Member Info for rumpelstielzchen

... and we gained a political and technical advisor

Sir Stephen O'Brien, Retiring Vice Chair and Non-Executive Director, Savannah, commented:

"I wish everyone at Savannah every success and look forward to maintaining my support for the company in a new political advisory role."

David Clarkson, Retiring Non-Executive Director, Savannah, commented:

"I look forward to supporting the Company as Technical Advisor to the Board."

I think this is a good investment. Very high margin. Essentially we are the Genco here and no funny true up mechanism. Power is typically paid via charge cards so that should ensure high cash collection.

Anyone dare to make a market we get the audited FY 2024 accounts in September?

„As announced on 27 August 2025, the Company expects to publish its FY 2024 audited annual accounts this [September] month, following which restoration to trading on AIM is expected to occur thereafter.„

One thing to be cognizant of is Revenues don't equal payment. You can recognize revenues, and if you don't get paid you book a receivable as we all know too well ...

Thanks.

Nigeria has last issued USD bonds in December 2025.

What komakino is describing will likely be local NGN bonds as these are frequently issued as discount notes.

Does today’s RNS mean the strategic investor is coming on board?

From March 4th

“Pursuant to the terms of the Subscription, one of the new subscribing shareholders (the "New Investor") has committed to subscribe for 113,378,685 Subscription Shares at the Subscription Price by not later than 4 September 2025.“

We just open for regular trading and price sill be where market settles. Anyone's best guess where we will trade as we dont have full set of information yet.

Look at the previous suspended at 26p and at relisting market cleared sub 10p.

It certainly doesn't help with IIs (thinking daily liquidity UCITS vehicles) if we slip from one suspension into the next...

Https://independent.ng/robust-infrastructure-regulatory-fiscal-stability-key-to-growth-of-nigerias-gas-resources/

Https://www.premiumtimesng.com/news/top-news/806224-weve-uncovered-massive-fraud-in-nigerias-oil-and-gas-industry-efcc.html

I may or may not agree with Macy. The June 6th RNS leaves room for interpretation.

Macy's take reads that the delay is due to change of auditors in more than one country. The RNS however doesn't suggest this to me. I read it as SAVE tendering for new auditors, while the current auditor will complete the 2024 books. I don't expect the new firms to work alongside BDO for the 2024 audit.

So hopefully, as Macy also mentions, the delay is down to complicated books and nothing sinister.

June 6th RNS:

"The FY 2024 audit remains ongoing - the process is significantly advanced and, once concluded, Savannah will publish its 2024 audited annual report and accounts. The Company is currently running rigorous and thorough audit tender processes for both the Group and its Nigerian subsidiaries. The current expectation is that a 'Big 4' firm will be appointed for the Nigerian subsidiaries working alongside an experienced mid-tier firm in the UK for the Company and Group. BDO LLP, the current auditor, has notified the Company of their intention to resign as auditor shortly after completion of the 2024 audit."

Gives AK a window for a RTO without any additional suspension. If he can pull a deal off before end of August =)))

Anyone went to AGM today? Insights much appreciated.

While we wait for news I started watching Landman

https://youtu.be/9alD324hwjA?si=CYcHACmcDMOGOozf

If this is Texas, wonder how the oil business in Nigeria runs 🫣

***Unrelated to SAVE***

AIM is wild west. I remember one of my worst holdings, HZM, funding secured mine half built and messaging that all on track for scheduled mine opening. One day to the next RNS hits saying cost overrun, they need to study how much, but at least 37%. Turns out cost overrun was more than 100%. Shares to 0. Company closed, half built mine still around. goes to show that even if financing secured things can go sour quickly and with little to no repercussion to CEO and BoD. In hindsight, CEO and BOD had virtually no holdings in HZM which should have been a red flag also.

This is a good illustration of lifecycle of mining, when thins go to plan and mine actually gets built:

https://www.visualcapitalist.com/wp-content/uploads/2019/09/mining-life-cycle-prev.jpg

Here example from another company how this might look on July 1st:

SEEEN plc (AIM: SEEN), announces that the Company's annual report and accounts for the year ended 31 December 2023 (the "Accounts") have not been finalised by the 30 June 2024 deadline, as stipulated under Rule 19 of the AIM Rules for Companies.

The audit work is nearing completion. The Company expects for the Accounts to be published on or before 5 July 2024.

The delay to the publication of the Accounts means that trading in the Company's ordinary shares on AIM will be temporarily suspended with effect from 7.30 a.m. today, 1 July 2024, pending publication of the Accounts. Suspension from trading is expected to be lifted with the publication of the Accounts.

