Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
(Business in Cameroon) - A board meeting of Cameroon Oil Transportation Company (Cotco) was held on July 4, 2023 in Douala, we learn from sources inside the company. " The first issue of this meeting is the appointment of new leaders of the company ", indicate the same sources. According to the first echoes from Douala, the Cameroonian Bako Harouna (photo) has been brought to the head of this company in charge of operating the Cameroonian part of the pipeline through which Chad exports all its oil. This magistrate by training was until his appointment, deputy director general of the Autonomous Port of Kribi. He will be assisted by the Chadian Haoua Daoussa Déby. The former number 2 of the N'Djamena Refining Company was before her appointment Chad's representative to Cotco.
This appointment seems to have been accelerated by current events within this society. Indeed, according to a letter from the Secretary General of the President of the Republic of Cameroon addressed on June 30, 2023 to the Secretary of State at the Cameroonian Ministry of Mines, Industry and Technological Development, of which Investir au Cameroun obtained a copy , officials appointed to head Cotco by Savannah Energy are threatening to shut down the pipeline. According to Ferdinand Ngoh Ngoh's letter, these threats should be carried out as of June 30. But, according to our information, "in view of the serious consequences that would result from the closure of the Chad-Cameroon pipeline and the danger that such an action would pose to the Cotco company", the Cameroonian authorities have taken "precautionary measures" to ensure the proper functioning of this infrastructure. Our sources report, for example, the presence on July 4, 2023 of the police at the company's headquarters in Douala.
Indeed, Savannah Energy claims the acquisition of 41.06% of the shares of Cotco held by the American Exxon Mobil. This acquisition allowed the British oil and gas junior to take control of the company. On the strength of this, during a board meeting held on May 24, 2023 in Paris, it appointed Nicolas de Blanpré as CEO. Except that with the realization of the purchase of 31% of the shares of Cotco then held by the Malaysian Petronas by the Société des hidrocarbures du Tchad (SHT), N'Djamena took control of the company with 53.77% of the shares. , and held a general meeting on the same day in the same city. On occasion, the directors representing Savannah Energy have been dismissed, including Nicolas de Blanpré, on the grounds that the British oil and gas junior, no longer being a member of the consortium operating the Doba field in Chad, no longer has the right, according to Cotco's articles of association, to hold shares in the company.
Interesting post from Sunbed over on ADVFN:
'Following my posts this morning airing my concerns, I decided to call our NOMAD Strand Hanson. Late this afternoon I had a call back from Ritchie Balmer and it was a very good call. Whilst my source of original info is solid, I was reassured by Ritchie about where we’re currently at. Here are a few snippets:-
Ritchie has been active on this transaction since before it was announced to us in December 2024 and is very close to the detail as things currently stand.
An extension to the 6 month rule was granted until 28th July based on the demonstrable progress that has been achieved with the deal and a clear line of sight to proposed completion date.
Strand are not working up any alternative paths should 28th July not be hit. This led me to believe that they believe that the date should be hit for completion.
I asked about any main differences re this deal coming back to market and the Exonn. Chad deal. He mentioned a very big difference was that Chad deal was announced on the deemed consent rule, whereby pre-emption rights were not exercised within the time window so SAVE proceeded and announced based on deemed consent. I think this will play a very big part in our favour with regard to the ICC ruling. However, the SS deal does not have any deemed consent element. The SS deal has many strands which need to complete but this deal required Explicit Consent from the SS Government which is being worked on!
He clearly stated tha the final part of the deal needed before its 100% complete is shareholder approval with a vote to take place 2.55 to 3 weeks after the admission document.
I asked about economic interest date and he could not be certain of it as was doing from memory but mentioned that he thought it could be 1st January 2022.
All in all he seemed very relaxed with the situation and extension and as we all know but he also stated, that these types of extension are not uncommon.
Finally as the Explicit Government sign off is a key part of the deal, I’m certain from what he said that we can not issue an Admission Document until SS Government sign-off is in place. The only thing left to do once the document is issued will be to get shareholder approval which we all know is a foregone conclusion.
Sleep well x'
Yes, that would be my way of thinking too with regard to the date. I think most of us probably are happy to wait till we have govt. approvl, assuming we do, rather than relist without it; though to behonest, it won't make any difference either way in the long term as long as we do eventually get it.
No, unfortunately there's no provenance for any of Sunbed's assertions, so it's up to the individual to decide for themselves whether to believe or not. Personally I suspect they are true but would be nice to have at least a general idea where the information comes from.
Hi hubenstein, if you're referring to Niger first oil I heard it as q4 this year. The question was referring to a broker note that said first oil Q4 2024 and AK was clear that it was this year.
