Member Info for scotpak

Would not really be too concerned about net leverage of 3.2x given we were above 6x a few years back. But the accounts are very very messy with all kinds of one-offs and other weird stuff. You still have a large amount of debt relating to Chad only a small portion of which is recourse to savannah. Thus adjustments would need to be made that strips out the non-recourse part given the nationalisation. Also there is a huge amount recorded for "other operating income" which relates to FX losses and the re-billing of invoices. This would need to be explained further by mgmt. The part that concerns me a bit more is the drop in revenue which seems to be cited as a change in customer mix. I would imagine, alot of the these issues will sort themselves out in the next 12 months given the NAIRA FX adjustment is behind us, as are hopefully the large acqns. Only then will we be able to properly assess the Free CF generating ability of the core assets.

Paid poster? Thats ridiculous. The stock has been bleedin suspended for 2 years. Who is their right mind would pay someone to present a certain view when shareholders cannot buy or sell???

On a separate note, whatever happened to AGADEM? Im kinda of confused, I thought RR was Agadem.

Pointless to keep crying about past losses. Its all about the potential results of the selene well now. Either we fly to the sky or we sink into oblivion. End of story.

Good stuff. Hadnt realised u sold!

Wildcat stats:

> EBITDA = zero

> Free CF = zero

> Analyst/ broker coverage = zero

> Track-record in O&G = zero

Compared to Wildcat, SAVE is like a microsoft or an Nvidia!! Hope your punt pays off RR.

WC are just communicating that they are throwing their hat in the race to acquire SS assets. SAVE would only be forced if WC were confirming acqn had been signed.

Nigeria itself has a very poor ESG rating. I wouldnt be relying on any decent ESG flows come into our stock in the near future off the back of a few EV schemes/ projects.

Surely oil can by trucked. This is what companies in Iraqi Kurdistan(e.g. DNO) are doing fairly successfully given the main pipeline through Turkey has been closed for an extended period of time. Yes, production volumes will be lower but much better than zero. Might be a better time to get a very good deal that will give decent upside in the future?? Just playing a bit a devil's advocate.

I agree on getting out and focusing on all those action points mentioned in the AGM. However, does anyone have any insight into the motivation of the SS govt here? We know they dont have the resources or the expertise to run the company themselves. We also know most reputable oil producers will not accept some super dodgy royalty agreement which isnt inline with other EM govts. What are their goals here??

Its interesting how these tweets never mentions Savannah. Hopefully its for a positive reason.

Its funny how the positivity on this board ebbs and flows. I hope you guys are right and I also agree that many potential positive triggers lie ahead. HOWEVER, the mkts are definitely in a "I'll believe it when I see it", mode, and whether its Niger, Accugas Refi, SS acqn, Chad arbitrations, we have seen zero cashflow. Lets not get too carried away.

Some great colour there Zengas. Very much appreciated. I guess like me many have large sums tied up in SAVE and had their holdings suspended coming on to 3 years. (SS +CC deals). Hopefully we come good but frustration at mgmt is surely understandable and fair.

have to be honest, the ss deal has been such a ****show for such a long time, that the propect of no deal doesnt really make me feel upset. anyone else in the same boat?

I agree that CEO must go. The time and resources wasted on these acquisitions is completely unacceptable. Im sure there were several clear-cut signals to exit but AK just plundered with less focus on the quality core biz, or on the fact he should have been seeking acqns in more trustworthy jurisdictions. Maybe he pulls a rabbit out of the bag, but Id prefer this not to drag on, and we really need to focus on the sooo many other potential upside triggers available to save.

Thanks CYB, Im sure your post has helped cheer a few of us up.

Like most companies, share price excl SS will be driven by debt paydown, free CF generation and a sustainably growing EBITDA. Unfortunately we dont have the data to work all those things out. The other thing that Im interested in, is the actual date by which the SS aqn needs to complete by. Surely there is a date driven by AIM or a date agreed with the SS govt??

I really hope all these delays mean there are ACTUAL workstreams being progressed. Otherwise its all turning into a really bad monty python sketch!!!

Lets not be too disheartened guys. It would have been alot worse if they appeared to be covering things up, or if they had implied SS was touch and go and may not happen. Dont get me wrong, given 3 years of suspension (chad+ SS) and very limited info, and not a happy camper at all given all the money I have locked up here. Just hoping alot of major sources of new CF streams are coming on-line soon, so we just need to be a bit more patient. On the poor communications, given the political sensitivity, and regulatory risks, Im sure the team have been told to be very very careful with any information they share.

Much appreciated Trustlie. You were physically present right? Without your comments, seems like we would have been left completely in the dark. Anyways all seems fairly ok, no negative surprises. Any comments on the power plants in nigeria? Thx

If SS aqn completes, Niger production starts flowing & Nigerian Gas business debt is paid down, then we will be trading at several mutiples of 27p. We really dont need any more acqns. Some of us want to see at least some of the upside whilst we are still alive.