Member Info for scotpak

In terms of general mood, was decent. Andrew comes across as a very smart knowledgeable guy who has been working his socks off.

He is confident share is massively underpriced and is certain that receivable and arbitration payment will spark a massive share price adj. I must admit, I was surprised by how certain he seemed on the Chad compensation.

There was a grumpy guy to my right who kept bringing up the 7p rights issue and rightly so.

Andr

For Jam: yes, cash events referred to $100m receivable payment but this would be combined with a new payment plan to address remaining receivables.

I think $100m is material. Nigerian govt are showing they are willing to address bills that have come about from the "true up" mechanism (I.e. due to massive Naira depreciation). This combined with payment plan should be a decent share re-pricing event.

We spent sooooo much time on the receivable, didn't really discuss additional gas contracts or drilling unfortunately.

He is still super keen on south Sudan. Has no pressure from board or shareholders to not pursue. He just thinks it's best to wait 6 months and see where we are. The $300-500m annual free CF for him offsets all the tail risk.

We didn't discuss timeline or specific acqns. The acquisition facility gives him freedom to invest where he pleases. Only stipulation is that it is for an oil producing assets.

Exit by selling.

Working rest of day so will come back in evening if people need clarification. These are literally the notes on my phone.

> TT Intl only sold shares on relisting date. Did not sell any shares after that date. As far as Andrew is concerned all other institutional shareholders are not selling. Only Aberdeen and TT have sold down.

> 350 employees globally. SAVE are not small.

> on NIGER, if we didn't get an agreement to use pipeline. Then they would exit asset. Trucking solution not viable given 800km distance and roads are very bad. Economics are materially worse.

> given political climate, any south Sudan acqn very unlikely in the next 6 months.

> AIM rule expected to change, so even if they bought 100% of South Sudan assets, it shouldn't lead to a suspension.

My notes:

> 2/3 of biz exposure is fixed price gas. Oil related biz is largely hedged.

> obviously if oil price crashed, Nigeria is the largest customer, and their fiscal issues could affect company.

> 80%+ of receivable balance reflect the true up mechanism. Remaining balance has been linked to 100% full timely payment. This compares to average 40% of payment of some of their Nigerian peers.

> not looking at promissory notes, or free assets, to satisfy receivables. Focused on getting paid in cash.

> on receivables, expect to get a roughly $100m cash payment and with the remaining balance being linked to a new repayment plans. SAVE will RNS $100m payment.

> had meeting with Nigeria minister of finance this week in Washington.

> 2 big cash events coming (1) receivable payment (2) arbitration payment.

> arbitration in June and in October. Should get results 6 months post October. So expect award at end of Q1 2026. As part of nationalisation law, Chad admitted they have to pay compensation for nationalising assets. Andrew seems very confident on award. Some questions asked on discounting award for quicker payment. Andrew said we shall see.

> Chad nationalised assets as they felt SAVE paid 1/3 what the assets were worth. Andrew felt if they were not listed and did not have to publish free CF estimates for Chad assets, Chad govt would not have nationalised.

> on $200m acqn facility, Andrew says they always have good relations with big Trading companies. E.g.Vitol. trading companies. Thus helped get facility over line.

> have been in Niger for 10 years. $90 -95m of capex needed to kick off production. Military coup 18 months ago delayed export pipeline but that pipeline is not running. Save keen to utilise the pipeline. Need to get an agreement in place with Junta to use the pipeline. Discussions on this expected in May 25. SAVE don't want to proceed until a solid western standard agreement is in place. Once that is done, SAVE are up and running in terms of selling production and cash flow. Have already have heard positive messages verbally but need it in an agreement.

>> pipeline is 14km away from nearest discovery.

>> 20,000 barrells par day unutilised capacity. SAVE aim to use 50% of that.

> south Sudan assets generated $300-500m per annum. Buying them is a no brainer. Nationalisation risk is low, but they have a safeguard through arbitration.

> Andrew seems very, very confident on arbitration payment on Chad.

> on acquisitions, number 1 priority is CF generation. Thus focused is on good producing assets, not exploration assets.

> on local debt financing may not need to full amount now after they get receivable payments.

> strategic investor involved in re-listing will add alot of value in various ways aside from just being investors.

And yes, will take loads of notes and share! 😊

I'm the Scottish Asian guy in a brown blazer. Say hi if u r around later.

Perhaps some of the recent optimism (coffee morning+ CEO buying shares) has been off the back of some of these developments. Perhaps plans to address the $500m receivables have already been discussed.

Anyways thanks guys. Very interesting articles.

All valid points but we could be overanalysing the situation. Given the 2yr+ suspension, there was always going to be some big sellers or forced sellers. On top of that, our debt has swelled up largely due to the huge depreciation in the naira and the associated unpaid receivables (top up mechanism in gas contract not honoured on a timely basis, which is understandles given the customer's bills have quadrupled. Thirdly, acquisitions that were being factored in when this traded at 40p and at 27p are now dead and buried.

I dont think there us much beyond that, or a secret liquidity crises (banks wouldnt be granting these guys $200m acqn facilities if that was the case).

Anyway lets see if we get some answers over some coffee. Obviously lots of upset people including me but we could just be getting close to some vary positive developments in the next few months (receivables payment plan agreed, debt facility refinanced, $200m nigerian acqn??, chad compensation etc etc).

Through his 2m purchase he may have taken out TT int'ls remaining shares via an intermediery broker.

I will be the muscular asian guy holding a red rose! 😂

Who is coming??? I will definitely try to be there.

Savannah is pleased to invite the Company's retail investors to a coffee morning hosted by Andrew Knott, Chief Executive Officer. This will take place on Friday, 25 April 2025 at 10:00am at the Company's offices located at 40 Bank Street, London E14 5NR.

Chillax guys. Nasdaq down 5%, oil down 7%, SAVE stock unchanged. I shall take that as a win!

The 5th Mar RNS said TT has 34m shares left. The average daily trading volume is roughly 3m shares per day. 20 trading days since 5th of March * 3 = 60m shares. This likely suggests that even if they havent cleared there total size they must be getting pretty close.

Close price can always be a bit misleading. Last traded price is probably more meaningful, but not sure if everyone can look that up.

Are we actually going to hold on to share price gains into the close? Could it be a sign that the forced selling by TT Int'l is done? Fingers crossed for everyone!!

Shore capital broker report from 4th of March states that the bulk of current outstanding receivables ($539m)are owed to Accugas for gas sales to Calabar Power station. Calabar is ultimately owned by the Nigerian govt.

As I have stated previously, Nigerian govt is on an improving fiscal trend so eventually I do feel a sutiable payment plan will be agreed. There could also be a deal to be done thru favourable acqn terms or an attractive Naira financing deal.