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It ties in with several press as to why Chad needs to settle this and move on to attract investments. From the article you posted I find this the most telling: “In Chad, a number of key players around the president are still hoping that conciliation will be possible. This is particularly true of minister of petroleum, mines and geology, Ndolenodji Alixe Naïmbaye, who attended all the hearings in the Paris arbitration. A member of every government since the arrival of President Deby in 2021, Naïmbaye feels that the nationalisation of ExxonMobil has reduced the attractiveness of Chad's oil sector.”

Let’s hope a deal is agreed and SAVE can concentrate on “safer” jurisdictions.

What is interesting is that now the UAE suffered this targeting as part of a proxy war, it just highlights that Africa will be the recipient of strategic investments. Chad was already earmarked for $30 billion by 2030. The CNPC pipeline links to Port & Logistics: DP World and AD Ports Group have been in active discussions regarding the modernization of the Port of Cotonou. The UAE views this port as a vital node in its "Gateways to Africa" strategy.

Nothing is a yet a direct link. But the Iran war has proved that more diversification is required.

The suppliers driving the current curtailment are spot market and open-market gas traders — not structured GSA counterparties like Accugas. The APGC CEO explicitly noted that GenCos “often source gas from the open market at $2.70/MMBtu or higher” precisely because regulated GSA volumes are insufficient — and it is these open-market suppliers who are now demanding cash upfront.

The logic is straightforward: open-market gas traders have no long-term licence, no NERC regulatory relationship, no sovereign equity stake — they can cut and face zero political consequence. They could cut without political blowback, because the FGN has no leverage over them beyond cash payment. Accugas, by contrast, sits under NNPC-linked upstream licences with a long-term strategic footprint. The calculus is entirely different.

This in a weird way, allows others to battle the issues while SAVE’s Accugas continues their GSA and the new bond issuances to flow thru the offtakers. I see the tension created by others are good.

The reporting on the PSC R1234 by the press vs what the Council of Ministers said is not terminal. The PSC is. NOT terminated. The 3 mining companies were issued with default in the past a now formally terminated. For Savannah the non extension has various possible outcomes. Remedies to address any paralysed activities due to the recent political developments, coup, ECOWAS sanctions , Chicken and egg pipeline readiness can all be argued as negatives for the operating environment. Which Savannah could argue. Remember they never received a default notice in the past.

Possible outcomes to appease the Junta and let them win some leverage could be to use the same tactics as CNPC and reframe the commitments , works and investments needed within the life left in the PSC

Give SONIDEP more of a slice of the R3 and maybe 12&3. That way the Niger government gains on the negotiations. And lastly move the R3 to development and production and move the contract definition to revenues bypassing the PSC extension. This way Niamey also wins on revenues and gets a bigger cut.

Save has a lot of retailers on the likes of IG, CMC platforms. They are probably losing cash on other stocks and need to force sell to meet margin requirements. Hopefully short lived. Larger oil stocks that are liquid and part of thematic flows are not affected as much as small caps with low liquidity and not a member of an index like SAVE

This Investor Panda bloke is probably thinking there is still a counterbid coming before the payment date. Bless him. Never seen anything like it

You obviously are not aware of the moving parts in an arbitration nor the powers of collecting the awards.

My message was one of likely striking a settlement. I have done work on this which will definitely not be published here. Also by deduction and logic you are not invested here, and the general demeanour is of a person that unlikely takes calculated risks and probably an underperformer given the acute cynicism. I say you lost money on this one, realised the loss and now you want to express frustrations. No time for this. Chad had 60 days to object to the deal (recognised by the arbitration courts) which they did not. See Libya vs BP as a precedent. Also the Doba upstream conventions gives SAVE a really good case plus exequatur powers on collecting awards. Cotco tariffs the low hanging fruits etc. There is always a person who wants to hear themselves instead of being constructive. Think it is time to filter the waste of breath types. Keyboard warriors are out

Investor Panda, bless you. I have never seen this level of delusion. SOLGOLD shareholders based on majority scheme defined quorum, voted for this. JCC’s bid conditions were met (including government approvals and clearances). You really need to attend finance classes. Solgold is no longer tradeable. Signed, sealed and delivered to JCC. Stop writing LSD induced recommendations. Buy JCC which will be the beneficiary of the value you lost in SOLG.

Like everything in life and in litigation, parties try to be pragmatic and involves a lot of strategy.

-SAVE is not on lifeline support relatively speaking compared to 1 year ago. With a core shareholder with deeper pockets willing to perhaps creep up incrementally with new share issuance perhaps. But at least the perceived backstop is there. Chad knows this.

