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Sources with knowledge of the matter said GOC -- which is believed to be short on cash -- had paid a deposit but had not yet secured financing. The SPA is not contingent on financing, but closing is. The NOC, which had been in discussions with trading houses, claims it has made progress with various parties, the sources said.
"They have agreed a few months to raise the financing," said one source. "Yes, they can borrow money, but unlikely the total amount needed."
Carlyle declined to comment further on the details of the deal or the financing. GOC did not respond to requests for comment.
Https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/021624-gabon-celebrates-13-bil-assala-oil-deal-but-questions-linger-over-financing
https://www.energyvoice.com/oilandgas/africa/ep-africa/547974/gabon-commits-to-assala-deal-maurel-calls-it-quits/
Looks like savannah may not be involved after all although there isn't any clarity on who or how it's being funded.
Morning folks, Another week down.......................................................... Silence on the savannnah front.........
2 new jobs posted yesterday
https://careers.savannah-energy.com/job/Eket-Senior-Mechanic-AK/967827255/
https://careers.savannah-energy.com/job/Calabar-Field-Operator-CR/969237355/
On a separate note Jadestone is suspended this morning pending a RTO deal in Australia, just goes to show there are deals to be made outside of Africa as well if Savannah ever wanted to pivot away from a deal outside of Africa..........
https://www.lse.co.uk/rns/JSE/response-to-media-speculation-trading-suspension-4qylrkr01mycypj.html
If the borders between Niger and Benin re-open in the next few weeks as the article below illudes too, I would want Savannah to be quick to start a work programme in Niger for Q2 2024.
https://cadreco.media/article/848/reouverture-prochaine-des-frontieres-beninniger-lideal-pour-leconomie-nationale
In response to the coup d'état that occurred in Niger on July 26, 2023, Benin closed its border with its neighbor, in accordance with sanctions measures taken by the Economic Community of West African States (ECOWAS). Niger also subsequently closed its border with Benin.
But the disadvantages of the application of ECOWAS sanctions against Niger have not spared Benin. Serious economic consequences have been recorded. Port revenues have fallen considerably. Beninese transport traders have seen their income-generating activities suspended. There was gnashing of teeth among the truckers. The president of the union of transporters and importers of Benin, Rabiou Garba, deplored the fact that more than 500 trucks were blocked in a park with a capacity of 200 trucks in Malanville, a Beninese town on the border with Niger. Which makes this park inaccessible to other trucks arriving there. “So backordered goods. Billions of CFA francs are at stake,” he complained.
Five months after the ECOWAS sanctions applied against Niger, Benin lifted the suspension of imports of goods transiting to Niger. This news came a few days after the President of the Republic expressed his desire to “rapidly restore relations” between the two neighboring countries. But Nigerien leaders remained adamant for a return to better feelings between Benin and their country.
However, faced with the enormous repercussions of this situation on the Beninese economy, the President of the Republic of Benin, Patrice Talon still plans to restore the good atmosphere, particularly economic, which linked the two countries. Thus, during the press conference on Thursday, February 8, Patrice Talon gave assurances regarding the very soon opening of the borders between Benin and Niger. “If all goes well, by next week or in the weeks to come, the borders between the two states will be open for the happiness of nationals of the two countries,” he said. This measure would be ideal for the national economy, by revitalizing the revenues of the Autonomous Port of Cotonou and promoting the resumption of suspended activities. The people of Niger will also be able to breathe a sigh of relief. Because the disadvantages are also visible in this Sahelian country.
UK government announcement - https://www.gov.uk/government/news/uk-signs-landmark-economic-partnership-with-nigeria
Full Article - I hope it's a Vitol / Savannah Due even though the article does not mention Savannah.................... Surely Vitol would like a credible partner to operate these assets are they really willing to risk providing a loan of such magnitude without a credible operator also working alongside the Gabonese government remains to be seen but either way I believe the deadline is end of Feb.
Vitol wants debt paid before helping GOC buy Carlyle's assets
Published on 12.02.2024 at 05:40 GMT
Geneva-based trader Vitol remains the Gabonese government's preferred choice for a loan of several hundred million dollars needed for the Gabon Oil Co (GOC) to buy Carlyle's assets, which have been operated since 2017 by Assala Energy.
Vitol will however only lend the money if the Société Gabonaise de Raffinage (Sogara) pays off its debt of several million dollars for past deliveries of petroleum products. Gabon's oil ministry, headed by Marcel Abéké, has so far refused to link the two cases.
