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And also as longshort says they probably need to get legal advice on this before commenting as it could back fire on them as well.

Correct beggarman there is more than meets the eye with this best to let it play out and only news from credible sources on deal status I.e Petronas or savannah energy will be deemed actual factual news.

As I said in one of my earlier post if we were close to completion this perhaps could be a last ditch attempt to squeeze more out the deal or an attempt to continue stalling the deal further if they had run out of actual genuine excuses. I still find in interesting the official source didn’t mention savannah at all. I would have expected it so say they have formal rejected the savannah Petronas deal. Seems to me like they are playing chess for perhaps additional add ons

Seems Secretary General of the Presidency, Ferdinand Ngoh Ngoh is the key to brokering the deal............. they met a month ago so let's hope positive things are to come perhaps cotco pipeline funds being frozen for all parties will force them to the negotiation table

Savannah uses British diplomacy to pressure the presidency on ExxonMobil shares

The newly appointed British ambassador to Yaoundé (who previously held posts in Bamako and Algiers), Barry Lowen, is trying to rescue the London-based junior company Savannah Energy. In a confidential meeting, he met the Secretary General of the Presidency, Ferdinand Ngoh Ngoh, on 29 August. Lowen hopes that the Cameroonian authorities will quickly bring together the various stakeholders so that Savannah Energy can receive compensation for the damage it has suffered in the ExxonMobil case.

At the end of 2022, Savannah Energy bought ExxonMobil's 40% stake in Cameroon Oil Transportation Co (COTCO), the company that manages the pipeline that transports Chadian crude from Doba to the Cameroonian port of Kribi. However, in March, the Chadian government finally decided to nationalise these shares.

In April, Savannah Energy undertook to sell 10% of its 40% stake in COTCO to the Cameroonian government for $44.9m (AI, 31/07/23). However, in order to convince Yaoundé to also nationalise ExxonMobil's assets in Cameroon, Chad finally decided in mid-August to double its stake by selling 20% to Cameroon.

This incident led to conflict between the Managing Director of Société Nationale des Hydrocarbures (SNH), Adolphe Moudiki, who was closer to Savannah Energy, and Ngoh Ngoh, who sided with Chad (AI, 06/06/23).

The US courts recently ordered the freezing of COTCO's accounts held by Citibank's Gabonese subsidiary.

Agreed Komakino - To be fair either way I want the interim results first to show the progress the business is making on all existing fronts happy to wait for AD if it takes longer.

Look at the career profiles for employees on Linkedin and website it's even more hilarious besides never heard of a government getting explicit budgetary support as a side to the deal surely that would lead to all sorts of international law condemnation and be akin to a bribe and also if the said individuals are us based individuals that surely there must be some law they are tripping up which could lead to potential persecution.

Also considering the bad press that Oil and Gas sector has got in sudan especially as there is currently the lundin case, Would Petronas really sanction a deal where the source of funds and credibility of buyers is sketchy, as sellers they have a responsibility to sell with all the due diligence as well.

If a genuine major like exxon, chevron, etc.................... came along and offered $3bn dollars than fair game you got outpriced by a company that is actually genuine and has the power but this entity seems like bad joke

this reminds me when lekoil announced that they had funding from qatari investors and they got scammed -

https://www.theguardian.com/business/2020/jan/13/nigerian-oil-firms-shares-suspended-after-revealing-alleged-scam#:~:text=Lekoil%20had%20already%20revealed%20the,the%20validity%E2%80%9D%20of%20the%20deal.

Cheers RockyRide Topman as ever appreciate the speed in which you are able to get an answer much appreciated from me and everyone else on here.

So clearly they haven't struck a deal with Petronas as well, perhaps this is a smokescreen to squeeze a better deal or final terms.....

Olderandwiser the SP will still be fine although we can't dream of £1 etc. Since the suspension we would have 10 months of operational excellence plus we are in a high energy price environment we broadly tracked seplat pre-suspension and seplat is up 50%+ since our suspension. I would expect us to be at fair value at the moment the chad deal was never priced in anyway at the time of suspension and and clearly the market is not aware of the ss deal prior to suspension so that was definitely not priced in so one would expect us to be between 26 - 30p.

