Member Info for ZENGAS

8th June.

No change bar Ingalls & Snyder increasing by 2.35m since 7th May update.

277,020,510 (13.26%) to 279,370,510 (13.38%).

https://www.savannah-energy.com/investors/shareholder-information/major-shareholders/

Scotpak

Re the $112m reduction in trade receivables.

$17m reduction in net debt.

Each gas well $15m. Flow line from each $3m = $36m.

At Stubb Creek. The 2 oil wells were drilled some years back. The production facility upgrade and water handling facilities was given as $13m to take it from 3-5k bopd.

There's a strong acquifier and it was said that there was no water production at the current time (March 2024) but that a water disposal well would cost circa $15m.

I doubt if all the above accounts for that figure of $112m

Ongoing interest accumulation re Chad/Exxon - settlement of debt at the PLC level.

Has any cash been paid over to take part in the NNPC divestments or NUPRC rounds ?

Any forward costs against the arbitration ?

....keeping the partnership[ intact.'

From 31/5/26 and signed 18/5/26

Might explain the Niger delays partially as the Chinese were getting it tough. These agreements were just recently concluded between Niger and the Chinese so perhaps there could be some pragmatism rather than dead in the water.

' The Company continues to engage constructively with the Government of Niger in relation to the R1234 PSC and the forward work programme. These discussions are aimed at resolving disputed issues arising under this contract and notably cover the contractual and operational framework for recommencing activity, including the treatment of periods during which operations have been materially constrained. The Company continues to reserve its rights under the R1234 PSC and is seeking to agree a mutually acceptable basis with the Government for future operations. Work will only recommence on these assets if, and when, the Company reaches such a satisfactory agreement with the Government.'

https://www.theafricareport.com/419099/niger-pivots-back-to-china-to-revive-stalled-oil-sector-with-1bn-deal/

https://www.firstpost.com/world/niger-signs-major-oil-agreements-with-chinese-firms-after-months-of-tensions-ws-e-14012610.html

https://allafrica.com/stories/202606010140.html

A year after expelling Chinese executives, Niger’s military regime embraces economic pragmatism to boost production and secure a 45% stake in a key export pipeline. Niger’s military regime, which seized power in July 2023, has pursued a sovereignist policy, particularly regarding its raw materials − oil and uranium. It had previously accused Chinese firms of “contempt” for national regulations and a failure to value Nigerien employees.

Three Chinese executives and workers from oil companies were ordered to leave the country a year ago; sources close to the matter say the executives have since been replaced. Discussions leading to these agreements began in June 2025 during talks with Chinese authorities, the ministry said in a statement.'

Under the deals, Niger will acquire a 45% stake in West African Oil Pipeline Company (WAPCO), CNPC's local subsidiary. The share of management positions held by Nigeriens will rise to 60% from 30%, and 80% of operational jobs will be reserved for national workers. The pipeline transport tariff will be cut from $27 to $15 per barrel, generating an estimated $106 million (60 billion XOF) in annual savings for the state. Niger's renegotiation with CNPC is part of a wider pattern of African resource nationalism that has accelerated since 2022, as military-led governments in the Sahel -- Niger joined Burkina Faso and Mali in the Alliance of Sahel States after its own July 2023 coup -- have moved to assert greater control over strategic industries. The CNPC deal is notable because it was achieved without expulsion or nationalisation: Niamey used the leverage of pipeline dependency -- CNPC needs the Niger-Benin route to export production -- to extract equity, employment, and tariff concessions while keeping the partnership in

From Tennyson this am -"Encouragingly, at SAVE’s upcoming AGM the group is seeking approval to cancel its share premium account to enlarge its distributable reserves, suggesting positioning for a cash windfall and return to shareholders – representing a key upside for investors."

(As you say now up to the court)

While you could see it as possibly acting in concert there's another way of looking at it -

If you look at Nipcos business and our core assets that generate the revenue and put the rest to one side -

AK currently holds 14.02%. His options if exercised = approx 15.8%

If AK buys the net 90m EBT shares after cancellation of his 38.3m options = 128m shares. I doubt if he could buy them all (205m) as there has to be so many for other employees.

That would leave him holding 421.3m or 20.18%. Nipco 30.23%

We had the announcement of a £32m available loan. Part of that, they say could be used for buy backs.

They can buy back up to 313m shares although where from and can or will they be able to do it ahead of any significant news before it affects the price or is there some kind of agreement for a set price in place with some holder(s) ?.

