Member Info for komakino

Well if that happens it suggests that the company has done well and we should benefit from the subsequent realignment of the sp. You really are a one track record now you have sold out most of your holding, offering nothing but moans and gripes, so I guess we all can work out who you're playing in the Christmas Carol this year. Why don't you focus on your excellent investment of I3E where you ploughed your SAVE monies. Sometimes it's better to be patient and wait a while ;-)

TiL, if you do a Google search on Quentin Soulat, the LinkedIn link against his name states 'Chad · Head of Site · Savannah Energy'.

His LinkedIn page states he started in March 2023 so it could have just been unfortunate timing that the assess were Nationalised at the end of March. He's probably been twiddling his thumbs for 9 months!

I think Chad was different in that there was a one month time limit by which, if approval wasn't explicitly denied by the govt., then approval was deemed to have been given, so Save and Exxon could complete the purchase legally (obviously to be decided by the arbitration panel).

This is obviously not the case here and so I think what TiL is saying is plausible, though obviously with the Caltech affair, there are probably no certainties with the SS govt. either. Still, Save and Petronas are still pursuing this so you would like to think they still believe there is a good chance of completing.

Yes, sorry, just saw that it was registered at the same address with Savannah in the name, but looking at the officers it's obviously not. Unless Ak has branched out into care work ;-)

Must be confident of continued growth if they are setting their own company up for this

SAVANNAH STAFFING SOLUTIONS LIMITED

Private limited company

15228140 - Incorporated on 23 October 2023

40 Bank Street, Canary Wharf, London, United Kingdom E14 5NR

SIC codes - 78109, 78200

https://find-and-update.company-information.service.gov.uk/company/15228140

Thanks Mr. B. Not seen anything from Chad news agencies yet. Couple of posts on social media in the last couple of hours from Chad that pique the interest e.g.

'What is Djerassem hiding on the SAVANNAH vs. Chad case?

Looks like the urine under the carpet is starting to smell'

'Savannah just won her lawsuit 😂

Little genius is terminated 🤣

The Chad '

Hopefully get some more details filtering through over the next day or so.

Til, you would hope this was positive for Save, but I guess after all the hiatus recently we'll just have to wait and see as usual. Thanks for the post anyway.

From a pure supply/demand perspective, then as long as our Oil (not that we have any really yet) can be sold, $140 would obviously be better for Save than $80. $140 is only going to be hit if some of the existing supply can't get to market and there is still the same demand as now, so as long as ours can then there would be great financial benefits to SAVE.

Obviously, however, there are lots of other important reasons for not wanting this to happen, as a lot of people would suffer financial hardship if it did, not to say that it would only likely come about if there is an escalation in the current conflict which nobody wants. So yes, $80-100 is good for me too.

RR's post was from Malcy's Blog, not RR's words. If you want to see what Malcy has been saying about SDX use the link below

https://www.malcysblog.com/?s=sdx

Thanks TiL. At some point all of this is going to come to fruition!!

Https://www.zawya.com/en/press-release/africa-press-releases/media-invited-to-attend-libya-energy-economic-summit-noxdbz7g

Energy Capital&Power (www.EnergyCapitalPower.com) extends an official invitation to energy and general news media to participate at the second edition of the Libya Energy&Economic Summit – scheduled for November 8-9 in Tripoli’s Rixos Convention Centre. Media will have the opportunity to be at the center of this historic summit.

In partnership with the Office of the Prime Minister and with the support of the Ministry of Oil and Gas and the National Oil Corporation (NOC), this historic summit is poised to bring together leaders and participants from the energy, finance, trading and infrastructure sectors. The 2023 event follows the resounding success of its inaugural edition in 2021, which marked a historic milestone as the first major energy investment event held in Tripoli in a decade. Media representatives are invited to cover this second edition, one that promises to shape the future of Libya's energy landscape.

The two-day program features an official reception on November 8 with keynotes delivered from dignitaries as well as strategic panel discussions and presentations across two stages on November 9. The reception and summit feature keynotes from Libyan leaders including Abdulhamid M. Al Dabiba, Prime Minister of the State of Libya; Farhat Omar Bengdara, Chairman of the NOC; and Mohamed Oun, Minister of Oil and Gas of Libya.

International invited digitaries include Giorgia Meloni, Prime Minister of the Republic of Italy; Robert Abela, Prime Minister of the Republic of Malta; and Alparsian Bayraktar, Minister of Energy and Natural Resources of the Republic of Turkey.

The Libya Energy&Economic Summit 2023 is proud to work with sponsors TotalEnergies, BGN, Repsol, ConocoPhillips, Savannah Energy, OMV and more, and with official supporters Renewable Energy Association of Libya, AmCham Libya, Libyan British Business Association, U.S.-Libya Business Association, African Energy Chamber, and Rystad Energy.