Zengas'notes copied below suggest the same
'Niger - Flow testing in Q4. Book up to 35 mmbls as reserves by year end/early 2024. First oil earlier than previously indicated. As for further exploration, waiting for development up and runnning - pacing it on self funding or bringing in a partner. '
This is the 3rd AGM where i have registered and never got sent the link until I emailed them after it was sent out.
Managed to get in for the q&a session though.
CYB, with regard to your question on the Naira devaluation the other day, AK said it was a big positive for the company and referred to the true up clause to confirm there would be no loss of revenue from the devaluation. No questions on Chad/Cameroon/SS allowed, so just focused on Niger and Nigeria.
Savannah is holding their 2023 AGM Webinar at 11:00 a.m. on Friday 30 June, If you are a shareholder and you wish to register to attend in person, attend via webinar or would like to submit a question, please complete the form below. The closing date for registration and questions is on Thursday, 29 June at 11:00 a.m. Personalised links for the webinar will be delivered by email on Friday, 30 June shortly before the scheduled start time
CYB, don't forget about the exchange rate true up.
'These losses are in part recoverable through a foreign exchange “true-up” clause in the Calabar NIPP gas sales agreement (“GSA”) whereby realised foreign exchange losses on this contract can subsequently be invoiced back to Calabar and recovered and recognised as a reduction in foreign exchange losses. '
I'm using Firefox on my laptop and running AdBlock Plus. If you right click on the page where the video is, click on Adblock, then 'Hide something on this page' , then click on the video it stops the video from playing. You get a greyed out portion of the screen where the video is situated, but the video doesn't run and the pop-up doesn't appear when you scroll down.
Haven't managed to figure out how to do the same thing on the iphone/ipad though.
Yes, I suspect we were probably scheduled for that session too cyb. Not sure how much political influence Chad has over SS, but it certainly seems have to have some influence over Cameroon. Guess there's not much we can do till end of July other than go for a swim or watch the cricket. The latter for me :-)
Looks like it wasn't us after all :-)
South Sudanese oilfield services company Nile Drilling & Services and petroleum drilling manufacturer Tianjin DFXK Petroleum, signed a Memorandum of Understanding (MoU) for the acquisition of two additional drilling rigs for the development of South Sudan’s oilfields at the sixth edition of the South Sudan Oil & Power (SSOP) 2023 conference and exhibition.
https://energycapitalpower.com/nile-drilling-and-tianjin-dfxk-petroleum-sign-mou-at-south-sudan-energy-summit/
In a press release, the Board of Directors of the National Hydrocarbons Company (SNH) of Cameroon decided to freeze the transaction concluded on April 19, 2023 between SNH and the Savannah Energy Company.
The Board of Directors of the National Hydrocarbons Company (SNH), met for its first session of the year, on June 13, 2023, under the chairmanship of Ferdinand Ngoh Ngoh, Minister of State, Secretary General of the Presidency of the Republic. During this session, the activities carried out by SNH between January and April were presented to the Board by the Managing Director, Mr. Adolphe Moudiki.
This session shows the presentation of two Production Sharing Contracts, signed on March 31, between the Republic of Cameroon, SNH and Addax Petroleum Cameroon Company and Perenco Rio del Rey. This session materializes the alignment with the Petroleum Code, Establishment Agreements and Association Contracts covering the Rio del Rey and Mokoko Abana producing areas.
“National crude oil production stood at 8.01 million barrels as of April 30, down 2.23% from the same period a year earlier. Natural gas production was 916.01 million m3, up 4.53%. Sales of oil and gas made by SNH for the State made it possible to transfer to the Public Treasury, after deduction of charges, 269.221 billion CFA francs. This amount is up by 31.19% compared to the same period of the previous year. In addition, SNH paid the State 16.259 billion CFA francs in taxes and duties”.
This led SNH's Board of Directors to welcome these good results and approve SNH's accounts for the 2022 financial year. However, “the Board finally decided to freeze the transaction concluded on April 19, 2023 between SNH and the Savannah Energy Company”, concludes the press release.
The transaction between SNH and Savannah Energy has raised tension between Cameroon and Chad, which has not recognized the sale of Esso's assets in the oil consortium to Savannah Energy.
https://tchadinfos-com.translate.goog/cameroun-le-conseil-dadministration-de-la-societe-nationale-des-hydrocarbures-gele-sa-transaction-avec-savannah-energy/?_x_tr_sl=fr&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp
Cyb, assuming this is true then I think that's a reasonable assumption. Though, that would most likely result in another trip to Paris and the arbitration court. What is happening to the monies from the oil liftings etc is anyone's guess and would be nice to know what the position is, but doubt we'll get anything from SAVE with regrd to that until we see the half year results. Bit of a mess all told. Hopefully we get good news on the SS acquisition else we'll probably all be hiding behind the sofa when we relist!