If all the 313m shares were bought back that increases AK to 23.7%/ Nipco 35.6%. (1755m in issue).

If SAVE at their option chose at some point to deliver 400m shares for the loan = AK 19.4%/Nipco 47.5%. (2155m).

If no buy back at all but 400m loan shares delivered = AK 17%/Nipco 41.5%. (2488m).

Back on 3rd Feb 2025 the valuation was given on the old CPR and that latest valuation itemising SC/Uquo/Accugas ie

March 2024 = 1.075billion. 1st Jan 25 = $1.31 billion. This now included the Sipec acquisition, Accugas CPF $40m expansion and $43m of gas depletion.

Now we have further gas depletion but a gas well just completed and the possibility of an Uquo reserves upgrade if the well is successful.

Plenty saying we won't get paid enough on the recievables but with out any announcement til now, the receivables were reduced by a very significant 22% or $107m in the first 4 months of this year despite only a fraction of the bonds being issued relevant to the overall Gas debt. I think they'll be fully recovered possibly in time via us or Nipco.

NIPCO by owning the current 30.23% has paid out (@ approx 7p)£44m/$60m.

If the buy back was to complete they'd own 35.6% for the original amount.

If the 400m shares were delivered in place of the £32m/$44m loan, Nipco would own 47.5% less $6m finance fee - ie all for under $100m.

AK is on the hook for about £30m/$41m now for his 421m shares. What kind of pay day would cause him to sell ? (£100m?). He would hold enough to decide either way if the company could be acquired/acceptable price imo.

If Nipco offered 20-25p or $400m for the balance of the shares, they would have a $1-$1.3 billion asset for $500m depending on the outcome of the buyback/option shares. That's way less than we paid for the asset. Every theoretical extra $40m offered would increase the s/p by 2-2.5p. As for the other assets = ?

The Accugas refinancing sorted. Debt at the PLC removed. Nipco could fully integrate the assets into their portfolio.

WM

I don't know. I feel the receivables negotiations may be part of the accounts issue but seriously idk.

Save set up 3 subsidiary companies towards the end of 2025 and whatever else is going on has a strategic investment from NIPCO. There's been no indication what that translates to but NIPCO is expanding Nationwide so undoubtedly would mean they take more gas (from either us or others). Their owner was focussed on expanding their energy interests across Africa (Does that include power plants indirectly in Nigeria ? given SAVE has to complete on the 3 Hydros belonging to the Norwegian fund and 3 other plants in a separate deal that were under negotiation).

Save were owed about $12.5m here (Akwa Ibom) at the end of 2023 and i wonder if this worsened or improved but it was only a small fraction relative to the wider legacy debt. Could we become a partner to the state ie part ownership re the following 3 stories ?

This story re the sacking of the Ibom Power plant CEO and features a lot re Savannah/Accugas.

https://businessday.ng/opinion/article/the-untold-story-of-the-sacking-of-ibom-powers-chief-executive/

19th March 2026.

The Akwa Ibom State Government has denied reports that it plans to sell Ibom Power Company.

The government says the administration of Governor Umo Eno is instead focused on repaying legacy debts and repositioning the firm through power sector reforms.

https://www.premiumtimesng.com/news/headlines/865250-akwa-ibom-denies-plan-to-sell-its-power-plant.html

Savannah carried out an audit on Akwa Ibom Power plant ( maybe an audit for a potential state sale ?)

Published on April 17, 2026

https://dailypost.ng/2026/04/17/akwa-iboms-power-sector-in-crisis-as-audit-dispute-deepens/

Separately, there's been about 10 companies this year (including Chinese and a couple of steelworks moving off grid) obtaining licences to generate their own power. Accugas obtained a licence (perhaps for the plant at Uquo ? or more ?).

Meanwhile, 7th May 2026 Aliko Dangote has announced -

https://businessday.ng/energy/article/dangote-unveils-ambitious-plan-for-20000mw-power-project/

Again in Nigeria are we in for any oil/gas assets from the NUPRC licence round (50 blocks) and the numerous divestment assets on offer from NNPC with reportedly a minimum 25% stake. NIPCOs goal was also to acquire oil/gas assets for its previously set up E&P arm or will this now be satisfied with its current 30% stake in SAVE ?

