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Savannah Petroleum has announced that approval has been received from President Buhari for the acquisition of assets from integrated gas producer Seven Energy. The approval grants Savannah the green light to begin tying up the final loose ends of the transaction, a procedural process defined by the Implementation Agreement which was signed in February this year. We expect this final stage of the transaction to take a couple of months to complete, implying that even in a worst case scenario Savannah should have fully wrapped up the deal by the end of the year. This will immediately propel the company into the top ten producers listed in London, with net production in excess of 20 kboepd and 2P reserves of c.75 mmboe. Savannah shares today trade at a fraction of our Total NAV of 92p/shr. Indeed, both the Nigerian portfolio, at 63p/shr and the Nigerien assets, at 29p/shr (both risked), are worth considerably more than the current share price of 21.2p/shr. With obvious catalysts on the horizon, such as completion of the deal and the subsequent ramp up in activities in both Niger and Nigeria, we believe that the shares will not remain at today's depressed levels for long. Accordingly, we reiterate our BUY recommendation with an unchanged 89p/shr target price.

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Also, on September 20, 2018, the State of Niger and the China National Oil and Gas Exploration and Development Company Ltd. (CNODC) concluded a framework agreement for the construction and operation of the cross-border crude oil export pipeline from Niger to Benin. A bilateral agreement was also concluded between the State of Niger and the Republic of Benin in Niamey on January 23, 2019.

On April 26, 2019, CNODC created a subsidiary, the West African Oil Pipeline (Niger) Company (WAPCO Niger), whose mission will be to build, operate, maintain and manage the crude oil export pipeline. Niger. The draft transport agreement negotiated between the Nigerian State and CNODC directly, then through its subsidiary WAPCO Niger, is intended for the implementation of the agreements and the respective commitments of the Parties.

Also with regard to the implementation of the framework to manage this large hydropower project, the Beninese government has already approved the negotiations with China National Oil and Gas Exploration and Development Company Ltd., as part of the Niger-Benin export pipeline on the Beninese territory.

"These structuring investments will make Benin a hub for the export of crude oil while strengthening the operational capacities of players in the Beninese oil sector," the Beninese government said.

Gradually, therefore, the pipeline construction project between Niger and Benin has taken steps one after the other. Construction of the 1,800 km pipeline infrastructure will take more than two years and is expected to cost CFAF 2300 billion.

By Joel YANCLO

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The Council of Ministers of Niger of Friday, August 23, 2019 in Niamey, adopted the draft decree approving the transportation agreement between Niger and the company West Africa oil pipeline company (Wapco Niger). It is now up to Benin to also play its part by adopting the agreement with Wapco Benin.

The West African Oil Pipeline Company (WAPCO) is a company established in Benin and Niger to build, operate and maintain Niger's crude oil transportation system in Benin. To achieve this goal, Niamey has just put its act into effect by adopting the draft decree approving the transportation agreement between Niger and the company West Africa Oil Pipeline Niger company (Wapco Niger), a company incorporated under Nigerian law. It was Friday, August 23, 2019 in Niamey at the meeting of the Council of Ministers chaired by President Issifou Mahamadou. It is now Benin's turn to play its part in this direction.

Benin has already embarked on this path with the Council of Ministers of 17 July 2019, which stressed the need for the signing of the agreement with the company West Africa oil pipeline Benin company (Wapco Benin), a company incorporated under Beninese law. During its Cabinet meeting on August 23, 2019, the Nigerian government indicated that the State of Niger is party to a Production Sharing Contract (the "CPP Agadem") with CNPC-NP and OPIC-Niger concerning the Agadem block.

The Agadem CPP is initially attached to an Exclusive Search Authorization (AER) with the exclusive right to undertake hydrocarbon search operations in the AER-covered research contract area, with a view to the discovery of deposits. commercial hydrocarbons.

Thus, the numerous discoveries of commercial crude oil deposits in the Contractual Research Area made by CNPC-NP and OPIC-Niger "led the State to grant exclusive operating licenses" according to the communiqué of the Council of Ministers.

It should be noted that in April 2018, Niger and Benin concluded "a Memorandum of Understanding setting out the framework for the construction and potential exploitation of an efficient, safe, stable and integrated pipeline network that harmonizes standards. from Niger and crossing Benin to the maritime export terminal on the Benin coast in the commune of Sèmè Podji (Department of Ouémé) ". This pipeline network will be used for the transportation of crude oil for shipment to the international market.

The Nigerian government has just approved the agreement for the transport of oil from the Agadem block with the West African Oil Pipeline Company (WAPCO Niger) created on April 26, 2019 and specialized in all activities related to the transport of hydrocarbons.

The agreement between Niger and this structure, a subsidiary of China National Oil and Gas Exploration and Development Company Ltd. (CNODC), aims to implement all agreements signed by the government in order to bring this resource to the international market.

Among these agreements is the one signed with the Republic of Benin in April 2018, which defines "the framework for the construction and potential exploitation of an efficient, safe, stable and integrated pipeline network harmonizing standards. technical, from Niger and crossing Benin to the maritime export terminal on the Benin coast in the commune of Sèmè (Department of Ouémé). This pipeline network will be used to transport crude oil for international delivery, "the government said in an official statement.

Already, in September 2018, a framework agreement concerning the construction and operation of this pipeline was signed between the State of Niger and China National Oil and Gas Exploration and Development Company Ltd. And on April 26, 2019, CNODC proceeded to the creation of a subsidiary, the so-called West African Oil Pipeline (Niger) Company (WAPCO Niger) whose mission is to build, operate, maintain and manage the pipeline. Niger crude oil export.

The SAVP website Significant Shareholders page has been updated. The ten II above 3% now total 57.89% up 0.24% with a few small changes in the level of holdings. The holding that stands out is TT International that has increased from 5.55% to 7.35%.
Should a TR1 have been issued?

I would expect the bondholders shares to be subject to a lock up period from completion.

At the AGM AK estimated one month and confirmed the process was purely procedural.

Your Hubby also called you in August 2018 needing towels as he was covered in oil then. LOL

Could others have confused Savannah Resources and Savannah Petroleum today?

https://www.sharesmagazine.co.uk/news/market/6538235/Savannah-Resources-says-Oman-authorities-to-grant-mining-licences-for-copper-developments

A couple of big buys at close of play?

https://www.upstreamonline.com/hardcopy/1824317/benin-is-chosen-for-route

More detail on the meeting:
https://www.vanguardngr.com/2019/07/president-buhari-bids-farewell-to-baru-meets-new-gmd-kyari/

At the AGM AK was asked would the recess delay completion if the sign off was not completed before late July. His reply was that it would not as the Nigerian Government system did not work that way.

I doubt they would RNS the probability of missing the deadline, only when it is certain, i.e. on Friday.
Equally if they are certain of the deal being signed off by Friday it should be RNS'd when signed, not on a convenient date to coincide with the AGM. Conclusion if no RNS by Thursday expect an update/ revised anticipated completion date RNS on Friday .IMO.