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Just smeddyo sharing another of his original posts on Save, lol.

Thanks noix. Would be surprised if there was any reason for that date to be incorrect but if AK does a Q&A at the interims he might share that with us if asked, even though they'll probably be pressing the 'No Chad questions' line.

What is interesting is the way the tone of the Chad press and the comments on sociall media including the Ministry of Petroleum FaceBook page are growing increasingly questioning and critical. When they announced the Nationalisation the press and social media were very much positive and congratulatory. Will be interesting to see how things progress from here.

Yes, agree TiL, that would be the ideal scenario. Don't know if anyone has any knowledge of that, Zengas maybe?

Under normal circumstances I agree, but remember these are basically a bunch of crooks belonging to the military junta. My thinking is that they'll try and squirrel as much money as possible into personal bank accounts and string the arbitration out for as long as they can. There are elections in the next couple of years so wouldn't be surprised for them to diasppear into the night with as much cash as they can muster some time before then.

A follow up article in Ialtchad. It's quite lomng and covers a lot of the same ground but has an interesting bit about what they see would happen in the unlikely event of Savannah losing the arbitration:

'Four, if Savannah loses the COTCO trial, Chad will not win it. Indeed, if the arbitration chamber accedes to the argument developed by Chad of non-compliance by ESSO and Savannah with the procedure for purging the right of pre-emption of the other members of the Consortium (probably plausible hypothesis), the unenforceability of the status of shareholder of Savannah cannot have the consequence of vesting Chad with the right of ownership over the disputed fraction representing 41.06% of the capital of COTCO. Indeed, a “Chadian domestic law (law on the nationalization of petroleum assets)” cannot have “foreign effect to authorize an application to property falling under the jurisdiction of another State, in this case that of Cameroon in this regard. which concerns the rights in the capital of COTCO? ". The pre-arbitral award of July 28 clearly states this. The unenforceability or pure and simple cancellation of the Esso/Savannah transfer of COTCO assets will have the effect of restoring the parties to the state they were in before the contested transaction. The possible rejection of Savannah's status as a shareholder will result in the automatic reattribution of ownership of the shares to ESSO, which was supposed to have never sold them. What can Chad and its entire “task force” do against ESSO on the capital shares of a company governed by Cameroonian law? Nothing, except to obtain that Paul BIYA orders their nationalization for the benefit of Cameroon followed by a transfer agreement by Cameroon for the benefit of Chad. It is not forbidden to dream, but reality remains implacable.

Five, reason would advise, better, would like the Chadian sovereign and the eminence of his “task force” to put their pride, pride and flag in their pockets in order to negotiate a transaction with Savannah and/or Esso, relating to global compensation for settlement of all accounts, subject to voluntary withdrawal of all proceedings in progress and likely to arise for the same facts between the same parties. This is to avoid adding to the financial torment, that of a soap opera of humiliation of the country. There are circumstances where, as Honoré de Balzac said, “a bad settlement is better than a good trial”. The strategic, legal and financial quagmire into which the “task force” has plunged the country demands and imposes it.'

https://ialtchad-com.translate.goog/index.php/details/item/2970-la-saga-cotco-le-tchad-au-supplice?fbclid=IwAR3ORyHH4QTfEi_c6AnT5E7NIAZknMSGt0zKDRe5-EdXS4V3AV5fkpaaaEc&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

Lol, how gullible to they think the chadian people are?

PRESS RELEASE The Ministry of Hydrocarbons and Energy wishes to inform national and international opinion that contrary to the false allegations. devoid of any basis and distilled on social networks concerning the decision of the American judge who would have frozen the COTCO court. However, it is not. No assets have been frozen and this alleged decision will have no impact on COTCO Chad's account.

The Ministry of Hydrocarbons and Energy reassures national and international opinion that it is Chad which rather blocked the sharing of the June 2022 dividends by leaving a margin for salary pay.

In or., what Savannah does not know, Citibank-Gabon is a subsidiary of Citigroup and not a branch of Citibank. Consequently, its relations with its clients are subject to Gabonese laws, courts and tribunals.

Moreover, the misuse of the procedure before the American judge employed by Savannah to win her case did not obtain the expected result.

From all of the above, the Ministry of Hydrocarbons and Energy considers that this decision by the American judge in no way begins the process of nationalization of the assets of the Doba oil fields previously held by ESSO Chad.

Done in N'Djamena on 21 Sfir M23

The Press Officer

Djegolbe KODE

https://www.facebook.com/photo?fbid=222952527457018&set=a.147110481707890

Indeed noix, and Savannah put forward a number of pieces of evidence that showed Gabon was indeed linked and controlled by Citibank, which the judge obviously agreed with. I'm only guessing that this is their bone of contention, hence the appeal, as the notification of appeal does not include the reasoning behind it. Presumably that will be published at some point in the future.

