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Niger has been a stale bug bear for many on here including myself but hopefully starting flow testing will unlock value this year for the asset.

Considering we have 35 million in 2C converting it to 2P increases substantially increases the NPV of the asset. But more importantly we can execute an RBL to get it into production if we convert 2C to 2P.

We should be able to do this through an RBL. We got $60m RBL for acquiring an additional +7.5 MMstb for SIPEC. Therefore we should easily be able to get $100 - $200m in RBL non recourse debt to get Niger into production.

"Subject to satisfactory stakeholder agreements being entered into, Savannah Energy Niger SA may commence a four-well testing programme on the Amdigh-1, Eridal-1, Bushiya-1 and Kunama-1 discovery wells in 2025, with certain of the required long lead item equipment having already arrived in country. We are at the pre-contract award stage of the programme and our initial internal estimate of the total cost of the well test programme is approximately US$14.5 million "

Looks like SIPEC is close in on the cusp of completion so we should hear more hopefully next week but probably in the next week. Another companies house filing made yesterday.

https://find-and-update.company-information.service.gov.uk/company/14893567/filing-history

According to slide 17 of the presentation our current production is 800 bopd which goes up to 2700 bopd on completion. and our oil reserved from 3.5 million barrels to 11 million barrels.

On completion we immediately add 2,000 bopd production. and takes us to 25,000 bopd per day.

https://www.savannah-energy.com/application/files/6217/4110/1100/2025.03.03__Investor_Presentation_-_Website_FINAL.pdf

"Hearings scheduled for June 2025 (SCI/SMIL) and October 2025 (SMIL); arbitral award decisions expected no later than H1 2026; quoted figures relate to the values of the claims before the arbitral tribunals."

SCI / SMIL June 2025 Hearing - Claiming in excess of US$775m (plus interest which is currently estimated at in excess of US$140m and costs) = Total $915m

SMIL October 2025 Hearing - Claim valued at approximately US$380m (plus interest which is currently estimated

at in excess of US$40m and costs) = Total $420m

Total arbitration claim to date = $1,335m to date excluding interest still to be added. Take a round number of $1400m in claims. Let's say extremely conservatively we are roughly able to recover $500m that could take us to net cash in the next 12 months.

The final award is issued to the parties, typically within 6 months from the hearing (as per article 31(1) of icc rules)

SCI / SMIL June 2025 Hearing - Claiming in excess of US$775m - December 2025 Potential resolution.

SMIL October 2025 Hearing - Claim valued at approximately US$380m - April 2026 Potential resolution.

Savannah presentation now up on website

https://www.savannah-energy.com/application/files/6217/4110/1100/2025.03.03__Investor_Presentation_-_Website_FINAL.pdf

This was in the 3rd december update.

A wholly owned Savannah subsidiary has also signed an agreement with a development partner whereby an approximate 150 MW wind farm project would be developed on a 70:30 basis (in Savannah's favour), potentially further expanding the Company's geographical footprint in West Africa. This project has completed the key technical and environmental studies and has made substantial progress in negotiating the project's power purchase agreement. Savannah's commitments to invest will start upon signature of a power purchase agreement for the project, the timing of which is yet to be agreed with the country's Government and considered in the context of its wider power sector development plans, which we understand to currently be under review.

Looks like a new renewable energy entity formed with Rencore Energy. Probably good teaming up with them as directors have closed $17bn dollars worth of renewable projects to financial close.

Kayes Botéguékourou Wind Project 150MW — Mali

https://www.rencore-energy.com/

https://find-and-update.company-information.service.gov.uk/company/FC042302/officers

With the current respective share price of Enquest it could well be 25/75 or even 30/70 split.

They need to close the spread

Affc21 - Agreed will certainly help with sentiment as well.

Affc - perhaps but if the additional shares in issue are in sticky hands as AK has said strategic investors have bought them than one would imagine, it needs to get liquidity zones on the chart for liquidity.

There are plenty of price catalyst due and I imagine AK would looking to get as some good news out ahead of this years AGM so I think we may end up using the Blacksea facility quite quickly and strike another smaller deal which probably adds circa 10,000 bopd or so of production. Probably after SIPEC closes in a the weeks.

With us giving strategic investors mates rates entry and coupled with already having secured the Blacksea facility tells me that it's if not when they announce it to the market.

All the brokers are currently valuing Savannah between 50-60p if we add another acquisition which closes like SIPEC which has received all regulatory approvals. than I see them revising there targets to 80p plus, depending on the size of deal.

Therefore the current price is attractive also this doesnt factor the progress due in H2 with Nigeria and Niger.

Another reason why i believe an acquisition will be done in short order is because the repayments start from Feb 2028, so Savannah would want to acquire as early as possible in the 3 year window to have the benefit of cashflows before having to start repaying the debt on the asset. For this reason I also believe they will want to execute quite quickly.

Savannah Energy Oil & Gas Limited (the "Borrower"), a subsidiary of the Company established to acquire interests in upstream oil and gas assets, has signed a US$200 million debt facility with energy-focused investment company Blacksea (the "Facility")5.

The Facility is available to the Borrower to support potential future acquisitions of oil and gas assets and has a tenor of up to five years with quarterly repayments commencing in February 2028. The Facility is secured on the assets of the Borrower together with any new assets acquired using funds drawn under the Facility. It is a condition of utilisation of the Facility that Savannah and the lender and/or an affiliate of the lender enter into an offtake contract in respect of the production associated with the assets being acquired. The loan bears interest at SOFR11 + 7%.

I am expecting another strong day ahead today, bulk of the liquidity sits in the 22/23p range, price will naturally try and seek out this support level in the next few days.

https://x.com/RAIDERTRADERS/status/1897192554300596687/photo/1

Zengas - They clearly have given someone entry at a lower price as they are likely to bring deals which are likely to close and have connections. It's highly likely that a deal is close one which wouldn't require suspension.

Scotpak - Not surprised with the rise and will see it rise to around 22 / 23 p levels, as that's where the next liquidity and volume is. So it should reach 20p+ very quickly and on low volume as there isn't any sufficent liquidity between 12p to 23p, before the price settles in my opinion.

Fully expecting it to return to mid teens now the dust has settled.

- plenty of news catalyst will take it back to 20p which is probably fair value at the moment in my opinion.

Furrie - there is no a big gap to fill on the chart so a series of positive updates and this will find fair value again in the 20s.

If they put that Blackwell facility to use shortly than could get there quicker.

Looking perky for power hour expecting a strong close.,................

Let's see if we can go for a strong finish.....

Would be nice to close above 11p today

From 1 April 2025 the lease rate for the Kraken FPSO reduces and saves the company $60m. That is quite significant considering where the company market cap is now.

Also think M&A is imminent

· Kraken FPSO lease rate reduces by c. 70% from 1 April 2025, representing a c. $60 million reduction in Group expenditure.

Hoping the afternoon session with the US investors claw a few pence back. Big gap to fill can see the US investors seeing this as an opportunity with SP at such lows.