Member Info for komakino

CO, that's all very laudable but the reality is that very few have the means to subscribe to every journal they would like to read an article from. A subscriber sharing the odd article here and there is not going to bankrupt the journal, and could be argued that it probably generates new subscribers by advertising their content.

Perhaps, ironically, it's a side effect of having such a large II holding in the stock who are happy to hold so PI trading is small volume, leaving the algos to dictate the buying/selling. Mount Teide is the person in the know on this if they are looking in? Note: there was a 1 trade late on for those who believe.

I don't think the text suggests that we were one of the 20 bills, Zengas, but it's nice to see the employee's dispute with Esso and the Sav/Exxon deal being explicitly mentioned. With the displacement of Idriss Youssouf Boy as Private Secretary, who was allegedly pushing for sweeteners in the SAVE/Exxon deal, the reference to the deal can be read that it is being pushed through the appropriate legislative procedures. Hopefully this means we'll get something sooner rather than September.

Zengas, page 8 of the Finncap note was a straight lift from the FY2021 annual report presentation (page 16) published on 7th June so don't think they've had anything new from Savannah on Niger. If the finance for Niger was dependent on the CC closure then that could possibly explain it being published in September with half-year results (if that, indeed, what IR meant), but then why would AK have said 3-4 weeks on 7th June. All a bit of a mystery. I'm going with end of September now in my own mind, and anything sooner is a bonus.

Poster on ADVFN (otemple3) spoke to Investor Relations today. He posted the following

'Niger drilling plan is being released with H1 results apparently, which based on last few years is end of Sept.
Seems odd to say imminent if that is the case and will be a shame to tie in with 1st half results'

followed by

'Looking at the price action I wonder if an RNS is imminent as quick tick up. Looking at 2020 they released an H1 update late July so maybe that is what they meant (but wasn't what AR said), in which case could be any day......'

TiL, there appears to be a few things still to to be resolved so personally I'm taking AK's comments about things being resolved in Q3 as being towards the latter part of that period.

As well as the embezzlement issue 16/07/2022 https://lejournaldelafrique.com/en/will-chad-deby-succeed-in-getting-rid-of-his-government-and-his-opponents/

the issues between Exxon and it's employees still seem to be unresolved. There are a few articles in this link tracking the progress of the court case between the 2 parties http://www.lepaystchad.com/?s=esso

Standard Life Aberdeen plc +9,009,645
TT International -1,065,224
Ingalls & Snyder +2,400,000
Miton Asset Management Limited -1,600,590
Cavendish Fiduciary Jersey Limited -175,000
Capital Group Companies, Inc. 0
JO Hambro Capital Management -193,845
RWC Asset Advisors 0

Total +8,374,986

From Hinda Déby and the “Acyl network” to Albert Pahimi Padacké, there is only one step
As a reminder, Mahamat Déby was forced to appoint a civilian government after his coup in April 2021. As soon as his father Idriss Déby died, First Lady Hinda Déby Itno fled the country to Cameroon. It was in Douala that Hinda Déby then met Joseph Beti Assomo, Paul Biya's Minister of Defense, and Albert Pahimi Padacké, before they went together to N'Djamena for the funeral of Idriss Déby.

Four days later, Padacké was reappointed as Prime Minister in Chad. However, it is common knowledge that the head of government was not one of the favorites for the post. Eternal opponent, and one of the rare politicians of Chad to never have called upon the militias or committed violence, his nomination was very unexpected.

Read: The Chadian crisis, between opposition, ethnicity and French interference
On May 3, 2021, Hinda Déby Itno returned to Chad, where she remained until December, when the junta arrested two of the former First Lady's brothers, including Mahamat Déby's former aide-de-camp. Khoudar Mahamat Acyl. The arrest of the latter sowed the seeds of discord between Mahamat Déby and Albert Pahimi Padacké. A dispute that got worse after the dismissal of former President Goukouni Weddeye from the national dialogue from Qatar.

This Sunday, Mahamat Déby had two members of the Padacké government unilaterally replaced. The latter's chief of staff Abdelkérim Déby, whom he had replaced by the Minister of the Economy Mahamat Hamid Koua. And in Koua's place, Mahamat Déby appointed his former adviser Moussa Saleh Batraki.

A small reshuffle which suggests others at the head of the government. The “SHT gate” scandal was clearly an opportunity for Mahamat Déby to place his allies in government and to deprive Albert Pahimi Padacké of his own. But also to bring down the last allies of Hinda Déby. But while the investigation into "SHT gate" is not yet closed, will Mahamat Déby also bring down Albert Padacké? In any case, the Prime Minister has long since passed into the background in the governance of Chad. And while the political transition is slipping, Mahamat Déby is on the way to securing total control over the state apparatus.

https://lejournaldelafrique.com/en/will-chad-deby-succeed-in-getting-rid-of-his-government-and-his-opponents/

In Chad, the "SHT gate", a scandal of embezzlement of oil revenues, now threatens not only its authors, but also the government. Will junta leader Mahamat Déby demand the resignation of Prime Minister Albert Pahimi Padacké?

