Member Info for ZENGAS

As regards a takeover -

No seat on the board and an undertaking not to pursue a hostile takeover (subject to certain exceptions) - it's those certain exceptions i'd like to see. Is that incase anyone else would build a position and try to take it over only then allowing Nipco to launch one. ? Or parties in concert ? Exactly what exceptions ?

Given who owns what, there's no evidence of the Indian conglomerate via Purebond that owns 64% of Nipco and Purebond it's self ultimately owned by Solai Holdings ) taking any companies ultimately private (via AI search) so SAVE would be a first given their expected current ownership of 26.5% and AKs expected 13.8%.

Their biggest holding was over 50% of Kavango Resources in 2023 of 50% increasing to the current 69.8% in May 2024.

Incidentally if the buy back had went ahead AK would have ended up owning almost the exact same percentage as now proposed. It's Nipco that will now hold 26.5%.

It will be interesting to see where the 143.565m shares come from that they acquiring and if they're from any of the existing shareholders above 3%.

As for the Accugas debt refinancing. I interpret it as fully done in Naira all bar $25m outstanding ie - "there was a remaining principal balance under the US$ Facility of approximately US$25 million. It is expected that the remaining residual principal amount outstanding will be fully repaid within the permitted tenor of the US$ Facility."

I viewed the Uquo exploration well as in doubt subject to financing but this seems clearly to be going ahead along with the development well. An opportunity to increase reserves and value from same if successful. They could have held this cash back, deferred the exploration well and still secured the buy back ??? though view this inline with the possible cost savings of a rig mobilised and back to back drilling on 2 wells in addition to clearing the outstanding $25m Accugas debt.

Arbitration claims stand at $1387m plus costs and $506m receivables outstanding = $1887m. You could think Nipco/AK both want as much exposure to this at the current valuation even on a success case of $300m from claims and $200m from the receivables with more of the receivables to filter through over a longer period ?.

Following on from Savannah Energy NG Ltd registered on 27/11/25

2 further new companies registered on 17/12/25.

Savannah Energy E1 Ltd.

Savannah Energy E2 Ltd.

Premier Mitons results were just recently out 4th December to year end 30th September 2025.

ICs commentary on 4th Dec 2025

'For many asset mangers, it is a case of just trying to look on the bright side, as the squeeze on net fund flows continues to bite across the sector. Premier Miton (PMI) proved no exception to the rule in its full year results with net outflows doubling to £618m.'

PMI presentation 4/12/25 (slide 5 & 16 noteworthy). I wonder if some outflows have continued since end September. Slide 6 says UK outflows have noticeably slowed (i take that as meaning not ended). New chair lined up for Feb 2026.

https://www.premiermiton.com/wp-content/uploads/2025/12/Premier-Miton-FY2025-Investor-Presentation_Final.pdf

Could be possible that this is where part of the buy back might come from ?

What was the last update you were were working from Komakino ? My previous screenshot was 28/10 and RWC were absent then. Did they disappear due to the placing increasing the shares in issue and therefore notification no longer above 3% ?

The share buy back is for 143.56m shares from memory so It would be great if these shares are cancelled in due course .

Indeed.

Just noticed that from the last screen shot of 28/10. I wonder if any of the shares have been bought in the share buy back.? First tranche by end Jan and the rest by end March (if at all).

Major Shareholdings update since 28/10

Updated 10/12/25

No change other than Ingalls & Snyder increasing by over 24.35m (from 194,074,690 to 218,428,686).

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

Following on from the value of the farmout deal done by Conrad Asia Energy a few weeks ago, a further sale deal in Indonesia by Harbour Energy this morning (8/12/25) and a great cross reference example for the current valuation of JSE and future valuation creation in SEA

Sale of their 28.67% interest in Natuna sea bloack A which produces 4,000 boepd net with 7.4 mmboe net 2P.

Sale of their 50% interest in the Tuna development project in Indonesia which has 54 mmboe 2C net. (Total 61.4 mmboe 2P/2C)

Sold for $215m cash.

Based on above -

That's equal to £161.5m which would represent 30p/share to JSE which has 64 mmboe 2P + 121 mmboe 2C post sale of Sinuphorm with the rest for free (current broker target 68p).

Nice sale deal in Indonesia by Harbour Energy this morning (8/12/25) and a further great cross reference example for the current valuation of JSE and future valuation creation in SEA

Sale of their 28.67% interest in Natuna sea bloack A which produces 4,000 boepd net with 7.4 mmboe net 2P.

