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Forgive me if I’m wrong but SAVE was suspended from trading 1/2 hr after it announced to the market the proposed takeover of Petronas South Sudan portfolio. In theory the takeover was never priced into the SP so logic would suggest if the SS deal fails then the SP should remain firm and not
tank as some have suggested. However as we all know the market doesn’t always behave in a logical manner.
Accugas Awards Scholarships to 50 University Students from Akwa Ibom.
https://metrowatchonline.com/accugas-awards-scholarships-to-50-university-students-from-akwa-ibom-metrowatch/?amp=1
Interesting article.
https://www.globalwitness.org/en/campaigns/holding-corporates-account/fuel-fire-eu-banks-and-investors-tied-violence-south-sudan/
A brief video re SAVE’s scholarship sponsor scheme.
Good PR for accugas.
https://m.youtube.com/watch?v=FhcZci6bcl4
The military leaders who took power in Niger this year have commissioned a giant pipeline that will carry crude oil to neighbouring Benin, public television said Wednesday.
The nearly 2,000-kilometre-long oil pipeline will allow Niger -- one of the world's poorest countries -- to sell its crude on the international market for the first time, via the Benin port of Seme.
A commissioning ceremony was held at the Agadem oil site, more than 1,700 kilometres (around 1,500 miles) from the capital Niamey, in the desert region of Diffa.
Prime Minister Ali Mahaman Lamine Zeine said the resources from exploitation would be used to "ensure the sovereignty and development of our country".
The border between Niger and Benin is closed following heavy sanctions imposed by the Economic Community of West African States (ECOWAS) after the July 26 military takeover.
Energy ministers from Mali and Burkina Faso -- who have showed support to Niger's new leaders and have both undergone military coups in the past two years -- were present at the ceremony.
The pipeline project was supposed to be completed in 2022 but was delayed by the Covid-19 pandemic, the project owner told AFP.
The oil is extracted by the China National Petroleum Corporation (CNPC).
Some $6 billion has been invested in the project, according to Niger's government, including $4 billion to develop the oil fields and $2.3 billion for the construction of the pipeline.
It says this investment has allowed the country to increase oil production to 110,000 barrels per day, with an official target to increase to 200,000 barrels per day by 2026.
Niger, where the military seized power on July 26 by overthrowing elected president Mohamed Bazoum, had seen mass protests calling for troops of former colonial ruler France to leave.
As well as the ECOWAS sanctions, many Western countries have cut off development aid to Niger.
The World Bank has warned that GDP growth is set to fall to 2.3 percent this year if international sanctions continue.
https://www.barrons.com/amp/news/niger-commissions-oil-pipeline-to-benin-be4376ef
https://www.africaintelligence.com/west-africa/2023/11/01/niger-junta-to-inaugurate-unfinished-cnpc-oil-pipeline,110083558-art
“It would be illogical to think that for 10 months Petronas and Savannah have been completing those milestones on pure word of mouth basis and the South Sudan government have just being a spectator for the last 10 months only to hinge on a yes or no for them…….In summary the point I am making is are Petronas and Savannah foolish to do all this work for 10 months without any tangible progress and continue to do so….”
But isn’t that exactly what happened with Chad ?
I hope SS will be different but until we hear from SAVE or there is a leak we can only second guess because we (investors) are always kept in the dark due to the processes involved.
Can we be certain that this latest company is related to SAVE. The two names listed for this company, one is listed as a care worker and the other is a business owner.
My understanding is that 40 bank Street is a sky scraper with numerous companies based there.
Could this just be merely a coincidence ? Obviously I hope not but I just wanted to put my thoughts out there.
https://find-and-update.company-information.service.gov.uk/company/15228140/officers
With the energy minister gone and what looks like him being the main instigator in getting Chad to Nationalise its assets amongst other misdemeanours, is there a slim possibility Chad may ask Savannah to return to the negotiating table ?
—————————-
APA – Ndjamena (Chad) No reason was given for the dismissal of the energy minister.
Minister of Hydrocarbons and Energy, Djerassem Le Bemadjiel, was dismissed from Saleh Kebzabo’s government on Thursday, his sacking coming eight days after the resignation of two ministers incriminated in a sex scandal.
This led to a mild government reshuffle on 21 October 2023.
The decree sacking Le Bemadjie, published on the page of the General Secretariat of the Government, gave no details.
However, some observers believe that the inability of the ‘Societe Nationale d’electricite’ (SNE) to regularly supply the city of Ndjamena, the Savannah Energy affair and the freezing of assets are linked to his departure.