Well it could be they have had some pressure put on them by COTCO or, more likely in my opinion, they take exception to the ruling which has in effect linked the Gabon subsidiary to Citibank NA. They argued that Gabon was set up as a public limited company and was a separate legal entity to Citibank NA. I imagine they have all sorts of reasons for setting it up in that way so the ruling probably causes them other issues other than those directly related to this case.

For info, Citybank have lodged an appeal against the ruling.

Ironically, THGRocket is on the RTOP thread warning people not to get sucked in like Syme.

Incorrect link posted below

https://www-rfi-fr.translate.goog/fr/afrique/20230920-tchad-la-justice-am%C3%A9ricaine-ordonne-le-gel-des-comptes-de-cotco-%C3%A0-citibank-gabon?fbclid=IwAR0WMeMMEg1hisf5vLIKy2tGN1N2NREaw-0Q_v7ZShEHw2da9ZXWdp39bFI&utm_medium=social&utm_campaign=facebook&utm_source=shorty&_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

Article with comemnts from Chad including arbitration set for June 2025!

'New twist in the standoff between the Chadian government and the Savannah Energy company, which bought ExxonMobil's shares in Chadian oil since the end of December 2022. A decision contested by Ndjamena which has since nationalized its oil. After obtaining from the International Chamber of Commerce in July the annulment of a decision which expelled Savannah from the board of directors of Cotco, which manages the pipeline between Chad and Cameroon, this time, an American judge of the Court of First body of New York decided to freeze last Friday, some 151 million dollars lodged in the account of this company in the Gabonese subsidiary of Citibank.

Ndjamena contests this decision of the American judge who orders one of the largest international banks, Citigroup, to order its subsidiary Citibank-Gabon to freeze the funds held in the Cotco account, with the exception of payment current charges.

Citibank Gabon is not its branch, and as such, depends on Gabonese law. “ It therefore does not have to respond to the injunctions of American justice ,” argued the Chadian Minister of Oil, Djerassem Le Bemadjiel. And for those who say that this decision by the American judge is “ a hard financial blow for the Chadian government ”, “ it is false, absolutely false ” he insisted.

This sum of 151 million US dollars corresponds only to the dividends generated on the transport of Chadian crude oil by the pipeline between Chad and Cameroon in 2022, explains the Chadian minister. Only 24% of these funds must return to Chad. “ This does not even represent 2% of our annual oil revenues ,” he assured.

Cotco said it had transported Chadian crude oil worth an estimated $4.5 billion in 2022 (nearly 2.7 trillion CFA francs). The Chadian minister also assures, with supporting documents, that his government was the first to request a freezing of Cotco's account at the end of May of this year, in order to prevent " the Savannah company, which we do not recognize, Don't go and dip into that ."

As for the case between the Chadian government and Savannah Energy, ousted from the Chadian oil company by Ndjamena after it bought ExxonMobil's shares in Chadian oil, it will be decided from June 2025 before the Court of Arbitration International Paris, according to the Chadian side.

In the meantime, Ndjamena assumes the “nationalization” of its oil. “ We are working to compensate ExxonMobil for its shares ,” explains Djerassem Le Bemadjiel. He expects “ in return ” from the American major that it will “ compensate ” Chad for leaving without having restored the polluted soils.'

https://www-rfi-fr.translate.goog/fr/afrique/20230920-tchad-la-justice-am%C3%A9ricaine-ordonne-le-gel-des-comptes-de-cotco-%C3%A0-citibank-gabon?fbclid=IwAR0WMeMMEg1hisf5vLIKy2tGN1N2NREaw-0Q_v7ZShEHw2da9ZXWdp39bFI&utm_medium=social&utm_campaign=facebook&utm_source=shorty&_x_tr_sl=fr&

Cont.

No one will demand accountability, from the actors often the same, when the staff of the TPC (e.g. Esso) of Doba lose their social gains and rights built over the duration of a working life, by the act of prince or in due to governance which will only be disastrous for the company.

What else can we expect from a regime whose parliament, a high place of public debate and national deliberation, finds nothing better than to distort and sabotage itself by voting on motions of support for the government on a draft text which is submitted to it and as a prelude to its examination in plenary? Nothing.

What else can we expect from a regime which organizes without qualms, in front of the Minister of Justice and the president of the National Transitional Council (parliament), a public ceremony of contrition for victims of mass massacres of October 20, asking forgiveness from their executioner to whom they address, the height of ignominy, their thanks and recognition? Nothing neither.

Cont.