I firmly believe Savannah Energy will have good news lined up either in the form of expansion of accugas business, debt restructuring, CPF expansion, Niger progress. Savannah as a minimum has to retain shareholder value and confidence especially after 10 months of suspension and I firmly believe they will

Also the government announcement doesn't explicitly say that they have terminated deal with Savannah Energy so this could be last ditch attempt to squeeze a better deal who knows until we get official confirmation from the company on what the status is at present

Perhaps someone can contact the company for further clarification, but I find it incredibly convenient that this article hits today.

Wilson if you read the statement it's basically a fraud company first they use the term 'Project that matter' which is our term.

this is there sketchy website

https://www.caltradcorp.com/

The linkedin profile says they are based in south Korea and has the same individual referenced on website named Mohammad Malique

https://www.linkedin.com/company/caltech-trading-korea-corporation/about/

List of employees is hilarious as well......................

Rockyride - I have a few questions if you don’t mind clarifying for me.

1) you mentioned that the admission document requires audit granted. I still don’t get the point around releasing it in tandem. Couldn’t the admission document be reviewed alongside the half year results and released a few weeks or months later with it being approved.

2) are you saying if it’s not released alongside the half year results than it requires another review…………

What is your current assessment at the state of play. Also have you been in touch with just IR or the nominated broker as well ?

Correct Komakino there are many facets to the deal and not just government and regulatory approval that can slow a deal down………..

But the positive bits are the independents which can demonstrate ESG and carbon reduction practices will get the lion share of debt financing made available to them and effectively those independents will be the winners as majors start to sell more and more assets and re-balance portfolios

Also like this quote “There are lots of assets available, but completed deals are lagging,”

Shows there is still appetite for majors to sell to independent all though deals which could be concluded quite quickly in the past now take a little longer but the end goal still be a deal made and concluded.

Seems like Nigeria and Angola could be the next sweet spot with regulatory change

Interesting article on energy voice by bracewell managing partner. We know bracewell have advised us on all our deals so far including South Sudan.

https://www.energyvoice.com/oilandgas/535093/ma-on-the-rise-bracewell-finds-despite-financing-squeeze/

I find this quote interesting

Margin ratchet

Fox said a shortage of capital meant that what cash is available will go to the best of the independents. “One criteria is where they stand on greenhouse gas emissions,” he said.

It has become “almost standard” for loan documents to now include ESG targets. “If the company hits its targets, it reduces the margin, it links ESG performance and what they pay to borrow. It’s not a huge impact but it’s there.”

One point where this “margin ratchet” comes into play is on energy transition spending. When companies spend more on this sort of project, increasing its share of capital expenditure, “the margin comes down”.

No wonder we also try to sign renewable deals as well as it helps us access this capital on ESG score card basis

It's hard to tell as we don't know how which accounts the doba oil field revenues are credited into. We know all of pipeline revenue for all shareholders go into the citi bank account in gabon more or less. The reason this ruling might aggravate the chad politicians is because we could have locked them out of even the pipeline share they bought from Petronas so effectively they only have access to the revenues generated by the actual oil being sold.

But it wouldn't surprise me if the doba oil revenues are also paid into this citi bank gabon account in which case if the freeze on cotco account stands than they are truly screwed until a decision at ICC as the account is only going to process salaries and payment to suppliers, but the dividend / profits they were looking to loot could be locked for now until Arbitration is complete.

The grand question is what is the banking structure for doba oil field revenue is it conjoined into the pipeline accounts or is it separate if it's the same account as the pipeline than that's an even bigger bonus and can see a grand panic amongst the chad politicians and piles the pressure on them as this will cause a major uproar in the chad media amongst the public

Good to see Savannah Doing positive things in host communities, hopefully there is plenty of good will in Nigeria to pick up other assets

https://punchng.com/group-unveils-internship-programme/

Komakino - a settlement is the only sensible outcome for all parties here

1) they accept our ownership and let us be operators

2) they buyout out stake with some compensation on top for loss of earning during the nationalisation period.

3) if they lose and they get locked out of Cotco funds than it will be a damning asset of chad political regime.

Olderwiser - highly doubt it it’s not like Exxon have been paid in full for the asset

Https://x.com/southsudangov/status/1704894686052180222?s=12

President of SS in New York this week for UN. Giving his address. Interesting speech

https://x.com/southsudangov/status/1704902013924815195?s=46&t=bdVeLrGB139mDog1SFRNlw