As regards an operational update and two things that were indicated in the last mention - have we moved the SC oil production significantly higher from circa 3/3.2k bopd last quarter which was the aim in a faster facility upgrade (although not to fully reach the targeted 4.7k bopd). Status of Uqo dev drill and explo well leading to reserves if any ?

I'm still looking for $200m of receivables settlement in due course and the positive outcome of the Chad arbitration.

Beyond that - Niger - yes or no or what ?

Any thoughts on this as we near the Chad outcome and possible receivables resolution.

'Resolution 14 – To approve the cancellation of the Share Premium Account

As at 7 May 2026, being the latest practicable date prior to publication of this Notice, the Company’s Share Premium Account

showed a balance of approximately US$176,797,318. This account represents the excess amount received over the nominal value

of the Company’s Ordinary Shares, which is £0.001 per share. The Share Premium Account is a non-distributable reserve for the

purposes of the Act, meaning that it has limited applications and cannot, for example, be used to fund share buybacks or pay

dividends. The Company may only fund share buybacks (subject to limited exceptions) or pay dividends out of distributable reserves.

Accordingly, the Company is proposing to cancel the entirety of the Share Premium Account in order to create further

distributable reserves to support: (i) future share buybacks; (ii) the future payment by the Company of dividends to its

Shareholders (in each case should circumstances decide it appropriate or desirable to do so); and (iii) other corporate purposes

of the Company.

The Share Premium Cancellation will not, of itself, involve any distribution or return of capital to any Shareholder and will not

reduce the Company’s underlying assets.

On completion of the Share Premium Cancellation, the Company’s Share Premium Account will be cancelled and, subject to the

Court being satisfied with the Company’s approach to creditors as outlined below, the entire amount resulting from such

cancellation will be applied to the Company’s distributable reserves.

The completion of the Share Premium Cancellation will not affect the rights attaching to the Ordinary Shares and will not result

in any change to the number of Ordinary Shares in issue (or their nominal value).

In addition to the approval by the Shareholders of resolution 14, the Share Premium Cancellation requires the approval of the

Court. Accordingly, following the AGM, an application will be made to the Court in order to confirm and seek approval for the

Share Premium Cancellation. The Court will be concerned to ensure that the interests of the Company’s creditors as at the

Effective Date are not prejudiced.

The Directors reserve the right to abandon or discontinue any application to the Court for confirmation of the Share Premium

Cancellation if the Directors believe that the terms required to obtain approval are unsatisfactory to the Company or if, as the

result of a material unforeseen event, the Directors consider that to continue with the Share Premium Cancellation would be

inappropriate or inadvisable.

The Company will in due course advise Shareholders of the anticipated timetable for the Share Premium Cancellation'

WelshMusk,

I emailed them a number of times with specific questions that i asked initially back in February this year. I got no reply and followed up via Camarco in early March who did reply but found it totally unsatisfactory and to date i am none the wiser. Between Feb and early March the investor presentation from Q1 2025 was taken off the website yet all the other bumpfh remains (United Nations goals, climate statement, sustainability taskforce review, accounting standards report review) so there's little to go on for new investors or even existing ones that didn't keep a copy of the presentation.

I tell you one thing they don't like being told what a bunch of inept areosols they are on getting their priorities straight !

Since last months update to 7th May 2026,

Ingalls & Snyder added a further 9.959m to 277.02m.

Perpetual down 252k.

https://www.savannah-energy.com/investors/shareholder-information/major-shareholders/

At 5/2/26 the RNS stated Nipco would hold 631,479,202 shares including 1.7m held by Purebond. This was 30.23% including 48.15m shares that were yet to settle from secondary market sales.

6/2/26 They were RNSd as holding 583,321,811 shares. If you add the 48.15m shares that were expected to arrive this would give a total of 631.4m which Save has been showing on it's website respresenting the 30.23%.

Today the RNS shows 616,409,222 shares or 29.51%.

Either Nipco didn't get all of the intended 48.15m shares, or they are yet to fully come, or they decided to return to below the 30% threshold which Saves buyback and cancellation had forced them over 30% at the time.

SAVEs Ibom and Calabar power plants are mentioned as included for settlement as well as the wider NDPHC, Transcorp and First Independent Power that from memory we have done business with.

7/4/26

" Eight major electricity generation companies in Nigeria have signed onto President Bola Tinubu’s N3.3 trillion debt settlement programme.

The agreement, which covers 15 generation plants operated by six private firms and two public entities, is designed to clear longstanding financial obligations.