Think Moho30 refers to this paragraph:

"The AGM will be held at 9.00 a.m. (BST) on Monday, 30 June 2025 at 40 Bank Street, London, E14 5NR. Details on how to submit your proxy vote are set out in the section of the Notice of AGM headed "Voting Arrangements - Action to be taken". A separate General Meeting will be called to approve, inter alia, the 2024 Audited Annual Report."

To me (and Mojo30) audit signoff / financials. If it is a trivial reason for the delay, why not mention the reason in the RNS.

This is where the worry comes in when you read "BDO LLP, the current auditor, has notified the Company of their intention to resign as auditor" and "A separate General Meeting will be called to approve, inter alia, the 2024 Audited Annual Report." -- This to me signals challenges in completing the 2024 audit. And/or BDO no longer comfortable with SAVE's setup / business jurisdictions hence the resignation? That might explain why SAVE is looking to engage with a Big4 for African entities (more complex, need Big4), and a mid-tier auditor for the UK entities (plain vanilla accounting, mid-tier will do).

Looking at the 2023 financials, BDO issued a qualified opinion on the basis of Chad and Cameroon - this illustrates the complexities off the audit.

See p131 of this https://www.savannah-energy.com/application/files/6417/1872/3911/Savannah_Energy_PLC_Annual_Report_and_Accounts_2023.pdf

Chad: "The evidence available to us in respect of these assets was limited due to the Directors being unable to obtain reliable financial information as a result of being unable to access all of the underlying financial information, nor did the Directors have access to the relevant Chad-based employees of the affected entities subsequent to 31 March 2023. This had a consequential impact on our ability to obtain sufficient appropriate audit evidence. We have therefore been unable to obtain sufficient appropriate audit evidence as to the profit/(loss) after tax of discontinued operations of US$89,040,000."

Cameroon: "Due to disputes amongst shareholders, governance and operational rights of the Group’s investment in Cameroon Oil Transportation Company (“COTCo”), detailed in Note 2 to the financial statements, the Directors have been unable to obtain reliable financial information as a result of being unable to obtain full access to the underlying financial information nor to the relevant COTCo employees to account for the investment."

The auditor resignation is concerning to me. More often than not a red flag, especially when it is unilateral from the auditor's side.

If it were a routine resignation, good practice is to comment on the reason in the RNS. Simlar to this:

“BDO have confirmed that there are no circumstances connected with their resignation which they consider should be brought to the attention of the Company's members or creditors."

When an auditor resigns, a statement must be filed with Companies House according to section 519 of the Companies Act 2006. This statement details the reasons for resignation and any matters connected to it that should be brought to the attention of members or creditors. The company then has a duty to notify members and creditors of the resignation statement and any relevant circumstances.

Here the letter of the law:

Resignation of auditor

(1) An auditor of a company may resign his office by depositing a notice in writing to that effect at the company’s registered office.

(2) The notice is not effective unless it is accompanied by the statement required by section 519.

https://www.legislation.gov.uk/ukpga/2006/46/part/16/chapter/4/crossheading/resignation-of-auditor/enacted?view=plain

SAVE clearly must have received the statement mention in (2) as the RNS says that the auditor has resigned. Why not share the statement in the RNS if it is a clean statement? This is what marks this auditor resignation a red flag in my view.

SEPLAT Chap: "and we are are very consistent dividend payer" ... "we are rewarding our shareholders with pretty significant dividends" ... "long lived commitment to shareholders" ... "pureplay Nigeria" ... "rock sold balance sheet compared to peers" ...

Enter SAVE "we relisting and just placed some shares at 7p but will be great. you all should buy more!"

On Nigeria currency crisis. I think most o SEPLAT customers are invoiced in USD, and paid in USD (from presumably international cusstomers). In contrast, the majority of SAVE receivables are from the true-up mechanism for Accugas, contracted with local utilities. Somewhat different dynamics.

But agree, SEPLAT have good cash collection record:

Seplat Onshore had a strong year for cash call collection, highlighting our continued good relationship with our JV partners. On the NEPL/Seplat JV

for OML 4, 38, 41, we received a total of $352 million in cash call settlement for 2024, bringing the cash call receivable balance for the year to $69

million (2023: $83 million). On the NUIMS/Seplat JV for OML 53, we received $66 million in cash call settlement which brought the year end

balance to $16 million (2023: $21 million). Total cash call payments received in 2024 was 47% higher than 2023 receipts.

agree with your drivers here, that is why i am still here (and been invested since 2018 with all the ups and downs).

seplat vs. save goes to show what a more focused strategy (on nigeria) can deliver while save been trying many things in many countries. on african country alone is complex enough to handle, throw in chad, niger and south sudan and you got a ****tail of challenges.

gla.