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The following is is in todays Africa Intelligence but the detail is behind a subscription firewall.
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After Total's withdrawal, Glencore and Vitol come running for what's left of Anadarko
Africa Intelligence
Finally, Savannah Energy, which operates blocks R1, R2, R3 and R4 in Niger as well as active gas assets bought from Seven Energy, is reportedly ...

Listening to the AGM again I was reminded that he stated that he had invested 1.5 times his remuneration in SAVE shares. As he quoted an investment value of 5m USD that would suggest his remuneration since inception amounted to only 3.33m USD.
A quick trawl through the accounts up to December 2018 plus 18 months salary to June 2020 (no bonus assumed) confirms his total remuneration since inception has totalled 7m USD.

The cash collection (and in particular the legacy debt) reported will be pivotal to the markets reaction to the results, IMO the Boards confidence in future cash flow will in part also dictate what future plans are also announced.

At the AGM AK said “ at the time of results we will also produce a very very comprehensive update on the financial framework and communicate in a way that they have not been able to communicate for the majority of this year. In a couple of weeks time I expect to give a clear picture of where we are and why we are optimistic for the future ‘.

I will be very disappointed if he doesn’t deliver having guided us so clearly.

On the subject of new customers AK said there are industry focused opportunities, but that we have to wait for results to talk about that. I will therefore be disappointed if there is no meat on those bones.

This mornings announcement was a non-regulatory announcement through the RNS Reach system. My understanding is the Reach system announcements are not fed through LSE as they are a marketing announcement rather than a regulatory announcement.

Munchbox- You are a day ahead of yourself, results day is Wednesday 24th.

Work in plenary session of the 1st ordinary session for the year 2020, known as the session of the laws of the National Assembly, continues actively in the hemicycle, place de la concertation. During the plenary session of Friday June 12, chaired by HE Ousseini Tinni, President of the Institution, the parliamentarians adopted the bill relating to the construction and operation on the territory of the Republic of the Niger-Benin pipeline transportation system. The plenary took place in the presence of the Government Commissioner, Mr. Foumakoye Gado, Minister of State, Minister of Petroleum and Mr. Issouf Barkaï, Minister responsible for Relations with the Institutions.

During this session, the Nigerien parliamentarians adopted, after a long debate, the law relating to the construction and exploitation on the territory of the Republic of Niger of the hydrocarbon transport system by pipelines Niger-Benin with 108 votes in favor, 24 votes against and zero (0) abstentions. After the vote, the Minister of State, Minister of Petroleum, Mr. Foumakoye Gado, declared that the adoption of this bill is an important event for Niger in that it consecrates the entry into force of the transport agreement signed on September 15, 2019.

According to the Minister of Petroleum, investors needed to be reassured about the investments they are going to make. Mr. Foumakoye recalled that these are private funds estimated at 2.2 million dollars almost 1300 billion FCFA which will be invested for the construction of this equipment. "It will allow the country to increase its revenues through a significant increase in oil production. We are going to go from 20,000 to 110,000 barrels a day, of which 20,000 for refining and 90,000 for export. This leads us to multiply by five (5) our current production, "he said.

The other aspect of passing the law, he added, is job creation. Thus, in the operational phase, there will be more than 3,000 jobs and several hundred jobs when the export begins. The Minister of State for Petroleum said that after the construction of this structure, Niger will attract other companies that will come to do oil research. "This will help to make exploitation and export as sustainable as possible. Until then, companies have been shy and hesitant about exporting. But with the construction of this pipeline, the companies will rush to Niger, "he concluded.

As a reminder, the construction of this pipeline was launched on September 16, 2019 in Koulélé (Diffa region) by the President of the Republic, Head of State, SE. Issoufou Mahamadou. This pipeline will have a total length of 1982 km including 1298 km in Niger and 684 km in Benin.
http://www.lesahel.org/index.php/2020/06/16/assemblee-nationale-les-parlementaires-adoptent-la-loi-autorisant-la-construction-du-pipeline-dexportation-du-petrole-brut-vers-le-benin/

Touchstone Exploration
Yesterday Touchstone announced final testing data and analysis which confirms the ‘tremendous’ potential of Cascadura-1ST1 discovery. The low drawdown at the surface along with high reservoir pressure ‘suggest a sizeable reservoir with excellent production potential’.

We can expect an independent reserves evaluation in July when the company is expected to drill the Chinook prospect, a separate structure but on the same geological trend. I happen to think that the market is yet to appreciate the full potential of this discovery and that the current £65m market cap could be dwarfed by success here and certainly if Chinook was to come in.

Finally this morning the company announced that, that having satisfied conditions precedent, it was using the recent US $20m Republic Bank loan and withdrawing US15m to satisfy obligations relating to prepaying the Company’s former C$15m of the $20m credit facility. Touchstone has the option to withdraw the remaining US$5m available balance prior to June 15 2021.