Key power firms join debt settlement plan Findings by BusinessDay show that some of the country’s biggest generation companies are part of the arrangement, including Transcorp Power, Egbin Power Plc, and Geregu Power Plc.

Egbin Power Plc, Nigeria’s largest power plant with an installed capacity of 1,320 megawatts located in Ikorodu, Lagos, is among the most prominent participants. Geregu Power Plc, which operates in Ajaokuta, Kogi State and is listed on the Nigerian Exchange, also signed the agreement. Two Transcorp-linked entities - Transcorp Delta in Ughelli and Afam Power in Rivers State - are also included in the deal under the Transnational Corporation group associated with Tony Elumelu.

Other private sector participants include First Independent Power Limited, which operates multiple gas turbine plants in Rivers State, and Mabon Limited, a hydropower concessionaire in Gombe State.

On the public side, the Niger Delta Power Holding Company (NDPHC) is participating with nine plants across locations such as Olorunsogo, Omotosho, Ihovbor, Alaoji, Calabar, and Sapele.

Ibom Power Company, owned by the Akwa Ibom State Government and operating a 190-megawatt facility in Ikot Abasi, is the only state-owned firm among the signatories. "

https://www.legit.ng/business-economy/energy/1704390-electricity-crisis-solved-gencos-sign-tinubus-settlement-deal/

Adding about $5.5m net to the balance sheet.

Should be approx 69.449m shares in issue.

Think they need this on account of the expectation of further acreage award and the need to demonstrate strong cash position going forward if awarded same.

I always wondered how Chad would square the comments made about SAVE in the RNS of 27/5/22 when an agreement was signed in the presence of the UK ambassador to Chad.

First of 2 projects - ‘This Project is being developed to provide clean, reliable power generation for the Doba Oil Project and the surrounding towns of Moundou and Doba.…..’

His Excellency Djerassem le Bemadjiel, the Minister of Petroleum and Energy of the Republic of Chad, said:

"We are delighted to work with Savannah on these two potentially transformational power projects for Chad. Our country is blessed with a significant renewable energy resource and we are excited that a leading British company such as Savannah is seeking to harness this resource to provide utility scale power to our country. I warmly welcome the projects and Savannah's entry into the Chadian power sector. We are already engaged to provide all the support needed for implementing these projects and having the first power delivered to our population and our industries in line with the State plan for enhancing the power offering in our country."

Meanwhile I wonder who might be trying to acquire Afentra re their announcement today. They must be in around the £200m ball park figure (221m shares in issue).

Afentra plc ("Afentra" or the "Company") (AIM: AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, notes the recent media speculation and confirms that it has engaged with a limited number of counterparties with regard to a potential sale process in respect of the entire issued, and to be issued, share capital of the Company.

Updated today versus 5th February.

Only change i see are -

Perpetual/JO Hambo down by 50,000..

Ingalls & Snyder added 7,273,147 taking them to a record 267,060,540 shares (12.79%).

https://www.savannah-energy.com/investors/shareholder-information/major-shareholders/

They've had 11 years to get cracking.

I wonder if this news item will be addressed as being price sensitive and require an RNS ?

R1/2/3/4 was changed into a new PSC for up to 10 years in Dec 2021 so looks like that's why there's this new article now as the first 4 year period of that would be up about the end of Dec just past.

In that period there was to be 250 km2 of new 3D to be acquired and processed and 2 exploration wells to a minimum 2000m depth. This was to commence within 180 days of award.

If not done then the company was obligated to pay the government $2500 for each km2 of 3D not done plus $1m per well = likely cost $2.625m in total.

The first renewal period was to be for 2 years so likely would have been up to the end of 2028 with a second period up to end of 2030.

While we're supposedly in the market for hydrocarbon asset deals

West African deal today by existing partner Panoro from Kosmos with circa $200m revenue.

* Acquisition of an additional 40.375 per cent interest in Block G offshore Equatorial Guinea for an initial cash consideration of USD 180 million (effective date 1 January 2025)

* Aggregate deferred contingent consideration of up to USD 39.5 million dependent on certain production and oil price thresholds

* Adds net working interest 2P reserves of 46 MMbbls* with robust operating margins and contingent resources of 29 MMbbls*

* Full year 2025 working interest production was 8,271 bopd net to the interest being acquired

Purchased at USD 3.91 per 2P barrel (based on initial consideration), USD 2.40 per 2P+2C barrel

They've went from about 36% (as a result of needing further capital) to 70% in 3 years in Kavango Resources still listed and have never launched a bid. My thought was they were more interested in substantial stakes in mining and energy rather than outright ownership. Recent stake also taken in oil/gas producer TXP.

