdown. So, if we require only a small funding amount, a small placing might be the way forward - perhaps at the previous 28p?

Isn't Great Wall Drilling Company the one both we and CNPC use?

More information:
https://www.kapitalafrik.com/2018/04/30/sonatrach-on-the-trail-of-oil-in-niger/

Apologies:
that 90K referred to a CNPC well in SE Niger - I must read the text more closely!
But the Kafra discovery still of increasing interest.

Old news, but seems to be a part of the current estimates:
The exploitation of the new well will start no later than the end of 2018 and will allow Niger to produce an additional 90,000 barrels a day, thus reaching a “global production of 110,000 barrels per day”, said Foumakoye Gado, the Nigerian Minister of Petroleum.
https://www.energyservicesexperts.com/2018/11/17/sonatrach-new-oil-discovery-on-the-border-between-algeria-and-niger/

https://fr.africanews.com/2019/09/24/la-chambre-africaine-de-l-energie-se-felicite-de-la-grande-transaction-petroliere-africaine-de-2019-dont-vous-n-avez-probablement-pas-entendu-parler/

Interesting tweets by savannah highlighting a recent article in French.
One extract of particular note is the doubling of the previous production estimate:
Une vidéo publiée par la présidence nigérienne a estimé que la production pourrait même atteindre 200 000 b/j.