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Also It could be mean that Savannah may have found a gap in the interpretation of what a subsidiary is and have got citi bank back peddling as it may also expose how they trade in other countries................

Konakino - agreed I believe they don’t want to the Gabon branch to be viewed as a subsidiary and this ruling could open a can of worms if they have similar corporate structures in other countries. If litigation and binding ruling comes for entities in similar structures then citi bank May feel that it could leave them over exposed where they have similar structure when operating in other countries. They don’t want the ruling to set a dangerous precedent that decision made by courts and entities that trade under citi bank name in such territories are tied to the group.

It could also open up a wider pool of questions on how banks have trading entities in countries and how are they classified are there subsidiaries of the group or are they under under some complicated corporate structure why protects the group from liability

Interesting to see divisions forming now in the upper echelons of chad politics they will be some sections of the political elite who may start to pivot or panic now that they have lost access to funds from Cotco bank accounts and you have to remember that those funds would be funds relating to all shareholders so that also include the petronas share in cotco that chad bought which will be frozen as well until share holder dispute has been settled at icc. This may cause some in the chad political system to panic as it very likely to decimate chad oil industry and its role in effectively being able to govern nationalised assets.........................

This could be a good thing for us as now it seems like not everyone will continue to back this nationalisation if they can see the visible benefits $$$$$$$$$ and funds are frozen until further notice........... This could lead to 2 things

1) Chad losing at ICC will mean Savannah will re-coup funds through Cotco leaving Chad with very little of Cotco revenues of whats left over at that point if any.

2) The chad government will have to come to some sort of a compromise the longer it doesnt have access to funds the longer questions will be asked from sections of chad media and politics to outline the benefits of nationalisation.

Perhaps to save face and pride some sections of the chad political elite may continue with the case till the very end however there will be some that may be willing to come to some sort of compromise. So a tug of war is definitely on the cards in chad politics and oil nationalisation will be at the heart of it.

If we can sale than we continue to benefit from income which contributes to that 10% in cotco albeit the funds will be frozen in the citi bank account so just mean we will be able to access a greater percentage of cotco revenues post icc tribunal until we can sell.

I wouldn't mind if we went for this deal. Nigeria plus offshore. OML 128 & OML 129 are strong assets being looked at by many. 25,000 bopd probably less than quoted $1bn would be a tasty deal.

https://www.reuters.com/world/africa/equinor-joins-western-oil-firms-retreat-nigeria-sources-2023-01-25/

Also Truck loading oil tanker gantry being built, So if there are issues with export pipeline than potentially oil will be trucked........,

https://www.linkedin.com/posts/eugene-muya-702383140_steelstructures-bimtechnology-activity-7108386821004308480-hhlB?utm_source=share&utm_medium=member_desktop

Should give us some security if export pipeline is disrupted. Good sign that they are expediating background work so if there is a need to seek an alternative route than the infrastructure is there to make it possible quickly

Interesting to see plenty of Infrastructure upgrades and pipeline work taking place or started already on the assets at operating companies

https://www.linkedin.com/posts/olga-international-limited_construction-underground-flowline-activity-7097879766669623297-DZ7d?utm_source=share&utm_medium=member_desktop

https://www.linkedin.com/posts/swaed-for-petroleum-and-technical-services-co_swaedforpetroleumandtechnicalservicesco-petroleumservices-activity-7096204380575531008-flKx?utm_source=share&utm_medium=member_desktop

https://www.linkedin.com/posts/olga-international-limited_welding-weldinglife-fittup-activity-7094604104974409729-vf_7?utm_source=share&utm_medium=member_desktop

I find the below quote interesting from AK

“Therefore, we fully expect to continue to acquire, develop and operate hydrocarbon businesses and re-invest the cash flows we generate into both hydrocarbon and renewable energy projects for the benefit of our host countries.”

Clearly as we speak and considering the article was published yesterday there is a degree of optimism that acquiring hydrocarbon assets is still part of the strategy and nothing has changed on that front.

There must be some degree of confidence that they can successfully land these assets whichever they may toward full completion.

Andrew Knott quote for the article sounds Bullish and upbeat

This PR article from Africa Energy Week as we will present and be sponsoring

https://aecweek.com/advancing-sustainable-og-investments-savannah-energy-joins-aew-2023-as-bronze-sponsor/

Komakino - I fully concur the importance placed on admission document and approval coming in tandem is purely based on information fed by people who have spoken to IR, but the position was never set in stone.

I believe what IR truly meant to say was AK is probably looking for some assurance by the way of certain pre-approved conditional approval which is binding on all parties to release the admission document. In most cases as Zengas previously alluded to final government approvals normally come after shareholder approvals and re-admission and that tends to be the normal course of timeline for all deals.

So in view of the above fact the market will have to factor in the economics of the deal....................

The 25% rise on AET is on a smaller deal, our deal is potentially 55,000 bopd plus 300 - 400 million 2p reserves. So there is no way the market doesn't give a premium even if it's modest to begin with

Porsche - This is the point I made yesterday. Obviously if it comes with government approval the bigger the rise, but without it there will be a premium to SP as well.