Thanks RR, as ever appreciate these updates.

'we would note that both ourselves and PETRONAS are continuing to engage fully with the Government of South Sudan and are all working together in country as we continue to progress the transaction to its expected completion.'

I guess they wouldn't be saying anything too different either way but the phrase 'expected completion' does suggest that it could be positive for us after all.

O&W, your posts are pretty ironic given your posts on other boards

On PRD 'Must admit I am new here, but I would like to ask those who have been around a while, why are a few posters intent on spreading negativism, yet presumably holding shares here? It's so boring.'

On HZM 'All the clever dick "I got out ages ago with a profit" crowd are dominating the posts here now. What a shower.'

You've made your point already that you reduced your holding by 90% just before suspension so not sure why you feel the need to continue with your smug posts. Pretty immature stuff from someone professing to be wiser.

All quiet on the channels I monitor so far RR. No more additions regarding the NY appeal from CityBank. I guess it could be a while before that is heard.

PT V

The market also expects strong EBITDA growth from Touchstone over the next couple of years, with Touchstone’s EV/EBITDA multiple falling from the highest amongst its peers to one of the lowest over this period. As Touchstone delivers on its cash flow potential, investor confidence should build in these estimates helping the shares to re-rate.

PT IV

With 205 development drilling locations already identified across the portfolio (predominantly in its legacy oil business) as well as 24 exploration locations on the Ortoire block alone, management has no shortage of drilling opportunities for years to come. Importantly, Touchstone has environmental permits already in place to drill up to 8 additional wells on Cascadura and two additional wells at Coho to fill facility capacities – regulatory delays were one of the key causes of the delays to the Coho and Cascadura developments. As a result, the next leg of Touchstone’s growth should be swifter, lower-risk and come with significantly lower capital intensity with the majority of infrastructure already in place, drilling conditions better understood, and a dedicated drilling team in place using a walking rig to minimise downtime. All gas from the Ortoire block is sold to the Trinidad National Gas Company at a fixed price contract (currently ~US$2.2/MMBtu), providing a steady, predictable cash flow stream. This gives management the space to consider the best use of surplus funds, which could include more capex, dividends, buybacks or acquisitions.

Touchstone looks to be nicely teed up. The hard work has been done, with management putting in place the building blocks (infrastructure, rig, drilling approvals, gas sales contract, new acreage) to deliver further significant growth in the coming years. Valuation Our risked NAV-based price target of 87p/sh remains unchanged. However, we view this as a conservative valuation from which Touchstone can build. A period of consistent operational and financial delivery is needed to rebuild investor confidence and demonstrate Cascadura’s free cash flow potential, which in turn provides the resources to further develop and explore its large onshore Trinidad acreage position. Noteworthy is the fact that this valuation consists almost entirely of producing assets. We give very little value – just 4p/sh – to the significant exploration potential contained on the Ortoire block, let alone consider the extensive acreage expansion currently being finalised. As more details of the prospects and drilling plans emerge, we expect this valuation to rise.

PT III

2024 budget to be revealed in mid-December Management has been focusing efforts on the Cascadura development and limiting investment elsewhere across the portfolio this year as the balance sheet has been tight, albeit no fund raise or additional debt is needed. This will change significantly in the coming months, with cash flow expected to jump sharply to ~US$4m per month at current Cascadura output (the first monthly gas payment will be received on 25 October), allowing management to consider increased activity across the portfolio in 2024. Specific details of the 2024 work programme and capex budget are to be announced in midDecember, but the near-term focus is expected to be on development opportunities that leverage Touchstone’s underutilised infrastructure: - Attempt to fill the current Cascadura facility capacity through optimising production from the existing two wells at ~12,000 boepd (net) vs the current 10,000 boepd (net). - Drill the next two development wells on Cascadura, Cas-2 and Cas-3 (US$5.6m net each), adding separator capacity to accommodate these wells as required. - Drill Coho-2 (US$4m net), the first of two additional development wells aiming to fill the Coho gas facility capacity of 24 mmcfd (4,000 boepd), employing a second rig. - Drill five commitment wells on legacy oil acreage, utilising a third rig. Exploration set to resume The Ortoire exploration programme is then expected to resume in 2025, if not sooner, focusing on prospects near existing Coho and Cascadura infrastructure. In total, 14 potential prospects have been identified. Early candidates for drilling include the 42 bcf Gibba prospect, a step-out exploration well that could be drilled from and tied back to Coho, and Kokanee, a Middle Miocene Herrera exploration target updip from the Chinook discovery.

