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Well at least we will have an rns in the morning to either inform us of another delay or we might get the admission document after all

Looks like another delay could be on the cards, things could take a wee bit longer, patience needed by all it wouldn’t be so bad if they deferred to the new year.

Nicetomichu - agreed Africa O&G does trade at massive discounts hence last week I compared us to Tullow who are also aim listed and african producer however the level of debt they will have is significantly higher then what we would have post this transaction and they were roughly at £600m market cap last week. So at the very list I would imagine the market makers would look at fellow peers within AIM to determine initial pricing you would like to think on that basis alone we would open a significant premium but like I say no one knows the main thing is that we are coming back in a much stronger position and 2022 is going to massive for O&G companies due to under investment and high inflation. Personally I think people will have to wait to see the omnicron news settle which will probably be the majority of Jan 2022 before confidence starts to return to the markets right now it just about re-listing. Of course we could have other operational news once we re-list that could also be major catalyst for share price re-rate so I say which ever way you look at it it’s a win win.

Even if Equity is raised at a lower SP for example 25p it doesn't mean the market will resuming trading at 25p. We can still open at a premium, it's important to remember those institutions that are signing up for Equity will have caveats attached to them for instance they cannot sell immediately on re-list, I would imagine they will have some sort of a lock in period to ensure that they are in it for the long haul. So I am not worried at all even if we raise let's say 0.25p x 300,000,000 = £75,000,000 at 25p.

Slight delay gents.....

One thing for sure is if the doc was not finalised on Friday then they would have been working overnight Friday into the weekend to get it ready for Monday morning release

I think a lot of people are not fussed about when we start trading, I think a few people want to know if there is going to be a reasonable timeframe between adminsion doc and resumption of trading. For instance a 7 am rns with a resumption of trading the following day seems sensible and allows the admission document to be studied by the market. Whereas listing the same day as the admission document gives no one a real chance of digesting the document so even if there is a 7 am rns tomorrow with trading resuming at a latter date most will be ok with

Zengas I still do feel like there is a headroom for another 30000-40000 Bopd acquisition from all the deivrstments that is going on by the majors it would not surprise me. Certainly from a gearing stand point we have headroom whether we can find an acquisition that it worth going for at discount prices would be another question but we are certainly on the prowl for more that’s for sure…… the great thing is now we would not require a suspension as any acquisition we do now is likely not consistute as a reverse takeover and no suspension will be required ;) so if another whiff of an acquisition comes this will rocket pretty quickly before anyone can catch it

Would have been nice to get an after hours rns today to digest over the weekend with resumption of trading on Monday, but seems like it will be next week now......

Looks like the rns will either be intraday or close of trading today for Monday re-list, makes sense as it gives the market the whole weekend to digest the admission doc

I think it may be safe to assume that we may not get an rns tomorrow morning but could be intraday or perhaps after market close with re-list on Monday

I know it was tongue and cheek ;)....... Seems like news will be tomorrow now by the looks of it............

telegraphist50 - there is no smoke without fire besides even if the charges are unfounded you lose all credibility and people's trust and perception change, these day's all it takes is a little bit of doubt it takes a lifetime to build credibility and trust but you can lose that instantly with a bad decision. Of course I still believe in innocent until proven guilty but let's be real you would not transact with someone if you had doubts or they had some criminal offence opened against them, it's just human nature to distance ourselves from bad problems especially if you have been given an advance warning before hand. Plus companies that are selling assets are also pressured to divest assets to operators that are going to be the right stewards for the assets from ESG perspective it's simply isn't about the highest bidder anymore

We could now be in the driving seat for ENI's Tunisia assets. Petronor CEO been detained for a criminal offence this morning surely ENI would think twice about selling to a company who is being run by a crook..........

Petronor were the other player looking at ENI Tunisia asset

https://petronorep.com/media/1960/20211216-interim-ceo-appointed.pdf

I reckon we could get an after hours rns for the admission doc today and possible re-listing tomorrow morning................ with the wider comms strategy over the weekend covering the deal

It is also important to remember that when we suspended the Nigerian PIB was not signed off since then the PIB has been signed by the Nigerian government which encourages more investment in O&G in Nigeria it would not surprise me if we are also looking for additional opportunities within Nigeria, as the PIB gives some certainty to drive investment in the Oil & Gas sector, plus with Savannah already supplying 15% of the power generation supply we would surely be a trusted partner for any new project for the nigerian government as they have confidence in our operatorship........

I had almost forgotten about the PIB but one should not doubt it's significance

Based on my Tullow comparison below, 2 scenarios could occur we either re-list with the market assuming the right fair value of the company from the offset, or option 2 is that we re-list at a significant discount to our inherent value which itself will create a buying pressure to re-rate the share quite quickly upon trading resuming. The key question remains whether the market wants to provide new investors an opportunity to buy at a relative discount post acquisition or it’s happy to price it correctly from get go, I say it’s a win win either way………..

After this transaction, I believe we still have enough leg room to go for 1 more big transaction in the region of 30,000 - 40,000 bopd, it would not be entirely surprising if we are a sniffing out another major transaction with a view to complete in H1 2022. after all we have enough legroom from a leverage standpoint plus we could get access to debt based financed quite easily remember Andrew did say we were screening 22 potential acquisitions................ Still vey much to play for I think this is just the start in my opinion

Savannah / Tullow Comparison metric

TLW (Tullow)
Market Cap - £600m
Shares in issue - 1,432m
Net Debt - $2.3bn circa (£1.75bn)
Production - 61,230 boepd average (2021)

SAVE (Savannah Energy)
Market cap - £192m (at suspension)
Shares in issue – 996m
Net Debt - $369.4m circa (£280m) – (as at 30 June 2021) + Exxon / Petronas debt estimate $500m circa (£380m) = Total debt roughly £660m
Production - 22 Kboepd (Nigeria production per October update) + Exxon / Petronas production 25K = Total production 47,000 boepd.

We will be producing about 77% of Tallow’s current production level (47000 / 61230 = 76.7% with 2.6x less leverage / debt = (1750 / 660 ) = 2.65x

This does not include any future Nigeria production which can be brought online at fraction cost through new customers, plus any Niger upside or any future acquisitions.

They will be a lot of interest in re-list and can see plenty of institutional money come especially if they don’t get to be part of the equity element of this deal.

I could be wrong but we are well on our way to being a £1bn+ plus company and that a few times over perhaps. I am mean if you were to take Tullow market cap of £600m multiply by the debt leverage ration of 2.65 as mentioned above that will give us a market cap of £1.6b and if we discount back as we are producing 77% of Tullow production £1.6bn x 77% = £1.2b

Also worth remembering, I don’t believe Tullow have there own pipeline assets like we do so that’s an additional premium I would like to think

Certainly could get interesting……………….

There’s a surprise we have taken Petronas share of assets. This is mega news the re-rate will be massive