Indeed, how could the eggheads of the Palais Rose, the Government and their councils imagine that a Chadian domestic law (law of the nationalization of oil assets) could have a foreign effect to authorize an application to goods? falling under the jurisdiction of another State, in this case that of Cameroon with regard to the rights in the capital of COTCO? It is the squaring of the circle that they will now have to resolve to convince the arbitral tribunal of the validity of Chad's claim to deny the status of shareholder of COTCO in Savannah. And for once they will have to work and rack their brains. But there are reasons to doubt it as they have acquired a taste for laziness and ease due to the obsequiousness and servility of all the counter-powers (justice, parliament, media, most of the population). political class and civil society organizations, traditional chiefs, etc.), to rather pass the dishes and even anticipate the desires and states of mind, formerly of the monarch Deby father and today of the eponymous Prince and their cronies .

The international legal order is not soluble in Chadian law and even less in the ukases and abuses of the regime. And it is vain to plead once again, after the first failure in January, the incompetence of the CCIP-CA as the “oil task force” and its councils clumsily did, since Chad is indeed a signatory. of the 2016 COTCO statutes stipulating the arbitration clause establishing the jurisdiction of this arbitral jurisdiction to hear any dispute arising from the application of said statutes.

But beyond the verdict itself, the July 31 press release from the Minister of Oil and Energy reporting on the arbitration award is matched only by the Orwellian models of communication in “Animal Farm” or “1984”. Indeed, in his press release, the minister shamelessly ignores the nevertheless implacable system of the decision for Chad, to propose only a trivial and isolated reading of a segment of the motivation and allow him to plaster the many clichés times served, while the arbitrator himself, author of said reasoning, does not take it into account in the system which nevertheless protects the decision. This is, at the very least, dishonesty. However, it is very serious because his word commits and obliges the Chadian State. In a respected and respectable country, this is nothing more, nothing less than a state lie intended to stir up all citizens and lead the government to draw the consequences. But in Chad, nothing will happen. No one has ever called to account the actors, often the same ones, of the Glencore fiasco whose agonies the country is suffering and will continue to suffer for a long time. No one will ever hold the actors, often the same ones, accountable for the financial abyss to come from the cavalier nationalization of Doba's oil assets.

Cont..

Thus, in this case, Savannah, of which Chad forcefully asserted, comments and publicity that it no longer has the status of shareholder of COTCO due to the law nationalization of petroleum assets, was nevertheless declared admissible by the pre-arbitration order to act in this capacity. This means that Savannah remains and remains until the outcome of the trial on the merits, a shareholder with 41.06% of the capital of COTCO. Consequently, the order grants almost all of Savannah's requests, in particular:

- suspend the effects of the decisions taken at the COTCO general meeting in Paris on May 24, 2023: concretely the decision “blocks” on the one hand, the dismissal of the directors of Savannah, decided at this meeting; it thus reestablishes their legitimacy as directors of COTCO. Conversely, the order “blocks” the appointment of directors from Chad in COTCO, made at this meeting. Very clearly, the directors appointed by Chad since May 24, 2023 can no longer sit on the board of directors of COTCO until the decision on the merits.

- suspend the resolutions of the board of directors of July 4, 2023. The order decides on the one hand to “block” the dismissal of the COTCO directors appointed by Savannah. On the other hand, it “blocks” the COTCO leaders appointed under CHAD, i.e. the current PCA, the DG and the DGA. Thus the managers appointed by Chad cannot direct and represent COTCO, nor convene a Board of Directors and even less a general assembly until the decision on the merits. Those appointed by Savannah are reinvested in their prerogatives as directors of COTCO, as they were before the general meeting of May 24, until the decision on the merits.

- prohibit Chad from presenting itself as a new majority shareholder of COTCO.

But, conversely, the pre-arbitral award rejected all of Chad's requests.

In short, in the state of the pre-litigation, it is a scathing berezina from the “oil task force”. This verdict would have been a real laugh considering the indecency of the jubilation and the boasting of the "task force" if not for the millions, even billions of FCFA in fees and expense accounts swallowed up on the back of the Chadian taxpayer through so much amateurism coupled with profiteering.

Yes, thanks noix, I got sidetracked and didn't look up the referenced article. Both articles at least show that there is a voice in Chad that sees things in a more realistic way. Whether this translates into a change of tack from the Chad govt. I very much doubt but it can only help. For those interested this is the translation of the article noix posted.

'In a colorful ceremony, of self-persuasion and self-congratulation on July 7, 2023, the “oil task force” of the Presidency of the Republic, praised through the voice of Gali Ngoté GATTA himself, the visionary genius and patriotism of the President of the Transition in an enchanted optimism mixed with beatitude. This lunar celebration, to say the least, defies the prudence and reserve that the tables of science advise in terms of economic forecasts and operational results with regard to the exploitation of nationalized assets. But it is also because the final word on the arbitration body in the COTCO dispute with Savannah is still far from being said and moreover, the country has not yet paid the first cent, hundreds of billions of FCFA compensation for the nationalization of Doba's oil assets. Compensation that the country could not honor from its own resources alone and the principal amount of which increases with each passing day, just as the interests continue to multiply in small amounts.

