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Did a bit of research in the approvals process and here is my summary:

The 2012 Petroleum Act of South Sudan outlines the key terms and governance of PSAs in the country, and the roles of companies and the government entities.

On assignments, Article 41(6) states that any assignment of rights/interests requires prior written consent from the Minister of Petroleum. No timeframe is specified.

However, the 2013 Model Production Sharing Agreement issued under this Act does contain more detailed provisions:

Article 1.6 specifies a 90 working day period for the Minister of Petroleum and other authorities to respond to requests for assignment consent, also providing for "deemed consent" if no response after this period.

So in summary:

The South Sudan Petroleum Act requires government approval for PSA interest transfers

While the law itself doesn't specify a response timeframe, the model PSA template under this legislative framework gives 90 working days for explicit denial/consent from the government, after which deemed approval applies, which is standard sellers right's protection in most production sharing agreements.

Zengas - one would hope there are learnings from the chad deal factored Into the South Sudan deal or any other future deal

Zengas & CYB - Over the last year I believe this question has come up a number of times. I believe rocky did check and the answer was approval is not required for admission document releasing and returning to market, but it was AK's preference to come with approval at hand alongside but not a formal requirement.

As far as my experiences go with all oil and gas deals i have never heard of formal approval being granted the same time as the admission document is released and very unlikely that this is the case here.

There is confusion between preference and requirement based on what we have heard from posters who have spoken to IR.

Like all on here I want to return to market with SS deal completion but another extension till the end of March 2024 wouldn't be so bad it the grand scheme of things...........

1) It would allow us to see if the SS deal still has legs and how serious are the SS government is in approving our deal.

2) Continue to build cash from accugas for when an acquisition finally comes our way.

3) Additional gas contracts.............

3) On the cusp of compression project completing.................... by mid year 24. Transforming the companies capacity to process gas.

4) Niger pipeline probably started and exporting first oil, with hopefully us being able to logistically plan well test in Niger.

5) Hopefully debt restructuring completed Q4 2023.

6) Further clarity on Chad / Cameroon and everything associated with it.

6) Perhaps time to secure an additional acquisition if not in motion already. This remains an interesting one as not sure the level of flexibility they have on this are they able to supersede another acquisition ahead of the SS Deal with the SS Deal still intact, who knows as this is more a practical and legal question which I don't believe anyone has yet asked the company or knows to date.

The RNS even states

"To this end, I am pleased to confirm that we are currently in the advanced phase of negotiating the potential acquisition of certain oil exploration and development licenses located in South Sudan."

If they are willing to do business with a under £10m market cap company and not a few hundred million market cap company than there will be some serious eyebrows, especially with our ability to access capital to develop projects aggressively.......

Interesting to see Zenith sign an MOU in South Sudan and RNS today

https://www.lse.co.uk/rns/ZEN/mou-22683648220-south-sudan-3bzbhpeiubyz8oo.html

Let's just hope the traffic jam and regulatory hurdles in South Sudan oil and gas space are starting to loosen and that they start to approve deals that make a substantial difference to their economy.

Thanks Rocky for keeping up the relationship with IR and for going out of your way to provide updates for us all.

My take from your update and a key one for me is the accugas debt restructuring it seems like the paper work is being drawn up which is a good sign, and let’s hope it completes in the next few weeks

Good Spot Komakino that clears that up I guess he will be sitting on his hands the past few months or perhaps re-deployed...........

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

SP is anybody guess really don't think there is a science to it. let's all hope that AK and the Board pull a few rabbits out the hat...................

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...............................................

Could be housekeeping ahead if there is to be a shareholder resolution in the near future………

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........................