PTII

The second phase of the highly successful Ortoire block exploration programme is expected to start in 2025, if not sooner, focusing initially on low-risk/high-value prospects near existing infrastructure.

With the Cascadura gas development up and running, Touchstone lifted the veil on the next phase of its evolution last week with an upbeat Capital Markets Day. Since its genesis in 2010, Touchstone has grown to become the largest producer onshore Trinidad, with net production at ~10,000 boepd following the start-up of Cascadura on the Ortoire block (TXP 80%). The two producing wells on Cascadura are performing in line with expectations, quickly hitting the initial target gross output of 60 mmcfd (10,000 boepd) following first gas earlier in September. Cas1ST1 is producing at 40 mmcfd from a 600ft perforated interval, while Cas-Deep is delivering less – 20 mmcfd – although this is from just a 200ft perforated interval within the 500ft deeper reservoir section, so higher rates should be possible in the future. In addition, Touchstone’s portfolio contains further significant organic growth potential. There is sufficient infrastructure in place across the portfolio to produce over 42,000 boepd (gross), most of it at Cascadura, which has gross design capacity of 200 mmcfd of gas and 5,000 bpd of liquids (38,333 boepd), plus Coho, which has gas capacity of 24 mmcfd (4,000 boepd). Essentially, all the infrastructure is already in place for management to deliver on its next milestone target of doubling net production to ~20,000 boepd. In anticipation of the start-up of Cascadura and the step change in cash flow this brings, management has been actively expanding its exploration acreage position this year, high grading its portfolio within the Herrera turbidite fairway. In January, Touchstone agreed an asset exchange, transferring its Fyzabad, San Francique and Barrackpore blocks in exchange for the Rio Claro and Balata East (plus deep horizons) blocks offsetting its Ortoire block. This was followed in June by the award of the Cipero block in the latest Trinidad competitive bid round. It has also entered into negotiations with the Trinidad and Tobago Ministry of Energy and Energy industries (MEEI) for the Charuma Block to the north of Cipero. These acreage additions are still to be finalised but offer the potential for Touchstone to lock up a large swathe of this prospective exploration play, providing drilling running room for years to come.

Gearing up for the next leg of growth Touchstone lifted the veil last week on the next phase of its evolution with an upbeat Capital Markets Day. The start-up of Cascadura has catapulted Touchstone to the largest onshore producer in Trinidad, with production of ~10,000 boepd. However, with 205 development drilling locations identified across the portfolio as well as 24 exploration locations on the Ortoire block alone, the portfolio contains significant further organic growth potential to exploit. Moreover, with most of the infrastructure already in place to produce over 33,000 boepd of net production, alongside the necessary drilling approvals, Touchstone’s next leg of growth should be smoother and deliver very strong returns. - Chasing 20,000 boepd. The start-up of Cascadura has gone smoothly, with the wells performing in line with expectations and boosting net production to ~10,000 boepd. Cash flow from this project over the coming months will allow management to start raising activity levels across the portfolio in pursuit of the next target milestone of 20,000 boepd. Near-term, the focus is expected to be on low-cost development opportunities that leverage Touchstone’s significantly underutilised infrastructure at Cascadura and Coho. Critically, environmental permits are already in place to drill up to eight additional wells on Cascadura and two on Coho to fill facility capacities, eliminating the risk of regulatory delays. As a result, the next leg of Touchstone’s growth should be swifter and lower risk, and come with significantly lower capital intensity. - Building blocks in place. All gas from the Ortoire block is sold under fixed price contract (paid monthly in US$) providing a steady, predictable cash flow stream. This gives management the space to consider the best use of additional funds, which could include more capex, dividends, buybacks, or acquisitions. Touchstone looks to be nicely teed up. The hard work has been done, with the building blocks in place (infrastructure, rig, drilling approvals, gas sales contract, significant new acreage) to deliver further strong growth in the coming years. Our risked NAV based price target of 87p/sh remains unchanged. However, we view this valuation as conservative as it consists almost entirely of producing assets, with very little value given to Touchstone’s considerable exploration prospectivity. - Exploration set to resume. In anticipation of the step change in cash flow Cascadura will bring, management has been expanding its exploration acreage, high grading its portfolio within the Herrera turbidite fairway. While still to be finalised, asset exchanges, licence awards and licence negotiations look set to secure Touchstone a dominant acreage position across this play and make it the largest onshore acreage holder in Trinidad.

TiL, don't forget Save have an objective of a further acquisition completed by end of year, and AK reiterated that at the last meeting, so whether we come back or not by December, we should hopefully have another one in the bag by then.