Member Info for ZENGAS

RR

You want 26.35p for them now ?

3 days ago - 'I’d sell my complete holding for 20p now'

Sure we can pick them up for 10 or 15p if you're correct with that prediction from a few days earlier again.

As shown in the presentation - Retaining 15.75% of Kertang would represent about 260 mmboe net and in excess of £500m value if successful (divided by X amount of shares in issue) - certainly blue sky as they say just for Kertang. It would open up further prospects on 2A. I use a low 50c/MCF ($3/boe) in that valuation but the other fields cost projections imo could make a mockery of that price if successful and could mirror a Cove like play further ahead.

In context of all that's been described these imo would be 'high' value BOEs for the industry to chase given the wider picture if anyone has taken time out to research it.

Kertang/2A - "intense industry interest" and "wide range of interest from global energy companies".  So not surprised !

All the gas sampling and studies show that we are out of the CO2 window !.

"Only 110 km from infrastructure" !

Very important to note and fully take on board that the estimated 10 TCF Kasawari field Malaysia described as an analogue to Kertang has just come onto production at 200 mmcf/d and ramp up to full sales of 575 mmcf/d next year.

Compared to Kertang-

81 km sales pipeline to infrastructure connection - then onwards to Bintulu. 138 km pipeline connection to the depleted M1 field to dump CO2.  

One of the largest and perhaps most expensive gas fields in the world due to dealing with the near 40% CO2.

Rystad Energy article on Kasawari describing that the huge cost of dealing with the C02 is estimated to take the break even cost to over $5 mcf or over $30 boe while another draws comparison to a previous project of smaller scale onshore Australia at $3.1 billion alone to deal with the CO2.

"A recent discovery offshore Indonesia that may be impacted is the Abadi LNG project. Japan’s Inpex, the field’s operator, is still evaluating the investment needed to tap into nearly 10 Tcf of offshore gas. One consideration it is looking at is the potential inclusion of an CCS facility which Rystad estimates would mean first gas breakeven at around $8.00/Mcf. ($48/boe)"

"Fueling the Future With Sour Gas

In simple terms, Southeast Asia’s short-term energy outlook is highly dependent on sour gas—also known to the industry as contaminated gas—because it represents about half of what’s left to produce. The big downside is that sour gas is notoriously costly to process, even without considering the cost of CCS.

The potential wave of capital outlay is driven in no small part by mandates across Asia to halt the construction of new coal-fired power plants and instead promote the conversion to or building of lower-emitting gas-fired power plants."

https://jpt.spe.org/what-you-should-know-about-offshore-and-sour-gas-ccs-high-cost-leak-mitigation-and-transportation

So in that context above it is no wonder that there is "intense industry interest" and a " wide range of interest from global energy companies and why it's one of the most exciting opportunities to come across.

Well hope IR don't mind me posting the following re my question and i'd asked them to run it past the accountants also.

Question re - "The foreign exchange true-up invoices are also not reflected within Revenue or Total Revenues2.

The net debt is shown as $533.1m at June 30th.

Does the net debt position include the $109.9m of invoiced forex losses ?

Or has that $109.9m still to be received by the company yet ?

Ie meaning the net debt position would be lower by $109.9m if it had been received by June 30 and thus about $423.2m ?

====

'Thank you for your email regarding our Half Year 2024 results.

You are correct in that the net debt position as of 30 June 2024 does not include the receipt of US$109.9m of invoiced forex losses. Had they have been received, the net debt position would have been lower.'

------------------------------

So as i thought the net debt would be really around $423m if that $109.9m had been recieved by June 30. Looks a lot better than first thought. Few other items in there that should be non recurring such as Compression project coming to an end, some $8m odd upfront for the court cases amongst others. Another confidence booster is the fact that Chad have acknowledged we are entitled to compensation - that in itself is very telling though how much is anyones guess but it may well run close to the wire to decision outcome . Accugas debt financing sorted. If we have significantly more oil on production in 12 months from Sipec and further gas upside irrespective of anything else, i feel confident where we're going.

Scot has the Sipec deal been paid for upfront? I don’t think so unless I’m reading it wrong as it’s to be financed by a bank and internal cash.

Also the $109m for forex true up. That has been invoiced but has it been recieved ?? There’s some mention that this isn’t included in the overall figures reading further along. It’s this I’d like further clarification on as this would have an effect on the actual net debt figure.

Good presentation i thought listening carefully between the lines.

Picked a small amount up pre close.

