GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
New Investor relations and communications consultant with M&A experience (maternity cover)
https://www.linkedin.com/in/dhruv-drew-soni-61a895114/
New HR change management consultant on Contract
https://www.linkedin.com/in/amaan-javed-132a5583/
Last but not least this one seems interesting Head of Site @ Savannah Energy started March 2023 so probably not related to Chad acquisition.........
Interesting job description :
- Operational transition of an asset operation from a major company to Savannah.
- Implementation of a new operation philosophy: HR organisation on site, new maintenance strategy and new production/budget objectives.
- Optimisation of operations and costs: Opex management and contract renewals.
- Planification for the next years of improvement/debottlenecking projects : Review of business case and Capex, planification, necessary resources and management of contractors.- Operational transition of an asset operation from a major company to Savannah. - Implementation of a new operation philosophy: HR organisation on site, new maintenance strategy and new production/budget objectives. - Optimisation of operations and costs: Opex management and contract renewals. - Planification for the next years of improvement/debottlenecking projects : Review of business case and Capex, planification, necessary resources and management of contractors.
Skills: Troubleshooting · Opportunity Identification · Management · Site Specific · Budgeting · Performance Motivation · Manufacturing Operations Management · Manufacturing Process Improvement · Production Operations · Safety Management Systems
https://www.linkedin.com/in/quentin-soulat/
"Operational transition of an asset operation from a major company to Savannah." seems like an interesting terminology could it relate to South Sudan or another acquisition who knows or might not mean anything..............
Another interesting article, talks about oil reform
https://www.theeastafrican.co.ke/tea/business/juba-dollar-restrictions-to-stay-as-pressure-mounts-for-reforms-4430294
As long as both parties feel the deal is still on and can be completed we can continue to be granted extension. Personally feel this deal will go into next year and probably a new extension of 31st March 2024.
Maria seems to be on a path to recovery so I wonder if Savannah are waiting to see how much it recovers by before executing on the re-financing debt.
Perhaps if they think it can recover strongly back to the parity post the de-pegging earlier in the year could mean in could recover a significant portion of the fx loses back
https://newtelegraphng.com/naira-appreciates-against-dollar-amid-cbns-forex-initiative/
Rockyride - Part of me thinks that the reason why we haven't had news on accugas debt re-structure even though they have said many times that the term sheet is in place is probably because there may be some linkage to the overall debt package we may procure for the South Sudan Deal. Otherwise it seems an awful long time from having a term sheet to formally close the financing for accugas..................
they may be certain co-dependency's
One thing I would say now is having our chairman on board who is fully focused on Savannah Energy post his EY role, would hopefully support AK quiet a lot so if AK is tied up in one country our chairman can be representing the company in other territories although it;s not within a typical chairman remit but considering our Chairman is african energy law expert I am sure he could be out there sounding out other acquisitions and building relationship at senior government and ministerial levels. I believe his value will be realised in time and can not be measure he has also helped a number of countries in african draft their petroleum laws so he would know many jurisdictions inside out
Cautionyourblast - Personally don't think we would be 15p, the business is far more resilient than that and at 26p neither Chad or South Sudan was priced in. Besides with the accugas CPF, debt restructure, potential Niger start up, chairman purchasing shares at suspended price of 26p, I see we are at fair value at present. The market could view the south sudan deal not completing as a positive to the contrary as well considering the jurisdiction of the asset and could think that long term we dodged a bullet.
But it all depends on how the company keeps the market appraised and I am not referring to just deals, I am referring to all operational things, such as Debt restructure and plans for Niger and anything else that they may or may not be working on...............................................
Just the holding being moved to Phoenix life which is Standard Life Assurance is owned by Phoenix Group.
Also Voting rights have been transferred to Standard life Assurance from Abrdn plc with no change in economic interest.
https://www.savannah-energy.com/investors/major-shareholders/
There can be various reasons why a fund may sell shares from one fund and transfer shares to another fund, even when a company's shares are suspended due to a reverse takeover transaction on the London Stock Exchange (LSE) and the shares sold and bought net each other off. Some potential reasons include:
Fund Mandates and Restrictions: Different funds may have different investment mandates and restrictions. If a company is going through a reverse takeover, it might no longer fit the investment criteria of one fund (e.g., based on size, sector, or other parameters), but could be appropriate for another fund within the same fund family.
Profile of company post RTO: The profile of a company might change after a reverse takeover. If the profile of the company post RTO does not align with the original fund, it might make sense to move the shares to another fund that has a profile to match more in line with the post-takeover company.
Tax Considerations: Depending on the jurisdiction and the specific tax situation of each fund, there might be tax implications or benefits associated with realizing gains or losses in one fund and transferring shares to another.
Client or Investor Requests: Sometimes, institutional investors or significant clients may have specific requests that prompt such transfers.
Rebalancing: The change in the company's nature, size, or prospects after the reverse takeover might lead one fund to be overweight or underweight in that position, prompting a rebalancing action which could involve inter-fund transfers.
Internal Agreements or Arrangements: Sometimes, funds under the same management might have internal agreements to maintain or to handle certain situations in a predetermined manner.
Fee Structures: Different funds might have different fee structures. Transferring assets between funds might impact the fees earned by the fund management company.
Tier - I think it will all depend on whether Savannah Energy are comfortable in releasing the admission document without formal approval if all other workstreams are complete, for the various catch ups people have had with IR we have safely established that admission document being released is not contingent on formal approval and it would be nice to have alongside the admission document but not a condition precedent, the question will be and the onus on Savannah as to whether release an admission document without approval or come to the market without it
rocky / tier - frankly speaking those trade organisations mean nothing to me, it's like any trade body or organisation they don't mean nothing.......... they are just bunch of ****e organisations created by governments and have no real substance, a way to house government staff on all expenses............... the un, imf, world bank etc they all talk out of there ****e and are so disconnected with reality these days, they don't have the same weighting or political sway in opinion as past decades........................