Djerassem Le Bemadjiel was Minister of Petroleum under the late President Idriss Deby Itno from 2013 to 2016.
He was the man who negotiated the billion-dollar loan with Glencore that plunged Chad into a financial crisis.
Accused of illicit enrichment, misappropriation of public funds and corruption, he was arrested in September 2020 and provisionally released in February 2021.
He returned to this position in the first transitional government set up following the death of President Deby.
He was then reappointed to the second government currently led by the opposition Saleh Kebzabo.
Under his leadership, the transitional government was engaged in a legal tug-of-war with Savannah Energy, a British firm, over the purchase of Esso Chad’s shares.
This resulted in the nationalisation of Esso’s shares and the creation of the Chad Petroleum Company.
https://apanews.net/chad-junta-fires-energy-minister/
N'DJAMENA, Oct 26 (Reuters) - Chad has dismissed Petroleum and Energy Minister Djerassem le Bemadjiel, the government said in a decree on Thursday. It did not give a reason or name a replacement.
The government also said that Daoud Hamid Dabou was named Chairman of the Board of Directors of the Société des Hydrocarbures du Tchad, the state oil company, replacing Dago Yacouba.
Chad earlier this year nationalized all the assets and rights including hydrocarbon permits and exploration and production authorisations that belonged to a subsidiary of Exxon Mobil (XOM.N), after contesting a deal to sell them to Savannah Energy (SAVES.L).
https://www.reuters.com/world/africa/chad-dismisses-oil-minister-government-decree-2023-10-26/
29 Sept - SP 2.5
‘I have been accused in this board of trying to deramp this company and being very negative. I'd let the SP speak for itself to confirm whether my comments were or weren't on point.’
The SP has spoken 😂
Https://www.businessincameroon.com/public-management/1010-13461-cameroonian-joseph-pagop-noupoue-fired-from-ernst-young-for-policy-violation#:~:text=(Business%20in%20Cameroon)%20%2D%20Cameroonian,Ernst%20%26%20Young%20(EY).
Business in Cameroon) - Cameroonian lawyer Joseph Pagop Noupoué has been removed from his position as Country Managing Partner at the international accounting firm Ernst & Young (EY). A recent internal memo co-signed by Erik Watremez, the interim Country Managing Partner for Cameroon and Gabon, and Marcel Van Loo, EY's Western Europe Region Manager, cited policy violations as the reason for Noupoué's dismissal. The memo also stated that Noupoué is no longer employed by EY and is attempting to separate the Cameroonian legal entities from the global EY network, which his former partners do not agree with.
"We would like to reaffirm that EY's management in Cameroon has been restructured with Erik Watremez, Acting Country Managing Partner of EY Cameroon, Abdoulaye Mouchili, Head of Assurance EY Cameroon, and Anselme Patipewe, Head of Tax EY Cameroon. They will continue to lead EY's activities in Cameroon, meeting clients' needs in both audit and tax", the memo reads.
This change has raised questions, with some speculating that it may be connected to Noupoué's involvement with Savannah Energy, a British junior oil company. Noupoué, who is the sole known Cameroonian shareholder in Savannah Energy, was part of a recent diplomatic dispute between Cameroon and Chad. The dispute arose after Cameroon signed an agreement with the National Hydrocarbons Company of Cameroon to transfer 10% of Cotco assets, the company managing the Cameroonian section of the Chad-Cameroon pipeline. Chad claimed that Cameroon had engaged in unfriendly actions by contracting with a "fishy" group associated with Cameroonian figures who were challenging Chad's nationalized oilfields following Exxon Mobil's departure.
Noupoué's involvement with Savannah Energy became official when he was appointed as a non-executive director on the company's board in April 2023. He was also named to succeed Steve Jenkins, Savannah Energy's current non-executive chairman, who plans to retire after serving eight years in the position. To join the company's decision-making body, Noupoué purchased 6,095,726 new shares at £1.6 million (about CFA1.2 billion). This acquisition gives him a 0.46% stake in the company's total voting rights. The source of funds for this acquisition remains undisclosed.
"I am delighted to be joining Savannah at this key time in its growth and look forward to bringing my experience to the role. I would like to thank the outgoing Chairman, Steve Jenkins, for guiding this company since 2014 and I look forward to working with him, the rest of the Board, and the management team to achieve our many and wide-ranging goals. It's very clear to me that Savannah is ambitious and fueled by a passion for doing good in the world. The benefits Savannah has brought to the African community in Nigeria and Niger, and the projects for Cameroon and South Sudan, are impressive and obvious," he commented following his appointment.
https://www.businessincameroon.com/public-manag