Page six - Is that the first time they've highlighted the area containing the DROs. Red for gas fields (some very sizeable) so not sure if those are all developed or not and ours as yet unmarked/not shown ?

https://seascape-energy.com/wp-content/uploads/2024/09/Interims-Presentation-20240930-vF.pdf

Thanks for the positive comments guys. Nothing against RR other than irked about covering the same questions when they've been discussed to death and then accused of being paid to post. Fact is a lot of us including myself happily gave to a fund raiser for Agadems (RRs) charity 3 years ago and it comes across as annoying when he said he was sick of all the charity fluff the company seem to do. I can well recall him saying he was dissapointed SAVE didn't make a contribution. Enough said, i have a lot of respect for the guy and the length he's gone to for keeping on top of his investment.

There is no escaping our 3% levy per asset for Nigerian social projects or in the other countries to have the licence to operate. It's why it's done.

I am intending as i'd planned for the last number of years to cut back and eventually stop posting and look in from the sidelines.

Truth is, everyone on these boards is a valuable source of info for potential stocks to invest in and without everyone and their own ideas, those opportunities whether good or bad can remain unknown.

As for the results - i'd like to think they are yet to come this evening or tomorrow. They had said we would get a S.Sudan update early October.

Given we are already suspended there's actually no need to have the results out today, tomorrow or this week as what action could be taken given we're already suspended.

RR re your doubts on reporting ESG and the U-11 well. Starting to amaze me how you have resorted to jumping to conclusions without much in the way of facts on the ground.

Villagers said there was an explosion and fire in the article of 7-11-21. Or did they see the gas flaring ?

A fire truck was on hand but not reported as actually doing anything. My take is that this was the well test, gas flaring and boom and the article stated that an employee said that the Ebekpi people weren't notified of the well test in advance. My take is I doubt if there was a major incident, it's unlikely to have come in safely and under budget and better than pre drill prognosis for the reserves increase 2 weeks later. I saw no known follow up press reporting on the incident in the days or weeks since and that reinforces what i believe to be the case.

23-11-21 RNS

"Operationally we have successfully drilled and completed the Uquo-11 gas production well, below budget and at a significantly lower cost than previous Uquo wells drilled by our subsidiary company."

Significant 27% increase to Gross Uquo 2P Reserves driven by the new Pre-Stack Depth Migration ("PSDM") re-processing/re-interpretation of the Uquo 3D seismic survey and better than prognosis from the newly drilled Uquo-11 well."

You've asked that question here before re the Niger wells and you're well aware it's been answered by a few on here that we were led to believe that they'll be doing something this coming quarter. What more is to debate again asking it again until we get an update, Same re your Q on the pipeline. Same re Trucking. There were answers on that and test oil and commercial oil. For someone that long invested do you need constant debate on it while already knowing where we currently are. You might get your Qs answered come the results if they are out as expected tomorrow.

As for who else were after the assets - i personally don't know. I scrapped my expensive subscription to AI. Companies chasing assets are usually screened out to preferred bidder status and unless some of the media picks up on those we may never know an entire list of those who've been interested (and indeed if any). There were others interested in Chad as a whole - Perenco bought Caracal. A seperate Canadian company was interested in assets. What about the Oil Cos who are there. As someone says you were happy to be so condescending re us going for the South Sudan assets in the middle of a neighbouring war without any facts on the nature of the deal only to say how you'd taken about £20k worth on a company with under $400k that you'd slated Savannah for. Ehhh ?

Sorry if this seems defensive but as you say you can go on and on...and on.

While the share price is where it is and we've seen little return except for buying off the lows, it can be frustrating to think that we are spending money doing good while shareholders go unrewarded - so i wanted to really check if AK etc are really that blind to us and as RR says spending too much off our FCF on corporate citizen stuff.

It's not the case no matter how it looks and a non starter in that regard. It's something we are totally obligated to do.

For Save - as far as i'm aware these social programmes such as cattle vaccination and water wells in NIger are done out of necessity because we are affecting communities were we operate and our part and parcel of our licence to be allowed to operate.

See -"Engagement is key to maintaining our social licence to operate".

' In Nigeria under the 2021 Petroleum Industry Act (PIA) , social impact projects are now implemented by the host communities Dvevelopment Trusts (HCDTs) for each asset. In 2023 there was substantial change how Companies had to deliver these community projects. '

"As an oprerator under the regulations governing the PIA, Savannah is obligated to remit 3% of its operational expenditure per asset to fund the corresponding HCDT."

Due to the change in the funding mechanism in Nigeria, we have decided it is no longer appropriate to report the number of 'social impact projects' metric but we will continue to report our social investment figures annually.

I went through the reports and of other companies in the same regions.

Seplat uses the slogan 'Seplat and the six capitals' and 'A future-forward company'. (Versus us as an 'AND' company ? Fair enough it's a slogan for ESG times).

Equipped 6 schools and 3 hospitals with renewables power.

They have a social investment programme ($10.1m in 2023) for local communities.

Predator Oil and Gas wth no revenue - provides funds direct to its host country to pay for and train engineers. Roads and minor community projects included to help local communities (olive growers).