This C$ loan has always been one of the few problems I ever had with Touchstone, it is good to see it being repaid and should the company have more success with the drill bit they might be paying it off rather than drawing down the remainder.

https://businessday.ng/energy/power/article/boosting-power-supply-in-an-era-of-gas-disruptions/

Interesting to note that the CFO of Metallon Corporation (appointed 20th April 2020) is Thomas Donald Richardson. Prior to his appointment he was CFO of Nostrum Oil and Gas (NOG) until 31st March 2020.
Perhaps a CFO with experience in a quoted O & G company was required to reflect Metallon's future direction?

Not necessarily a bad debt but consistently late. What is interesting is the size of the invoice dated 7th January (before Covid lockdown increased supply)

https://www.thecable.ng/exclusive-accugas-moves-against-nigeria-over-calabar-gencos-debt

The great advantage of social media is the speed it enables a company’s marketing department and expensive external marketing consultants to promote newspaper articles to the market.

Trek I think you mean £39.92. Too early in the morning!

https://total-market-solutions.com/2020/05/22/malcy-talks-oil-gas-xx/

https://www.vanguardngr.com/2020/05/rising-to-the-gas-supply-challenge-in-the-covid-19-era/

I emailed Sally on 24th April to ask if they are putting the Numis note on the website or if they could email a copy to me but didn't get a reply!

This is a link I posted on 30th October 2019 (before conclusion of the 7E deal). Clearly there were historic payment issues and the article refers to $30m dollars outstanding.
http://petrobarometer.thecable.ng/2019/10/30/exclusive-like-pid-like-accugas-nigeria-in-trouble-over-another-sloppy-gas-deal/
We have always known that Accugas Ltd had payment issues (one of the reasons the assets were sold at distressed values). The assumption is therefore that the $65m outstanding debt relates to pre-acquisition gas supplies.
The other side of the debt argument is the gas not consumed from the TOP agreement, this is a liability to Accugas.
"In accordance with applicable accounting standards, Savannah will report revenues on both the income statement (in relation to delivered gas volumes) and on the balance sheet (as deferred revenue, in relation to the difference between delivered gas volumes and take-or-pay volumes). "
The following link:
https://businessday.ng/energy/oilandgas/article/negotiating-take-pay-clauses-long-term-contracts-nigeria/
explains Take or pay contracts in Nigeria. One point worth noting "Most LNG contracts and GSPAs typically offer the buyer the right to receive “make-up” quantity of gas in later years (in some cases even during a brief period following the expiration of the contract term) which corresponds to the quantity for which a take-or-pay payment was made and not taken. This make-up gas can be taken only after the buyer has first taken the TOP Quantity for that year, which preserves the seller’s assured annual revenue thereby eliminating both demand and price risks earlier stated above. In addition, there are often restrictions over the period in which the buyer’s right to take make-up gas exists. "
From the 11th December Operational and Trading Update
2019 guidance for cash collections from the Nigerian Assets of c. US$190m
From the 1st May Operational and Trading Update FY 2019 cash collections from the Nigerian Assets were US$168.8m. Cash collection from the beginning of the Savannah Ownership Period to date in 2020 total US$96m
I therefore think it’s reasonable to conclude that the $190m included some or all of the disputed pre-acquisition supply debt.
According to the 1st May Operational and Trading Update the average gross daily production has increased 25% during the Savannah ownership period. Has the increased average gross daily production and the crisis fuelled demand in excess of TOP levels enabled Accugas to supply against its historic gas supply liability and therefore collect the outstanding debt? This would explain the increased cash collection under Savannah ownership.
Whilst I accept that liquidity issues will always be a factor in debt collection I am sure SAVE would not want to risk their relationship by invoking World Bank guarantees and a compromise may have been found to collect the debt when “make-up” gas is supplied.

Is this the other half of a Niger partner buy in?
https://punchng.com/mtn-others-plan-4-8bn-investment-in-nigeria/

As the 7E completion was RNS'd on 15th November and the existing share capital will be cancelled (and reissued) exactly 6 months later (15th May) there must be a requirement to issue the Supplemental Admission Document within six months of the 15th November RNS with 14 days notice of share cancellation. I therefore surmise that AK was trying to tie up some of the loose ends (Nigerian Counsel personal searches, new gas customers, Niger R1/R2/R4 PSC signature and maybe new partner) before releasing anything to the market. Hence the recent silence. Can we therefore assume AK is probably expecting the loose ends will be tied up relatively soon?

https://www.savannah-energy.com/downloads/releases/SAVE%20-%20Publication%20of%20Supplemental%20Admission%20Document%20-%20as%20at%2030.4.2020%20Final%20as%20at%2017.46.pdf

Showing as a buy at 59.1909p