Member Info for komakino

SOG, I shall be dialling in, just not in a suit :-)

Olderandinjudicious, the worst thing in life is not to die but to live with bitterness.

Yes, I guess it is possible PF, though you'd wonder why they would not RNS the approval if it had been given. However, they didn't RNS the Naira facility set up when it happened early this year so it's hard to second guess what might still be outstanding. I'm sure we'd all be delighted if we were just waiting on the PCNL year end accounts.

There isn't any other option Moho than to be tolerant as it's totally out of our control. Either that or stress yourself unnecessarily. Not sure there's anyone here who is ok with the lack of communication, I'm certainly not, but it is what it is. The AGM should be an opportunity to voice any displeasure PI's are feeling.

Yes, my opinion is that AK won't do AD before he gets sign-off, unless something forces him to. One other option is that SAVE are all done and dusted and the hold up is Petronas negotiating their leaving fee with SS. At any rate I'd be surprised if there is anything left on the work streams other than SS approval. SAVE had said they expect one more acquisiton in 2024 so if that has been worked up (and they've had long enough to do so) it's possible that if it's big enough it could happen before SS and we relist at that point. Unlikley imo but not impossible.

Based on the comments in the Petronas annual report, 'advancing discussions on South Sudan exit with the host government.', in conjunction with the original estimate to complete the workstream of 6 months, then I'm pretty certain that completion of the deal is now solely to do with getting govt. sign-off. There may have been some tweaks to the contract between Save and Petronas when the pipeline was disrupted but it seems to me that AK does not want to come to market without the sign-off. To that extent, I'm of the opinion he'll wait it out for as long as it takes, as long as not forced to by AIM.

Ah, you could be right TiL, not that there was much of an update on transaction progress in the accounts. Had it in my head we'd get something more detailed, but I guess I was being a wee bit too optimistic. AGM it is then!

The last SS update on 17/05 said ' A further update on transaction progress, and associated matters, is expected to be made within the next four weeks.', which is today.

That word 'expected' again :-)

Hopefully something later on.

Thanks CYB. I had to stop reading when I saw the B*** pic so thanks for sharing the subsequent info.

Darien, the more detailed update came in the RNS on the 5th April. For some reason it's not showing on this site but you can find it here: https://ir.design-portfolio.co.uk/viewer/111/62140

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.

Comparing the Major shareholding info with the last one before suspension:

Ingalls & Snyder have added an extra 4m

Abrdn have reduced by 20.5m and Ruffer LLP have increased by 20.5m so presumably some sort of transfer.

Everything else is the same.

Yes, an ironic chuckle from me this morning when I saw that PF.

I second that sentiment CYB. Over 15 months with scarcely any news from the company so it's really appreciated that posters like TiL have managed to keep ferreting out information to share with us all.

RR,

According to Blaise Dariustone, a reporter who is a correspondent at BBC News Afrique, 'The trial between Chad and Savannah Energy at the Paris Court of Commerce is scheduled for June 2025.'

FaceBook post on 8th March

https://www.facebook.com/profile.php?id=100004271854537

Well there is no 'Deal Signing Ceremony' in this years conference agenda PF - not that the last one did us any good! - so hopefully we get sign off before then. Assuming we get this over the line we could end up paying peanuts, if anything at all, for the acquisition which would be a good way to end the everlasting saga if that is what happens.

So here's a random theory. SAVE/Petronas have agreed they'll wait it out for as long as it takes to get signoff. Save provide the staff to run the operation (as contractors of Petronas) so Petronas don't waste resources on something they no longer want. In the meantime, SAVE complete further acquisitions which mean that the Petronas acquisition no longer classifies as a RTO and so we come back to market. When SS finally realise they are not going to win the stand-off they give agreement and Petronas pay us a nice amount of cash as the final account reconciliation.

No doubt that would have a few on here pulling their hair out ;-)

Unnd, good question. Here's a theory from Spizz Oil on ADVFN:

I believe the final paragraph is the one to focus on.

I simply cannot believe that this is being drawn out if the Company's BOD, its advisors and the regulators are not of the opinion that the deal will get over the line.

Full year results are normally posted on 8th June and as we have today been told, the PCNL financial statements for 2023 are also a pre requisite for the publication of the AIM admission document.

Last week we were told news would be forthcoming by 17th May. One week later and it's the end of Qtr 2 or beginning of Qtr 3.

For the regulators to agree to another extension, so shortly after the announcement of the last one, I believe is to accomodate the release of the two documents, with the PCNL financial statements following on from our FY 23 accounts.

It would not surprise me in the least if we receive notice of SS government approval before the publication of the two documents.

Yes, a lot of us do and it is frustrating but it's best to just try and chill as none of us can influence it. Now, how to tell my wife!!

Ian, you need to look harder.

Further to the Company's announcement on 28 March 2024, the Company provides the following additional information on its proposed acquisition of PETRONAS International Corporation Limited's energy business in South Sudan through the acquisition of Petronas Carigali Nile Limited ("PCNL") (the "Proposed Transaction"), as first announced by the Company on 12 December 2022.

Completion of the Proposed Transaction remains subject to satisfaction of certain conditions precedent, principally the receipt of written approval for the Proposed Transaction from the Government of South Sudan. Following receipt of this approval, Savannah would then progress to finalise an AIM Admission Document to facilitate seeking a restoration to trading on AIM of the Company's ordinary shares.

Publication of the AIM Admission Document requires the release of the Company's FY 2023 audited annual results, together with the finalisation of the audit of the financial statements for FY 2023 of PCNL. It is currently anticipated, therefore, that the AIM Admission Document, together with Notice of General Meeting to approve completion of the Proposed Transaction pursuant to AIM Rule 14, would be published in late Q2 2024 /early Q3 2024.