First WCAT don't have a nomad as such being on the main market and not AIM so less regulatory oversight on announcements - so it's the company head that needs to stand over this. Why it's not a suspension i don't know ?

Afentra were suspended over a non binding expression of interest re looking into Angola - neither MOU or SPA mentioned.

Save entered into an SPA and when that terminated said they were still engaged in a possible alternative deal that fell under suspension rules.

WCAT has come under criticism in some articles penned on the company and has been pulled up on what was described as schoolboy errors and alleged telegram chats (still on the S/Prohets website). Whether true or not on that score, he's posted on the SAVE bb in the past so time on his hands obviously outside of his company activities etc to do that and certainly no harm in doing that.

In relation to some criticism and how past form could be interpreted -

WCATs 22-11-23 RNS.

'On 6 November 2023, Mandhir Singh, Chairman and CEO of the Company, gave an interview with Directors Talk which has subsequently been reproduced on social media. Mr Singh regrets some of his comments and now accepts that they may have be misconstrued and wishes to clarify the following statements: ' (see the rns).

Personally a bit wary ahead of the results now due and promoted by ztc after the last announcement but the cash position ignored and still to be known but very low imo.

The only positive i see for Wildcat is the Micheal Kroupeev (Waterford) connection but too high risk and if anything comes of it, then significant dilution, capital raising for a project of that size. I can't see them being the only show in town vying for assets or a deal and MOUs can be two a penny. Zenith signed one 10 months ago with nothing becoming of it so far.

Down to about $340k cash. Half year results due by Monday.

Punted 2m last week on the announcement and momentum and out a few days later when i saw it being mentioned by ZTC but short on facts.

While we're waiting on the DRO announcement it's worth bearing in mind the pipeline of other opportunities they were looking at irrespective of the DROs from 3 months ago.

"Range of opportunities under review including production and greenfield discoveries.

Additional ground-floor acreage entry options under consideration"

Any producing asset deal if sealed, is likely to be delivering cash before the DROs actually come through on revenue.

Upwego

I'm sure there's other potential companies interested and likely to have been talking to Nilepet/Government etc. WCATs is only one that we know off as a PLC so no point in throwing a wobbler over it being announced in the public domain. I'd expect there to be others in the ring and just because we haven't mentioned an MOU it doesn't mean we don't have one otherwise how else have we been in discussions on an alternative deal.

Like Kinkell says, we aren't privy to confidential discussions and until it's announced as over or off, all we can do is guess.

Imo it doesn't serve any purpose being suspended for suspenions sake as if it's some kind of delaying tactic. It won't change the outcome if we come back today or 6 weeks from now with no deal as the s/p will do what it wants imo.

POST contd re WCAT.

While there's 2.8 billion shares in issue in WCAT, the m/cap is only £5m and it's the kind of relationship where Kroupeev could help inject significant financing/placing etc for WCAT as an investment for a similar if not risky high impact return such as Emerald?

Savannah would be well aware of who their competitors are if any.

As for WCAT. Might be laughable to some but look deeper

Michael Kroupeev is an advisor to WCAT and i note he bought a very modest £50k investment over a year ago.

He owns Waterford Investment. He turned Emerald Energy a serial under performer in Colombia oil by making a strategic investment and getting them involved in Syria which had similar discoveries across the border in Kurdistan and not long before they had significant discoveries/production.

15-16 years ago I think he made £138m turning Emerald into a 25 or else 50 bagger from memory which was sold to Sinochem. (Emeralds Colombia assets were attacked/ burned down later).

https://www.theguardian.com/business/marketforceslive/2009/aug/12/1

He didn't have the same luck however with Sterling Energy in Kurdistan which then lay stagnant for a number of years while Waterfordy exited and ex Tullow people and others turned it into Afentra.

"The owner of Waterford, Mikhail Kroupeev will join WCAT as a strategic adviser to its Board of Directors and Waterford will also take a nominal equity stake in Wildcat*.

The Waterford Group ("Waterford") was established in 1995 as an investment vehicle for Mr Michael Kroupeev. Waterford invests mainly in up-stream petroleum projects and since its inception, the fund has invested in over a dozen such projects, both public and private. In London, the company has invested in listed petroleum companies including Emerald Energy, Dana Petroleum, Anglo-Siberian, EuroSov Petroleum, Gulfsands Petroleum, Sterling Energy, Petroceltic and Sibir Energy.

Wildcat will be able to draw upon Mr Kroupeev's extensive experience of managing listed oil companies as well as raising finance and negotiating significant petroleum sector deals. Wildcat will seek to leverage the extensive financial and petroleum network Mr Kroupeev has built up over the last 30 years, working with major investors, funds and major oil companies.

Mandhir Singh, Chairman of Wildcat, commented: "The management of Wildcat is delighted to secure the backing of such a successful and experienced partner.

