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Thanks for posting that itsyou, do you have some macro that pulls this stuff off? You are always on the ball. I really like GC he has fantastic corporate behaviours and ethics, he talks about sustainability with a passion. He must be a great guy to work for.

I dropped him a mail a while ago and he always responds. He has said the face masks are just a couple of weeks away. If as he indicates the science is proven and they can be reused and recycled that would be a game changer! Atb

Trek

Ok if you don’t hit the incentive then it’s not an incentive so to incentivise the BoD to deliver for shareholders best we lower the incentive. Only one winner here then unless you are just buying! I would have been happy if it just stopped dropping from 28p ffs!

P55
As disclosed in the Dec 2017 Admission Document, in the view of the Remuneration and Nomination Committee, the vesting and hurdle conditions of the Existing Plans were too stretching to serve as a realistic incentive. Accordingly, and as disclosed in the Dec 2017 Admission Document, the Company had intended to reduce: (i) the Hurdle Price (as defined in paragraph 4.2 of Part 10 of this document) under the Long Term Incentive Plan from £1.68 to £0.42; and (ii) the vesting condition under the Supplementary Plan to a target share price of £0.42 per Ordinary Share. Rather than effect these changes at this current time, it is anticipated that the Company’s Remuneration and Nomination Committee will undertake a review of the Existing Plans to ensure that the vesting and hurdle conditions continue to serve as a realistic incentive in the current market. Such conditions will be determined in consultation with Savannah’s Nominated Adviser and it is acknowledged that, in certain circumstances, a fair and reasonable opinion pursuant to AIM Rule 13 of the AIM Rules may be required to be given on the amendments.

Page 358.... It won’t paste but looks to me that the terms of the LTIP are the publication of this document.

Awards
4.5.1 As at the date of this document, 42,624,837 Ordinary Shares are held in the EBT.
4.5.2 As at the date of this document, the following awards (under the LTIP and the Supplementary Plan) have been granted over: (i) 15,464,013 ordinary shares in the capital of SP1L; and (ii) 9,999,874 Ordinary Shares (equal to approximately 1 per cent. of the existing Ordinary Shares. No awards have so far been granted under the Additional Share Scheme.
4.5.3 The Company intends, following awards under
Directors
Andrew Knott
Isatou Semega-Janneh
Senior Managers
Yacine Wafy Jessica Ross

4.5.4 The Company intends,
following option awards to each of Sir Stephen O’Brien, David Clarkson and Michael Wachtel. Such awards are being made in full satisfaction of the Company’s obligation to grant awards over new Ordinary Shares with an aggregate value of £50,000 (based on a price per Ordinary Share of £0.35) to each of them (see paragraph 7.2 of this Part 10 for further details). It is anticipated that the options will, inter alia, be granted over new Ordinary Shares, be exercisable for a period of five years and have an exercise price of £0.001 per Ordinary Share. There is no current intention to make the options subject to any vesting or other performance conditions.
immediately following the publication of this document, to make the the Additional Share Scheme:
Proposed share options to be granted under the Additional Share Scheme over Ordinary Shares held by the EBT
21

A financial and operational update from SAVE this morning and they announce that FY cash collections from their Nigeria assets were $168.8m and from the beginning of their ownership to date in 2020 $96m. They are already seeing significant deleveraging with $40m of the restructured debt paid down by 31/3/20. AIIM acquired a 20% interest in SUGL and Accugas in return for $54m in cash giving an implied combined valuation of $270m of those assets, most impressive.

Average daily gross production increased by 25% during SAVE’s ownership to 19.6 koepd (15.7) which includes a 34% increase in Uquo gas production from 77 MMscfd to 103.8 MMscfd with a peak daily rate of 164 MMscfd. They have also announced a new GSA, the first in five years, with FIPL for their Afam power plant, in addition successful transfers of operatorship of both the Uquo Central Processing Facility and the FUN Manifold crude gathering station, from Frontier Oil Limited to Savannah.

As previously announced and based on the CPR prepared by CGG and published on 11 December 2019, net asset-level free cash flow generation, on a maintenance adjusted take-or-pay basis, by the Nigerian Assets, assessed to be an average of c.$130m p.a. 2020–2023.

In Niger the company issue an updated CPR for those assets by CGG, they give 35 MMstb of gross 2C resources for R3 East discoveries with an additional 90 MMstb of gross unrisked prospective, in best case, with tie-in distance of R3 East facilities. In the CGG report, a subset of 11 prospects and leads from the extensive exploration portfolio comprising 146 prospects and leads are given unrisked prospective best case of 360 MMstb.

Savannah plans to deliver the development of the R3 East and continue to progress with the installation of the EPS within 12 months, market conditions and finance permitting. The R4 area previously relinquished will now be combined with units R1/R2 PSC area the thus retaining the full acreage position previously covered by the R1/R2 PSC and the R3/R4 PSC.

Andrew Knott, CEO is clearly pleased, ‘In Nigeria, we are responsible for the provision of gas supplies to providers of over 10% of the country’s current power generation capacity, a responsibility we take very seriously . In this time of global uncertainty, it has been widely reported in the local press that many companies have struggled to supply gas-for-power in recent months, which has led to significant power outages in country. In stark contrast Savannah … has increased our gas production levels by 34% since completing the acquisition of the Nigerian Assets. We continue to expect to increase production levels further during the course of this year as we add new customers, such as FIPL who we announced earlier this year.’ Overall this is exceptional progress by Savannah and give significant optimism for the future.

https://www.malcysblog.com/2020/05/oil-price-savannah-genel-iog-igas/

Trek

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