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For most of 2022, the government of then interim president Mahamat Idriss Deby, aka "Kaka", was on good terms with Savannah Energy executives, particularly its director in Chad, Nicolas de Blanpré, a former executive of Franco-British junior company Perenco. The relationship, however, soured suddenly in December 2022. One of Savannah Energy's rivals to take over ExxonMobil's assets, Perenco, held talks with the Chadian government in a bid to get help with taking them over. Since the nationalisation and the dispute with Savannah, Perenco has stayed away.

Unattractive assets

When Savannah Energy was sidelined, Deby's powerful civilian chief of staff, Idriss Youssouf Boy, was at the helm. Since Boy's imprisonment for corruption in early 2025, the influential minister of finance, budget, economy and cooperation, Tahir Hamid Nguilin, has become the main person responsible for oil and legal affairs. Nguilin already held this post in 2019 under President Deby, who died in 2021, and retained it after the arrival of "Kaka". Previously he had been managing director of Société des Hydrocarbures du Tchad (SHT), one of whose subsidiaries has been operating the former ExxonMobil assets in Doba since 2022.

In Chad, a number of key players around the president are still hoping that conciliation will be possible. This is particularly true of minister of petroleum, mines and geology, Ndolenodji Alixe Naïmbaye, who attended all the hearings in the Paris arbitration. A member of every government since the arrival of President Deby in 2021, Naïmbaye feels that the nationalisation of ExxonMobil has reduced the attractiveness of Chad's oil sector.

But the Doba fields, formerly in the hands of the US major, need considerable investment to maintain their production levels. In 2024, Chad tried unsuccessfully to entice state-owned Angolan company Sonangol to acquire the licences. These assets will however remain unappealing until arbitration is completed or a conciliation is initiated with Savannah Energy.

Spotlight | Chad

N'Djamena and Savannah Energy's court clash over ExxonMobil blocks

After bluntly dismissing Savannah Energy, which bid for ExxonMobil's assets in Chad, President Mahamat Idriss Deby's regime is still waiting for the arbitration tribunals in London and Paris to rule on the dispute.

On 16 January, behind closed doors, the arbitration tribunal of the International Chamber of Commerce (ICC) in London decided not to rule on the dispute between the Chadian government – the instigator of the arbitration – and Savannah Energy. The case concerns ExxonMobil's assets in the Doba oilfields and its 40% stake in Cameroon Oil Transportation Co (COTCO) and Tchad Oil Transportation Co (TOTCO), which jointly manage the export pipeline to Kribi in Cameroon.

The arbitration, which is numbered 27456, was launched in 2023 and relates to the process of purchasing these assets, which N'Djamena claims did not comply with Chadian rules. A year earlier, in 2022, Savannah Energy had bought all the US major's assets, before being forced to leave Chad by the authorities. The government then proceeded to nationalise all of ExxonMobil's investments in the country.

To justify its decision to refer the case, the arbitral tribunal argued that it could not rule until the International Chamber of Commerce in Paris – where Savannah Energy has launched two arbitration proceedings against the State of Chad concerning this expropriation and nationalisation – had delivered its decisions. Rulings are however not expected for several weeks.

Savannah Energy strikes back

From 16 to 21 June 2025, the Paris `International Chamber of Commerce met to put the Chadian government's defence to Savannah Energy's representatives. During this week of closed-door meetings, Chad was represented by Cleary Gottlieb, with Jean-Yves Garaud as lead counsel. Chad's usual lawyer in Paris, Barthélemy Faye, coordinated the strategy with N'Djamena. Junior company Savannah was represented by Quinn Emanuel Urquhart & Sullivan, via Thomas Voisin and Philippe Pinsolle.

During the five days of discussions, both sides put forward a number of witnesses to strengthen their arguments. Chad decided to call Djerassem Le Bemadjiel, who was its minister of petroleum when nationalisation took place, Gali Ngothé Gatta, secretary general of the presidency at the time, and Gotram Ngaralbaye, ExxonMobil's public and government affairs adviser in Chad. On Savannah Energy's side, the witnesses included the company's vice president, Yacine Wafy, and ExxonMobil's most recent general manager in Chad, Cécile Rauline (who is currently managing director of the US major's business in Kazakhstan).

ICC President Gabrielle Kaufmann-Kohler, co-founder of LKK Arbitration, is assisted by law professors Nicolas Molfessis and Laurent Aynès in this arbitration - which bears case number 27523. Aynès is from law firm Darrois Villey Maillot Brochier.