Will the head of the Chadian government Albert Pahimi Padacké be affected by the “SHT gate” scandal? For more than a month, this case of embezzlement of the income of the Chadian Hydrocarbons Company (SHT) has monopolized the headlines of the Chadian media. According to Confidential Afrique, which first revealed the disappearance of more than 180 million dollars from the coffers of the State of Chad, Padacké was not overly concerned by the accusations of corruption.

So why is the Union of Trade Unions of Chad (UST) asking for the head of the Prime Minister? And why has Mahamat Déby already started a purge in the government?

Last Saturday, the president of the Transitional Military Council (CMT) - the Chadian junta - Mahamat Déby assured that he would be "intractable in the face of proven embezzlement". He assures that "more than 80% of the income stolen from the SHT has been recovered". Mahamat Déby, however, threatens "those who have confused the state coffers with their dairy cows".

The "SHT gate", a scandal exploited by Déby?
The embezzlement in this case was reportedly discovered by the Chadian presidency last June. Investigators brought to light an offshore account where the money was transferred. On June 23, Mahamat Déby dismissed by decree his private secretary Idriss Youssouf Boy, the boss of the SHT Boayom Michel and his deputy Tahir Souleymane. Mahamat Déby then had the CEO of Orabank Chad, Mamadou Bass, arrested by the intelligence services (ANR).

As a reminder, Orabank, formerly Financial Bank, belongs to the Oragroup holding company and is present in 12 countries in Central and West Africa. COBAC — the Financial Commission of the Economic and Monetary Community of Central Africa (CEMAC) — as well as Oragroup sent two delegations to N'Djamena.

Prime Minister Albert Pahimi Padacké did not comment on the scandal. His Finance Minister Tahir Nguilin, for his part, declared that he had no connection with the "SHT gate", "neither near nor far", hammered the minister.

Chadian civil society, in this case the Center for Studies and Research on Governance (Cergied), has called for an exceptional independent audit of the case. Indeed, as the opponent Succès Masra explains, “embezzlement has been commonplace in Chad for decades”.

In place of Youssouf Boy, Mahamat Déby has appointed Ismael Souleyman Lony as the new private secretary (SP). A position that replaces the Secretary General of the Presidency. Lony is known as the sworn enemy of the former First Lady Hinda Déby Itno, who constitutes an opposing wing to Mahamat Déby in the seraglio of the Pink Palace.

Short term a bit of a pain but long term this can only be a good thing I reckon; though I'm sure we'll all sleep a lot easier once these deals are complete even if it is going to take longer than originally envisaged. However, if you are correct MT, and the action has been taken by the top man in Chad, then we could get a completion sooner rather than later if those looking for a payoff are now out of the picture. Here's hoping at any rate.

A Federal High Court, Abuja, has held that the Finance Act, 2019, which became law on January 13, 2020, should not apply to trading activities conducted between January and December 2019 even if the returns reporting the activities were filed after January 13, 2020.

The decision was sequel to an action filed by Accugas Limited, which challenges the Federal Inland Revenue Services (FIRS) decision to apply the provision of the new Act on the firm.

The Finance Act 2019 deleted section 33(3)(b) of the Companies Income Tax Act (CITA), which exempted a company with at least 25 per cent imported equity capital from paying minimum tax.

Accugas met this threshold and wrote to FIRS to seek confirmation that notwithstanding the deletion of section 33(3)(b) of the CITA, it could claim in its returns, the minimum tax exemption in respect of trading activity conducted between January and December 2019.

However, FIRS insisted that because the returns were filed in July 2020, after the Finance Act 2019 had become law, Accugas had lost its entitlement to the minimum tax exemption.

Dissatisfied by FIRS’ position, Accugas, through its counsel, AELEX (led by Messrs. Adedapo Tunde-Olowu (SAN) and Theophilus Emuwa), filed an action at the Federal High Court, Abuja and argued that by virtue of section 6(1)(b) and (c) of the Interpretation Act and the doctrine of vested rights, Accugas’ entitlement to the minimum tax exemption in respect of trading activity conducted between January and December 2019 subsists; notwithstanding that the returns reporting the trading activity were filed after the Finance Act 2019 had become law.

Delivering her judgment, trial judge, N.E. Maha upheld AELEX’s arguments and ordered FIRS to refund any sum that Accugas had already paid as taxes, based on FIRS’ earlier assessment.