I think their increased interest could as easily be put down to the major cash on offer if rewarded to any great extent but on on top of that there is significant opportunity for growth from a new investor perspective relative to those holding for such a long time prior. Therefore a chance to take as great a stake as possible given the opportunity to invest on top of stale holders looking to exit given some funds have had significant redemption pressure in the past while?

From an AI search -

The Kansagra family, led by brothers Ramesh and Bhupendra Kansagra, operates a global investment empire through entities like NIPCO Plc and Solai Holdings. Their takeover activity spans the energy, aviation, hospitality, and mining sectors.

Major Takeovers and Strategic Acquisitions

* Savannah Energy Plc (2025): In October 2025, NIPCO Plc (controlled by Ramesh Kansagra) acquired approximately 19.4% of the London-listed Savannah Energy, a deal valued at roughly £28.7 million ($36.2 million). This acquisition provides the family with significant exposure to Nigeria's gas infrastructure, including the Accugas network which supplies major thermal power plants.

* Capital Hotels Plc / Abuja Continental Hotel (2022): Through their subsidiary 22 Hospitality Limited, the family completed a takeover of Capital Hotels Plc in Nigeria. Ramesh Kansagra was subsequently appointed Chairman. The family committed to renovating and repositioning the former Sheraton Abuja Hotel (now Abuja Continental Hotel).

* Kavango Resources Plc (2023): The family gained a controlling stake in Kavango Resources, a metals and gold exploration company focused on Southern Africa.

* SpiceJet (2005–2010): The family is perhaps most famous for the 2005 takeover of the defunct ModiLuft airline, which they rebranded and relaunched as SpiceJet. They remained major shareholders until 2010, when they sold a significant stake to Kalanithi Maran of the Sun Group.

* Union Maritime: The family emerged as substantial, albeit low-profile, co-owners of Union Maritime, a major shipping and tanker company.

* One Aldwych Hotel: The family owns the prestigious 105-room One Aldwych Hotel on London's Strand.

Attempted and Emerging Interests 

* Scotgold Resources (2023/2024): Following the administration of Scotgold Resources, the family registered Cononish Mining Ltd, suggesting a potential takeover bid for the Cononish gold mine in Scotland.

* Purebond Ltd: The family holds interests in Purebond, an investment vehicle involved in various sectors including energy and natural resources. 

WelshMusk i agree with you on your points re Ludivine and how companies can be beaten down to such low levels in price and value.

Re the broker note 44.4p target risked. Only 4.2p of that is for Chad and 3.7p for R3 East Niger which leaves 36.5p if neither come to anything.

There's also substantial upside in the un-risked which is 115p (and contains a full 41.8p for Chad and 7.3p for R3 East in Niger) which again leaves almost 66p to play for if neither come to anything and moving on the current renewables.

There is nothing in the risked or un-risked applied to anything re the Niger exploration potential.

The believed Agadem billion bl+ recoverable potential hasn't gone away other than the perception as to can or will we ever get back to it - if the same valuation is applied to further discoveries as those in R3 East - every 100 mmbls comes in at just over 20p/share.

But if nothing happens in Niger ? What if that potential is replaced by oil assets in Nigeria (or elsewhere) which i have certainly thought about in my decision to stay firmly put. Both the government are offering currently some 50 blocks on top of NNPC farming out at least a minimum of 25% on both producing and undeveloped/shut-in blocks to raise cash and/or share development costs.

I can see why NIPCO ($60m @ 7p)would want a lot of this potential including why the CEO (£20m) imo would still pile in on top of 2-3 institutions that have added while others sold down.

Imo it's worth a lot more than even 20p especially with the Accugas refinancing sorted and i'm sure that's why AK, Nipco and a few others have seen this and reason to accrue as much as they can and of course with Nipco now sitting just above a 30% holding and of course they could always launch a bid.

Recently Save pared 1.5% of the 2120m shares in issue since the broker note to 2088m. The buy back programme allows for up to 15% reduction.

Ludivine Capital held 10.886m shares pre IPO 2014 and 11.819m immediately afterwards upon listing so they have been involved with Save for quite a while.