Komakino - I am just assuming that is it a fools game by Petronas and Savannah or are their background assurances we will never know until official one way or another..................
It wouldn't surprise me one bit what the government say in public and what they agree in private are 2 different things.
Which is one of the very reason's why I believe the Caltech saga was designed to do as there is greater pressure in the political realms in South Sudan to either nationalise the asset or achieve the best possible deal possible, we know that they don't have the capabilities to run operations and nationalise the asset, so the only remaining option being a deal but is there a genuine party willing to match or better our deal only time will tell. Putting out press releases such as Caltech saga allows the government to at least say that they explored viable alternatives and none bearing fruit they progressed with the only deal on table etc...................
Soder - One would think after the whole Caltech saga which was about 5 to 6 weeks ago the Savannah, Petronas and Government of South Sudan would have had a frank conversation to say are all parties still in or out, and considering we haven't heard anything since and Rocky's update seems like everyone is still working as if the deal is still on.
In terms of the deal progress and approvals, it's hard to tell as every deal is bespoke and works differently. But one would imagine at each stage there are progress, milestones and checkpoints for all parties Petronas, Savannah, and government of South Sudan. We know that Petronas and Savannah being the sellers and buyers would be hitting those however one would imagine that the government of South Sudan must being also hitting those checkpoints or completion tasks from their side as well to still keep Petronas and Savannah still at the table.
It would be illogical to think that for 10 months Petronas and Savannah have been completing those milestones on pure word of mouth basis and the South Sudan government have just being a spectator for the last 10 months only to hinge on a yes or no for them, one would hope that no deal is structured in such a way.
In summary the point I am making is are Petronas and Savannah foolish to do all this work for 10 months without any tangible progress and continue to do so or have they started to get binding assurance at each stage of the deal over the last 10 months thus allowing them to progress to the next stage each time. Obviously we know the final approval is always the main approval from the government.
Rockyride - Personally we have come to the end of October already and on the surface it looks like we are probably in the same position as end of June, July and September deadlines. I don't believe the final 2 weeks i.e the first 2 weeks of the December deadline will see meaningful progress so if we don't have news either via the company or we don't start to hear via publicly available news sources in the next 4 weeks i.e by the end of November than it would be safe to assume we are in the same position. With every chance of the deal going into next year.
Although saying this i hope the company keeps us appraised on debt restructure and Niger and everything else amongst the deal extensions........
Rocky - I am sure if you send an email you may get an out of office with an alternative contact that you could link into in any case let's hope we are in the realms of completion or edging ever closer towards it...............
As ever do keep us appraised as and when you manage to link in or get updates from IR.....
Interesting comments and production update by Nilepet MD on current production
Dar Petroleum Operating Company (DPOC) Block 3/7 - 40% Petronas Share = Current Production = 104,000 * 40% = Petronas Net Share = 41,600 bopd
Greater Pioneer Operating Company (GPOC) Block 1, 2 and 4 - 30% Petronas Share = Current Production = 50,000 * 30% = Petronas Net Share = 15,000 bopd
Sudd Petroleum Operating Company (SPOC) Block 5A - 67.9% Petronas Share = Current Production = 10,000 - 16,000 * 67.9% = Petronas Net Share = 6,790 - 10,185 bopd
If these figures are as the NIlepet MD says than our net share of total production for these assets on Completion could be in the range of 63,390 - 66,785 BOPD likely production profile on completion of 60-70K Bopd. The average for the year may be lower in 2022 and 2023. Due to periodic interruption in production and operational challenges but not a bad if on completion we continue to produce at the said levels and material enhance the production post acquisition if or when we take operatorship.
Production Profile of the company post acquisition in the next 12 months if things go our way:
1) Current Production 25,000 BOPD, we can easily add 10,000 bopd once the CPF facility completes next year and bring accugas closer to 35,000 Bopd.
2) Petronas South Sudan Acquisition - 63,390 - 66,785 BOPD, easily get to 90K+ post acquisition
3) Niger start up production circa 5,000 Bopd
4) Unlikely but if we reach a settlement on DOBA oil fields and get our 40% share of the 30,000 bopd that DOBA field produces adds another 12,000 BOPD
Granted we need a lot of things to go our way but it's easy to see why we are not willing to walk away from the Petronas South Sudan deal easily until the government formally reject our deal and hence we are happy to continue the stalemate. As the success case is probably worth the wait if the South Sudan deal does come through than it catapults the company overnight into being a 100,000 bopd company.
Seems to me that South Sudan is not ready for nationalisation so the only option would be to extend the PSC beyond 2027.
CNPC, ONGC, Petronas or Savannah would never commit to investment in licences until government formally and legally grant an extension through a revised production sharing agreements and not just word of mouth.
Interesting interview from Nilepet MD on eye radio. Watch from 3 mins onwards he touches on nationalisation and says that they are not ready etc……
https://fb.watch/nZVNEPIP1q/
https://www.eyeradio.org/amuor-urges-parliament-to-ensure-nilepet-independence/?fbclid=IwAR02ZfGlzQKr1qPbhFqYZiEljBvPwP9qkpffZhos_-wp9qraOlx6Lnyk9sQ_aem_AXdAZHI4BhHORj8cr98KBfUZyvXaSApLJA5-BiMJvoh6g6l_5sUy53Ynkzi_araqVY8