-Chad wants to attract UAE investments and not have the nationalisation cloud hanging over their head. A state JV with Middl Eastern partners.

-And a commodity price that has reacted to recent geopolitical events. China’s access to Venezuelan oil has changed. So has their access to Iranian oil. What time frame can all this change is not known. But supply constraints have become very apparent and capex on new exploration is not the same as prior decades.

Chad is in a good position. And why not reach a settlement?

Nothing is clear for sure. Nor the timeline of an Iranian solution. But we have been reminded how fragile the oil supply routes can be.

SAVE is in a better position optically. Let’s see if this gets reflected in the coming months.

And a half decent buyer to take those 3 mn shares

This is funny. You have never seen Schemes of arrangements before, clearly. Majority on quorum decided Solgold’s fate a while back. Over 90% on quorum! You get squeezed out. Sanction is done.

The shareholder vote for a UK listed company? What planet are you from?

For every buyer one needs a seller. 14 million share seller was also involved.

Every time these chats claim a one way expression in a transaction, they don’t seem to realise they need the opposite side for it to happen. I cannot buy a property if the owner is not selling it.

Or a change of custody which implies a pre arranged buy and sell to change entity.

The sanctioning of the Scheme is today and the admin for the 4th to have it filed on CH

The Incoming Board: A Nigerian-First Governance Pivot

The replacement strategy is quite deliberate and well-chosen. Savannah announced the intended appointments of Uyi Akpata and Kehinde Olamide Ogunwumiju as Independent Non-Executive Directors, with Uyi and Kehinde bringing significant experience in audit, finance and legal affairs. Both are Nigerian — that is not incidental. This is a direct acknowledgment that the governance gap was fundamentally a Nigerian operations gap, and that you need people who understand that environment at Board level, not just at management level.

Akpata’s profile is particularly targeted: as Senior Partner for Nigeria and Regional Senior Partner for West Africa at PwC, Head of Oil and Gas for Africa, he led audit work for the energy supermajors active in Nigeria, the Nigerian National Petroleum Corporation and a host of high-growth emerging energy companies. This is someone who has spent decades inside exactly the kind of Nigerian energy company audit that Savannah’s Nigerian subsidiaries represent. He will know exactly what proper controls look like, what the failure modes are, and what questions to ask. He is precisely the right person for this role.

Kehinde Ogunwumiju as Managing Partner at Afe Babalola & Co has successfully represented the Nigerian National Petroleum Corporation in over 100 disputes and acted for the Federal Republic of Nigeria in several high-profile international cases. His value is different — with a $539m receivable book from Nigerian power sector customers, having a board-level lawyer who deeply understands Nigerian dispute resolution and contract enforcement is strategically important. He also plugs the gap around Niger and other jurisdictional legal risk.

I add personally

Obviously the 2 joiners are replacing the Board Members that left as consultants to SAVE in October. Managed exit by the looks. The question is who will Head the Internal Audit for the group. Will be internal? Or outsourced. Would be good to ask how this will play out. Or can the role be “rented” from FPKL’s services. They have extensive presence in Africa and specifically Nigeria.

Would be good to ask Sally.

I believe Akpata is on a non compete that expires in summer 2026. Despite joining SAVE in January 2026.

Would be great to clarify the logistics of personnel.

And we should always weigh the fact that Nipco and AK own 44% (AK increasing substantially) of the company pre audit pre ICC and pre fixing the ECLs /receivables turnaround.

Weed out *

Absolutely no standards and lack of due diligence by some individuals. Shameful behaviour with questionable motives and total lack of integrity. Hopefully these forums will one day be policed by FCA AI surveillance. To monitor and week out non substantiated statements. Of course opinion is hard to police. It can only work when people make claims as hard facts.

This is super positive. And I expect more tailwinds in this name.

Great to have constructive posters. And not the headline types that fabricate absolute certainties when they make no effort to dig deeper.

Thank you all for reaching out to IR. Great feedback.

Have you called the company or the auditors? Or even the corporate brokers?

Do my sums? Traded 117,000 quid turnover that day. Market cap 18 million quid. 18 millions quid and had part of the 6.8% pledged vs Wonga loans, to keep a company on a palliative support for a bunch of dying projects. They gave 57million quid in SOLG (assuming 6.8% is correct). So 70% discount to the Holding. What is DGR’s cash burn? What will they do with the cash? Liquidate and pay shareholders with what is left or sink it in other exploration ventures? Get new offices and pay directors well?