The support provided by Waterford and Mr Kroupeev and their extensive networks will help to accelerate the process of Wildcat becoming a profitable, producing oil company with a high impact exploration division.This relationship will also allow Wildcat to tackle significant oil projects."

https://markets.ft.com/data/announce/full?dockey=1323-15653771-43GPVMFV3D7AITIEI666QER8HB

It's this relationship i expect that people are missing about how WCAT could possibly be looking at these kind of opportunities no matter how incredible it may seem (It's not). I expect if a deal, any deal whether in Africa, Sudan or South Sudan could be financed as per Emerald Energy if anyone can remember that. While there's 2.8 billion shares in issue in WCAT, the m/cap is only £5m and it's the kind of relationship where Kroupeev co

Thanks NicetoMichu

My other two are Afentra (AET) and Seascape Energy Asia (SEA).

Two more i'd likely go for would be Arrow (AXL) and Jadestone (JSE).

Wouldn't rule out Tullow making some ground up with patience.

Some others out there that imo could have their day in the sun at some point.

I see Companies house have just done the name change today from Longboat Energy to Seascape Energy Asia PLC.

'Company name changed longboat energy PLC\certificate issued on 17/09/24

Change of name notice

This document is being processed and will be available in 10 days.'

https://find-and-update.company-information.service.gov.uk/company/12020297/filing-history

SAVEs share price was 26p in January 2022. If you'd have sold out then or chased pastures new - this is how 38 others performed. Some did spike but are now back down or lower than they were in Jan 2022. Others sideways/unchanged, some collapsed and only 3 had material growth. This was and continues to be my reason to hold as growth comes through and/or the material impact of a major acquisition or substantial Chad compensation (67p max) - rather than try and chase the next hot stock so to speak which some have done in that time scale. Some did buy higher since Jan 2022 when those stocks moved but are now lower so unless traded, it hasn't really borne out for growth either. I only hold 2 other stocks in the following list.

From January 2022.

Jadestone 100p - 29p

Kistos 400p - 127p

Harbour 400p - 262p.

Kosmos 300p - 314p

Touchstone 100p - 34p

Tullow 55p - 24p.

Jersey Oil & Gas 170p - 63p

GulfKeystone 210p - 119p

Predator 7.5p - 8p

Afentra 15p - 46p

Arrow 8p - 29p

Petrotal 25p - 35p

Longboat 65p - 18p

Zenith 10p - 1.25p

Eco Atlantic 28p - 11.5p

BowLeven 3p - 0.15p

Canadian Overseas 35p - 0.0575p and bust.

Seplat 100p - 193p

Trinity 130p - 55p

i3 Energy 15p - 12p

Deltic 45p - 8.75p

Borders Southern 1.5p - 2p

Caspian Sunrise 4.5p - 3.6p

Vaalco 400p - 482p

Genel Energy 158p - 80p

Enquest 22p - 12p

GranTierra 600p - 582p

Chariot 12p - 1.8p

Petro Matad 4p - 2.42p

Rockhopper 10p - 14p.

Sound Energy 2.25p - 0.69p

Echo 0.5p - 0.0028p

Pharos 25p - 25.4p

Pantheon Resources 80p - 15p

Zephyr Energy 7p - 3.4p

Norway -

DNO 10 Nok - 11.5

Equinor 248 Nok -265.

Okea 25 Nok - 19.9.

How any acquisition deal is progressing is anyone’s guess, but Sudans engineers have repaired the infrastructure with South Sudan engineers visiting Sudan in the next 2 weeks in preparation to resume oil exports. Burhan met Kiir in Juba and that’s the latest officially via the Presidents office.

2 weeks to half year results.

Likely Niger related and looks like movement on the windfarm

SAVANNAH ENERGY TARKA HOLDINGS LIMITED.

Registered 10-9-24

"Further face to face meetings have been planned between Upland and the Government, the company will update the market in due course."

If they met them yesterday, when exactly are the next meetings ? Next week, next month October ? two months ? I said late 2023 that they'd not drill in 2024 despite all the clamour re rig/crew selection and now September. Rig isn't just likely to be sitting around indefinitely waiting for Uplands slot.

Begs the question why they still haven't got the PSC 10 months after it was completed and submitted and then Petros saying 2 months ago it was going to competetive bidding in 2025 after further technical work.

If it does go to competitive bidding in Aug 2025 and if it follows a correct process for all to look at re the data evaluation, submission and then time for bids to be evaluated/decided on - i still see no earlier than 2026 for a decision unless the govt do something different to Petros.

It smacks of a desperate case to keep the share price up because if the above scenario pans out they'd need more cash and as strong a share price as possible to raise future funds.

9 years since listing and what track record do they have for the Government compared to possible other contenders ? What other companies are trying to force the govts hand other than UPL ?