This is therefore a third court decision in favor of a status quo which is rendered at the request of Savannah Energy. We remember that last July, the British junior had already obtained from the Paris Chamber of Commerce, ruling under emergency procedure, the suspension of the effects of the resolutions adopted during the general meetings of May 24, 2023 and 4 July 2023 from COTCO. In other words, the directors of Savannah Midstream Investment Limited (SMIL), a gas subsidiary of Savannah Energy, dismissed during the board meeting of May 24, were reinstated in their rights as well as the Managing Director designated by the British who controls 41 .06% of the company's shares. The order of the emergency judge also rendered null and void the appointment, at the beginning of July 2023, of Cameroonian Harouna Bako to the position of General Director of COTCO and suspended the meetings of the board of directors and the general meetings which had been convened on July 26, 2023.

Read also: Control of Cotco: Savannah wins arbitration

To convince the emergency judge, Savannah indicated that holding the meetings on July 26 would confirm her ousting from the company in which she holds more than 41% of the capital. “This situation will be irreversible, and COTCO funds will be dissipated, and it will not be possible to recover them since Chad, one of the poorest states in the world, is not solvent and benefits from the “immunity from execution,” the company’s counsel said.

A legitimate fear because in a press release made public on June 2, 2023, the Chadian Ministry of Hydrocarbons announced the dismissal “with immediate effect” from the COTCO board of directors of all directors representing Savannah, including the Chairman and CEO. Nicolas Deblanpré. N'Djamena also ordered the banks holding COTCO's accounts in Cemac, as well as the Bank of Central African States (BEAC), “not to follow up on instructions for movement of funds, particularly abroad. » executives appointed by Savannah Energy. Chad then claimed the majority within the board of directors after having bought back the 30.16% of the shares that the Malaysian company Pétronas held in COTCO, Chad's participation in this joint venture having increased to 53.77% against 41.06% for SMIL and 5.17% for Cameroon (via SNH).

Https://ecomatin.net/pipeline-tchad-cameroun-la-justice-americaine-ordonne-le-gel-des-comptes-de-cotco-a-citibank-gabon/

Chad-Cameroon pipeline: American justice orders the freezing of COTCO accounts at Citibank Gabon

The case may be far from over, but it is already another “small victory” for Savannah Energy in the legal battle between it and Chad. At the request of the British oil and gas junior, the judge of the Court of First Instance of New York, on September 15, ruled in favor of freezing the funds of Cameroon Oil Transportation Company (COTCO), housed in the books of the Gabonese subsidiary of the American bank Citibank.

Photo by EcoMatin EcoMatin Send an email9 seconds agoLast updated: September 18, 2023 17 3 minutes read

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CitiBank

“Savannah Midstream Investment Limited (Savannah) needs help because investments belonging to Cameroon Oil Transportation Company S.A. (COTCO), of which Savannah is a 41% shareholder, risk being dissipated and misappropriated. The funds are held in an account in the name of COTCO (the company responsible for managing the Cameroonian part of the Chad-Cameroon pipeline, editor's note) at Citibank Gabon, S.A., a subsidiary of Citibank. The underlying issues are subject to arbitration by the International Chamber of Commerce, which will determine ownership of the funds. This will be of no use if the funds have been disbursed in the meantime,” we read. Clearly, the court based in New York fears that before the Paris Chamber of Commerce (CCI) decides on the merits of the case, the Chadian party will get its hands on these funds estimated at 151 million dollars, or approximately 93 billion FCFA.

Read also: Cotco affair: beyond the arbitration award, these facts which overwhelm Savannah

It therefore instructs the bank to preserve the “status quo” by freezing said funds until the resolution of disputes between shareholders of the company, “with the exception of the amounts necessary for the normal payment of COTCO employees, taxes, and its existing subcontractors and suppliers essential to COTCO's operation of the pipeline. We also learn that an order from the Libreville Commercial Court would have rendered a similar decision on which the New York judge visibly relied.

Returning to the market with admission document and South Sudan deal still proceeding will have a premium to sp regardless of formal approval still waiting. Obviously if formal approval comes at the same time then return price will be a significant premium but returning with approval or approval pending will still be positive for sp

Personally I am glad that half year report is round the corner, I wasn’t please with them not dealing a q2 report. I believe going forward the company needs a consistent approach to releasing news. Regardless of whether we have transformational stuff working in the background. So let’s hope going forward they realease quarterly updates alongside the half year and fully year obligatory updates

So now that we are 2 weeks out what do folks think…….. all views welcome

Personally going for 2 months further extension till the end of November to be on the temper my own expectations.

South Sudan mining journal reporting that we are close to completing. They don’t have any new information in the article other than saying we are on the verge of completion all the references are what’s publicly available.

But it being a South Sudan source and news outlet and editors being local journalists perhaps they have had a sniff of news that we could be on to completion this month.

I will await till more credible outlets start to post news or we receive confirmation from the company but if we are on the verge of completion than certainly welcome news

https://www.southsudanminingjournal.co/en/post/savannah-nears-completion-of-petronas-acquisition-amid-technicalities/346

Correct Komakino - If ICC award than there could be potential sanctions imposed on any buyers of Chadian crude if they continue to purchase from chad following award making it difficult to export it's crude through the port of Kribi in Cameroon I would assume that this can be done potentially making life very difficult for chad to continue to monetize it's oil once a firm arbitration decision is made