Reacting to the judgment, Mr Tunde-Olowu (SAN) said: “In view of the recent yearly amendments to Nigeria’s fiscal legislation, the decision of the Federal High Court is significant, as it provides taxpayers with certainty that, unless express language is used, any amendment to fiscal legislation will not be applied retroactively regardless of the time of filing tax returns.”

https://guardian.ng/features/law/finance-act-cannot-apply-retrospectively-court-insists/

Not something I've ever taken seriously but I did notice that the last 2 early morning Gas Sales RNS's had a 1 trade late the previous evening. Here's hoping Niger is in the morning as AK said 3-4 weeks on the 7th June.

Yes, it was on the Form of Proxy published at the time of the AGM notice.

https://wp-savannah-2020.s3.eu-west-2.amazonaws.com/media/2022/06/FINAL-178007_blank-FOP.pdf

Unless it's the start of a continued divestment, the % sell changes are small and not indicative of a divestment (range of 1%-3%). The buy percentage is an increase of 6%.

I'm not sure the new Non-execs are the sort that have a load of cash to invest so personally don't expect to see anything there. I don't really put too much store by director holdings, though obviously having AK so heavily invested is a good thing. Overall I think the update is positive, a few small divestments from 3 shareholders that are part of normal trading and one larger increase from Ingalls. Bought another 60k today. Just a wee bit of patience :-)

Abrdn Plc -1,590,251
Ingalls & Snyder LLC +8,108,000
TT International Investment Management -1,318,962
Premier Miton Investors -3,184,384
JO Hambro Capital Management -1,375,758

Net +638,645

c/o TIL on SAVE board

LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, is pleased to provide the following update in respect of the litigation commenced by Mr. Akinyanmi in New Jersey.

As originally announced on 24 September 2021 (and most recently on 5 May 2022), Mr Akinyanmi commenced an action in the Superior Court of New Jersey, alleging (amongst other things) breach of contract in the termination of his employment contract in an attempt to set off such sums against the amounts owing under the CEO Loan.

The Company challenged the jurisdiction of the New Jersey court to hear the claim and the Company has been successful in its application. The case is now stayed until further notice pending arbitration. Following this decision, the Company will continue to pursue the recovery of the CEO loan in the appropriate jurisdictions.

Commenting on the New Jersey judgment, the Company commented:

" We are pleased to have won the New Jersey judgment and note that it calls into question the wisdom of Lekoil Nigeria funding the expensive personal litigation costs of Mr. Akinyanmi. We would urge Mr. Akinyanmi to immediately pay the amounts outstanding under the CEO Loan rather than require the Company to pursue yet more litigation."

https://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionID=2064&customerKey=lekoil&storyID=15457096&language=en

https://audioboom.com/posts/8097334-andrew-knott-of-savannah-energy-2021-final-results-show-growth-across-the-board-plus-there-s-mor

Whoops, Zengas is quicker than me this morning!

Savannah’s FY 2021 results are in line with January’s FY21 trading update. Total Revenues grew 7% to US$231m revenue and total cash collections from Nigeria were US$208m, as previously disclosed. Adjusted EBITDA also rose 7% to US$175m, 12% ahead of our forecast. Year-end net debt of US$370m and cash balances of US$154m were also previously disclosed.

- Nevertheless, Savannah is on a roll of late, performing well both operationally and corporately. Gross production in Nigeria rose 14% last year and is set to increase further after two new gas sales agreements were signed this year. Successful drilling helped 2P reserves increase 20%. Group operating and admin expenses of US$50m beat guidance of US$55-65m. Capex of US$32.5m was in line with our forecast and comfortably within guidance of up to US$65m. - Completion of the Chad/Cameroon upstream and midstream acquisition is fast approaching, expected in Q3 2022. This is set to transform Savannah’s cash flow profile, materially increasing its exposure to structurally higher oil prices and more than doubling free cash flow. It will provide the company the flexibility to rapidly deleverage while also investing for growth and delivering shareholder distributions.

- Its new Renewable Energy division has been quick out of the blocks, rapidly securing three large development projects with more in the pipeline. This will not only open up another long-term free cash flow generating business from the middle of the decade, but also showcases Savannah’s full spectrum energy capabilities, an important calling card for future growth opportunities.

- Savannah is moving fast, and we need to update our model for these results and recent newsflow. We expect our estimates and valuation to move higher as we factor in stronger oil prices, the recent new gas sales agreement and the Niger and Chad renewables projects.

- There’s more to come too. Refinancing of Savannah’s Nigerian debt is expected to be finalised this year, reducing financing costs significantly. Also still to come is the 35 mmbbl R3 East development and a return to exploration in Niger. Management has also indicated further hydrocarbon acquisitions are likely. This re-rating has further to go.