In a previous column in Ialtchad in two parts: “OIL ASSETS, POISON OF A PATRIOTISM OF EMOI”, we provided an analysis of the economic, legal and strategic heresy of the cavalier operation of nationalization of assets Doba oil tankers. Since then, the aforementioned ceremony of hubris has been held, but also the pre-arbitral order of the ICC-CA of Paris in the aspect of the Savannah dispute against the Chadian State regarding the rights of this here in COTCO. Certainly, it is only a precautionary decision, that is to say, a decision which freezes, freezes or suspends as is (status quo ante), the situation of the parties (rights, obligations , quality, interest etc.) to a dispute to avoid an irreversible development due either to urgency or to the damage suffered and its aggravation, pending an in-depth examination, otherwise, a more in-depth assessment of the facts and the respective arguments Parties.

Even if in principle an interlocutory order does not prejudge the judgment on the merits, it nevertheless gives, through a summary analysis, certainly cryptic, but quite eloquent indications of the reception, the sensitivity and the beginnings of the conviction of the person(s). summary judges with regard to the dispute, and therefore the chances of success in the upcoming trial of each of the parties.

Cont:

'Finally, at the time of publishing this editorial, no one can measure the financial consequences of this decision on public finances, on the economy and on public interest projects. One thing is certain, this protective sentence resembles, in its financial implications, the slap in the face inflicted by the Swiss company Glencore in 2014 regarding a bogus financial arrangement which plunged the country into a severe economic crisis. At the time the Marshal punished, even if it was symbolic, those responsible. The PT should also punish those responsible and advisors in this matter. The Chadians will be grateful to him.'

https://ialtchad.com/index.php/details/item/2964-affaire-savannah-gel-de-fonds-deni-tchadien?fbclid=IwAR0Bn7AzXARDXW311pYjPI_r9Xtfa4F7UCxnkIis-xtW8YOyrGBOdoE4NOg

Interesting editorial from one of the main periodicals in Chad, Ialtchad:

A few weeks after the Arbitration Court of Paris, France, found Savannah's complaint regarding the nationalization of its assets admissible in form, another tile has just fallen on the heads of the authorities of the transition. American justice ordered last Friday the freezing of Cotco funds at City Bank, the Gabonese subsidiary where oil revenues from Doba wells are deposited. This decision is immediate. No more movement of funds until the final outcome of the dispute. According to several sources close to the City, 150 million dollars belonging to Chad are currently frozen.

At the time, the transitional authorities had decided to go in force, under fanfare, by proclaiming publicly that the nationalization of the British company's assets was a matter of national sovereignty. And they everywhere affirmed that it was a good decision flattering the primary patriotic ego of several compatriots. Any contrary opinion reminds them that the debate is not about nationalization but about the method or the savage way of proceeding in defiance of all the elementary rules. And outside of any reflection and proposal from experts. It was a nationalization “Ab goudoura, goudoura” (with forceps).

Today in the Chadian capital, N’Djamena, the authorities have adopted two attitudes. That of the carp and the Ostrich. At the top of the state, the transitional president and his Prime Minister are silent as carp on the issue. At the second level of the transition, those who led the nationalization assault, the Minister of State, Secretary General of the Presidency (SGP), the Minister of Energy, the Minister of Finance and the entire team are doing the Ostrich by burying their heads in the oil wells of Doba. In short, it’s radio silence at all levels. Is this the solution? No.

First, we will have to resolve to come out of denial and speak publicly about this issue to enlighten Chadians by explaining the strategy to adopt and the reasons that support it. Because it is simply in the public interest.

Then, the Transitional President must sanction those who encouraged him to take the path of this wild nationalization. At a minimum, the decoration and elevation to the rank of “whatever thing” of the “oil task force” as Professor of Law and Lecturer at the University of Orléans Abdoulaye Boitaingar would say in an excellent paper titled: Savannah Affair : And the law of Iron struck Chad published in our columns, must be canceled.

Are we perhaps reading more into govt. approval than is needed? When I firsted invested into SAVP, it was on the basis of the Seven acquisition and I waited for govt. approval before buying in. From that point on it was pretty much a steady decline down to 7p, and thankfully I averaged down massively otherwise I'd still be underwater! When we announced the Exxon deal we again had none of the required sign offs but the sp went from about 20p to 40p before drifting back. After the Chad situation I understand why most would prefer to come back with approval but I guess it's possible we are making too much of it and the market will base it's response mainly on the economics of the deal.