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" It should be noted that only 6% of outstanding debt as at 31 December 2025 was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis."

Reference to the non recourse debt now regularly appears in updates and I wonder if there is anything to be read between the lines ?

When you posted it.

I've only listened to parts.

Over 2hours 30 minutes listening to French African is beyond the call of duty.

Do you believe that such requests are unique to Niger ?

He closes the interview recognising that Niger is a a young producer (petroleum) and that they are in the investment phase.

Draw your own conclusions.

I might add that if a final decision had been taken by the Ministry then that is market sensitive information and would have to be disclosed by SAVE.

The fact that it hasn't means that negotiations are ongoing.

They are looking for inward investment and he says that they have 37 blocks available now and that there are 4 blocks on course for being returned to the public sector.

He did not say they are available now, which presumably ties in with SAVE's statement that they are negotiating with the Ministry.

Realist

I believe I'm correct in saying that the current "close period" for AIM listed companies is 30 days before the publication of annual results.

The trading update was 29th May, so they could well be in a "close period" given their intention to publish full year accounts by the end of June.

You are correct in that the management are reviewing the AIM quotation but as you well know, that is not the whole story, merely a disruptive comment taken in isolation.

Allow me:

"AIM Quotation Review Update

As previously announced on 22 October 2025, the Board initiated a review of the appropriateness of Savannah Energy PLC's current admission to trading on AIM and the potential alternative options available to the Company, including alternative listing venues or structures (the "Review").

The Review has now reached a stage at which the Board expects to conduct a shareholder consultation in June 2026, with the outcome of the Review expected to be communicated to shareholders in Q3 2026. As previously announced, the Board deferred the commencement of the shareholder consultation process to allow the Company and its shareholders to consider the potential implications of the London Stock Exchange's Feedback Statement, Shaping the Future of AIM, published on 21 November 2025, which set out the direction of travel in relation to proposed reforms to AIM. While the proposed amendments have not yet been fully incorporated into the AIM Rules, the Board has determined that it is appropriate to proceed with the Review and the related shareholder consultation, having regard to the interim approach announced by AIM Regulation and the direction of travel indicated by the Feedback Statement.

Of particular relevance to Savannah are AIM Regulation's proposed reforms and interim approach in respect of reverse takeovers under AIM Rule 14. Pending the redrafting of the AIM Rules, where a nominated adviser is able to demonstrate to AIM Regulation that a proposed acquisition does not result in a fundamental change of business, AIM Regulation may determine that the transaction should be treated as a substantial transaction under AIM Rule 12 rather than as a reverse takeover under AIM Rule 14, notwithstanding that one or more of the class tests may exceed 100%. AIM Regulation may nevertheless require shareholder approval for such a transaction. In addition, where a transaction is treated as a reverse takeover, AIM Regulation may consider requests from nominated advisers not to impose a suspension of trading where appropriate alternative disclosure can be made. As previously noted, the Company welcomes these developments, which are relevant to its previously stated view that larger acquisition opportunities can represent attractive opportunities for value-accretive growth, but have historically been discouraged by the risk of prolonged suspension periods, particularly in jurisdictions where regulatory approvals may be protracted.

The Review remains ongoing and no decision has been taken by the Board in relation to its outcome. Any conclusions arising from the Review are expected to be considered only following the shareholder consultation exercise. A further announcement will be made as and when appropriate."

You say that it's a fascinating story but from where I'm sat your posts are just rinse and repeat.

Your comment with "Re the Chad carrot (which was 'expected' in H1 2026 but which has now receded over the horizon into H1 2027) " suggests that SAVE have some kind of control over the timing of the arbitration adjudication.

Just to clarify matters, they don't and my reading of the latest news is that a decision could land anytime between 01/07/26 and 31/12/26. So let's please keep the pessimism factual.

Yes welcome aboard and if you want more in depth discussion on the copper, gold and silver play then the other place is the destination.

Mattjos thread is very, very knowledgeable (site visits etc) and wanabi to a lesser extent being more weighted to general market opportunities.

Sorry for slight off topic folks.

Https://www.savannah-energy.com/application/files/4317/8056/3221/Investor_Presentation_June_2026_FINAL.pdf

My immediate thought is why didn't you use HL ?

MP

Given the assets I don't believe there's any question that the shares are undervalued.

In scenario 2, the suspense is killing me. Any idea what the price will be :)

Sajjad Sabur is a non executive director.

Good to see him putting his faith in the Company.

We had a spike to 10p ish at the end of February and just afterwards Zengas informed us that Ingalls and Snyder had increased their holding.

The price has declined to this 7p ish range for some time and I believe it possible that failing a big seller they are matching trades for them in this 7p area.

But I suppose in the final analysis it matters not, we are still awaiting an update and more particularly news on receivables and arbitration.

Possibly more to do with NIPCO acquiring their final 15 million shares.

If you are going to ramp at least get the name right.

You sound like a fortune teller :)

Is that the day job :)

MudPump

I don't want to turn this into a tennis match but surely it all depends on the Company's financial situation.

If they are suddenly cash rich then all bets are off, or is it on :)

Here's one I made earlier:)

https://investors.fever-tree.com/regulatory-news/422

Re " It is highly unlikely that anyone is going to give them a massive cheque in the short term "

On the contrary, we do have Nigerian receivables due and an arbitration decision pending.

Whilst a favourable arbitration award would unlikely bring an immediate payment, who knows what is being negotiated outside of the courtroom.

We could indeed receive a large cheque from our Nigerian friends.

I get the impression that you would be disappointed if the above two scenarios materialised.

MudPump

I don't understand why 7p creates a ceiling for any share buy back programme. It's a means of returning capital to shareholders and can be implemented at any price deemed to be in the best interests of shareholders by the BOD, who in SAVE'S case hold nearly 15% of the Company.

hx

My interpretation of resolution 1 is that next year normal service will be resumed. ie AGM and accounts presented at the meeting for approval.