Carlyle is putting pressure on the GOC to find the funding as quickly as possible. Oil company Maurel & Prom signed a purchase agreement with Carlyle in August 2023, a few days before Brice Clotaire Oligui Nguema's coup. He has since decided to pre-empt these assets through the state company, which is active via direct stakes in all of Carlyle's blocks. The deal represents almost 45,000 bpd of production.
Looks like Vitol is ready to provide a conditional loan although looks like Savannah isn’t mentioned this time so may be they are happy for the Gabon oil company to be operators without a third party
https://www.africaintelligence.com/central-africa/2024/02/12/vitol-wants-debt-paid-before-helping-goc-buy-carlyle-s-assets,110158233-bre
Mukesh and Komakino - with every extension I have always felt that the intention is to return to market with a deal I am sure in the back of AK mind you don’t want to have wasted 14 months in suspension to not come back with a deal and than ask for another suspension to pursue deal making strategy will be hard sell to shareholders so the idea being come to market with a deal following the current suspension period would be the most prudent and sensible course of action now whether that’s with South Sudan or another deal or South Sudan and another deal who knows. Now since December 22 it’s only recently after over a year we have started to get a little more commentary on the deal itself:
1) first time since suspension savannah added a little context to the rns on 1st Feb 24 - saying in country approvals are being pursued this can be viewed in many ways it could mean from Savannah point of view they are reaching a stage where they have completed all they need to and have satisfactory lined up t
Workstreams in order to complete that to me is how I read it effectively they are now saying the ball is in SS government hand but savannah has got everything ready to go if approval is granted.
2) Shore capital - saying realistically expect admission document in the new suspension window.
3) Africa intelligence saying on 30th Jan article due to complete in the next few weeks.
4) the IC interview loosely touching on completion shortly.
Now that’s the most drip feed or breadcrumbs we have had since deal announcement which has been over a year in the last few weeks.
Folks can view the above with caution or optimism……. ……………….
Https://www.energyvoice.com/oilandgas/africa/547530/exxon-mobil-to-exit-equatorial-guinea-after-nearly-three-decades/
We know that Equatorial Guinea is still looking for a partner to continue running the fields so probably even though exxon is handing over to them they don't have the operatorship experience or capability to run assets
https://www.africaintelligence.com/central-africa/2024/02/08/teodorin-obiang-offers-zafiro-and-fortuna-fields-to-eni,110157308-bre
Seems like buyers already in place for total energies
https://www.upstreamonline.com/production/totalenergies-heading-for-the-door-pouyanne-says-niger-delta-oil-exit-deal-soon-/2-1-1595568
Https://www.union.sonapresse.com/gabon-economie/rachat-des-actifs-dassala-gabon-la-goc-fait-valoir-sa-preemption-27227
ONE month and a half after the instructions of the President of the Republic, Brice Clotaire Oligui Nguema, concerning the
purchase of Assala assets, Gabon confirms having received several offers from large companies and reassures public opinion
of its ability to raise funds as part of this operation. Indeed, while rumors were circulating relating to
an alleged inability of the State to raise the funds necessary to exercise pre-emption for the repurchase of Assala,
as announced by the Head of State in his speech to the Nation, the Director General of Hydrocarbons, Ernest
Ndong Nguema, brushed aside this information.
"I would like to remind you that the pre-emption process as defined in the law, that is to say the Code of
hydrocarbons, provides that in the event of transfer or assignment of rights, the State has 60 days to make
pre-emption. In the event that the State does not exercise its right of pre-emption, the national operator (GOC) has at its discretion
45-day turn to pre-empt. The GOC exercised this right of pre-emption on November 25, 2023, therefore before
the expiration of the deadline which was December 3, 2023. This was the only deadline that had to be respected,” he declared.
And to continue: “The sellers and the GOC are now engaged in a negotiation which should lead to the
signature of a new deed of transfer, which defines the deadlines for the payment and effective transfer of the asset.
Concerning the State's capacity to raise the funds to make this acquisition a reality, I would again like to reassure
public opinion. Several opportunities and financing mechanisms are available to us. Our attention is focused
therefore on the assurance that we select the best option from the point of view of the interests of the State ".
Total looking to exit Nigeria onshore as well, same operating assets as shell sale of 30% stake for $2.4bn to local independents announced weeks ago. Total has 10% stake in these assests so simple maths would suggest Total stake is worth circa $800 million. I wonder whether we would be interested in these.............................
https://www.reuters.com/business/energy/totalenergies-looks-exit-nigerian-onshore-oil-following-shell-2024-02-08/