The news this morning is subtle but really positive shows that now the big boys and funds will get involved from North America and Israeli markets. With potential of multiple farmouts and drill lined up over the course of the next few months and year in proflic exploration and proven regions. This is just the beginning anyone guess where our share price is eventually but this is just the beginning and we will easily be multiples of where we are currently

Canaccord will work alongside the Company's existing corporate broker Berenberg and Strand Hanson, the Company's Financial and Nominated adviser. Canaccord has been appointed following their role in the recent strategic partnership entered into with Navitas Petroleum LP and their proven outreach to UK, North American, and Israeli equity capital markets.

At a future date was referenced by Gil in the quotes of termination. That future date makes a lot of sense now.

"With the exclusivity period of our JHI negotiations ending last night, we have terminated the JHI proposed acquisition. We are unable to proceed without the appropriate protection for our shareholders that such lock-up arrangements were designed to provide. We look forward to remaining a significant shareholder in JHI with over 7% of the company and, as such, retain exposure to the potential of the Canje Block. We wish the JHI management the best of luck in growing and monetizing the business to benefit all shareholders. Notwithstanding termination of discussions, we and JHI may re-evaluate the proposed acquisition at a future date.

Acquiring 100% of JHI now would make complete sense with Navitas as partners already developing in the falklands reaching FID.

Https://www.lse.co.uk/rns/ECO/termination-of-the-proposed-jhi-acquisition-4a927jwds9j5cx2.html

I wonder If Eco has another attempt at purchasing JHI and the 50/50 terms will be assigned on that deal. They did attempt to buy JHI in the past

I remember when we were going for acquistions back a few years broker notes were calling us the billion dollar baby. and there was hopes for £1 and £2 per share how far have we come.......................................................

This will get through as it aligns everyones interest and gets the project moving.

Agreed Scotpak - Although I am wondering why is the naira debt conversion taking so long i think it will be a goo place to start to get that over the line than it might bring some confidence back at the moment everything that Save does or touches turns into sour milk.

Looks like positive dialogue has started to get a new agreement for ratification before parliament there is a definite sense of urgency.

Atlantic Lithium Country manager also part if the discussion.

https://3news.com/news/govt-is-focused-on-crafting-a-deal-that-benefits-the-country-at-large-lands-minister-assures-csos-on-lithium-agreement?utm_source=dlvr.it&utm_medium=twitter

A revised agreement will be in front of parliament in due course.

The Ministry further noted that “As a clear demonstration of Government’s unwavering commitment to refining our legal and regulatory landscape for the benefit of every Ghanaian, the process of refining this legal instrument has been formally initiated based on substantive feedback received from stakeholders. This is to ensure that our natural resource governance meets the highest standards of fairness and national interest.

It assured that “The Ministry will continue to compile and review the valuable proposals received during these engagements. Subsequently, a revised agreement, grounded in the national interest, developed in full compliance with Ghana’s laws, and enriched by stakeholder contributions, will be laid before Parliament in due course.

https://3news.com/news/government-withdraws-lithium-agreement-from-parliament-for-review?utm_source=dlvr.it&utm_medium=twitter

Komakino - Are you saying that whilst they havethe upsized facility to convert they don't intend to convert fully to naira and leave the remaining balance in usd ? servicing through existing cashflow ?

Forget about growth survival seems to be the key now otherwise it will be shutters down for savannah. Tullow on the cusp of administration. Still not hearing on the accugas naira to usd conversion makes me incredibly nervous.

Savannah has history of smoke and mirrors. Whilst I hope I am wrong as I still remain a shareholder. It clearly shows it’s going to be a long slow slog to come out of this mess we are in.

Another 20 - 30 million volume of volume and this will be above 3p

Https://www.aquis.eu/stock-exchange/announcements/5477692

Https://uk.investing.com/news/company-news/weshop-launches-social-commerce-app-allowing-users-to-earn-equity-93CH-4382306

Savannah constantly getting involved in messy acquistions is just what the company needs. Sounds like they are just trying to buy there way out of this mess which i have illuded to but the acquistions of choice are also a mess so it's amplify the mess. The company really needs to go back to basics until that accugas receivables is less than $50m they should not be pursuing such risky deals.

Tier - 2020 / 2021 we were talking well north of £1 and this being 100,000 - 200,0000 bopd company. That is well an truly dead now. Niger is dead for another 2 to 3 years.

I am not saying savannah will not see better days than where they are today they might but my excitement was on it's hydrcarbon strategy which is no longer the case.

5 Years of hydrocarbon acquisitions and didly squat. it's funny how the PR has switched that they don't even mention future or potential hydrocarbon acquistions. let's face it the hydrocarbon strategy is dead so now they are trying the same strategy with renewables.

Absolute joke...........................