Sale of their 50% interest in the Tuna development project in Indonesia which has 54 mmboe 2C net. (Total 61.4 mmboe 2P/2C)

Sold for $215m cash.

Based on above -

That's equal to £161.5m which would represent 30p/share to JSE which has 64 mmboe 2P + 121 mmboe 2C post sale of Sinuphorm with the rest for free (current broker target 68p)

While SEA isn't a producer, it currently has 63 mmboe 2C with first gas 24 months away of roughly 5k boepd net at DEWA). Similar share price 255p but a 50% farmout of Temaris could reduce the 2C to 40 mmboe giving a pro-rata of 162p plus what ever farm-in contribution value. (plus future development of Temaris and blue-sky upside if Kertang comes in).

This was just 'one' mechanism to address the legacy debt and mentioned as far back as mid year. For now it only represents about 3% of all debt.

This is not being paid to the Gencos but goes straight to the gas suppliers at source.

We pay royalties on gas produced so you could well ask what's the point in not getting paid for long outstanding debt and the continuous double whammy of paying up royalties. I think this (if correct as reported by Reuters and updated along with other sources) is one welcome logical step and has to be addressed some way.

From memory we were seeking the receivables normalised over 3 years approx.

If it's agreed we can withhold royalties in lieu of legacy debt repayment then it could be in the order of $10m/yr going forwards and perhaps with whatever royalties are not paid up for 2025 ? (that would be a payment received). I don't see our annual royalties exceeding that. If it also extended into oil revenue it could be more. (i don't know). It would be a welcome boost coming at a time when we are expected to sell a lot more gas by end Q1.

The much reported bond (if issued) seemed to cover two thirds of the debt to gencos.

Perhaps further royalty relief figures for 2- 5 or more years in addressing more of the debt.

Government were expecting a significant increase in electricity revenue (Up 50% in 2025 v 24.) and continued forward domestic growth.

They are also expecting $1b of annual export revenue from June 2026 via the West Africa interconnected power pool. ( https://punchng.com/govt-eyes-n1-49tn-electricity-export-revenue/

The key is getting a decent sized payment from the bond or an upfront sizeable payment from whatever government funds and adressing the balance over a longer period. Witholding royalties in tandem in exchange for part payment over a longer term would be welcome.

This isn't going to the Gencos but seemingly directly to gas suppliers by deducting royalties due.

Welcome start.

Nigeria approves $128 million payment for gas debts in bid to boost power supply

By Camillus Eboh

December 4, 20256:47 PM GMTUpdated 1 hour ago

ABUJA, Dec 4 (Reuters) - Nigeria has approved the payment of 185 billion naira ($128 million) in longstanding debts owed to gas producers for supplies to power generators, aiming to restore confidence in the energy market and improve electricity supply.

https://www.reuters.com/sustainability/boards-policy-regulation/nigeria-approves-128-million-payment-gas-debts-bid-boost-power-supply-2025-12-04/

“The payment, to be executed through a royalty-offset arrangement, is expected to restore confidence among domestic and international gas suppliers who have long expressed concern about persistent indebtedness in the sector,” the statement read.

Ekpo described the approval as a “decisive step towards revitalising Nigeria’s gas sector and strengthening its power-generation capacity in a sustainable manner.”

He said the intervention aligns with the Decade of Gas initiative, which aims to unlock more than 12 billion cubic feet per day of gas supply by 2030.

According to him, clearing the arrears will restore investor confidence, accelerate exploration and production, and ultimately boost gas output and power generation.

https://punchng.com/fg-approves-n185bn-to-clear-outstanding-gas-to-power-debts/

50 Nigerian oil and gas blocks announced for licence at an investment forum in London yesterday.

19 shallow water, 1 deepwater, 15 onshore and 15 frontier.

Anyone following Conrad one of the comparators in S.E Asia in SEAs presentations.

Farmed out 75% of their offshore Duyung Indonesian gas discovery to Nations (48 mmboe).

Conrad keep 63 bcf (11 mmboe)

Nations will pay WNEL(Conrad) a consideration which includes US$16 million for its 75% PI, to be settled in three tranches of US$5 million, US$4 million, and US$7 million, the first to be paid out on meeting certain conditions precedent expected by 1Q2026, the second tranche to be paid on completion of the Transaction expected by 3Q2026 and the third at the date of first commercial production expected in 4Q2027, respectively.

Conrad is entitled to recover 75% of its agreed historical costs in the PSC after repayment of the CLA.

Overall capital expenditures to bring the field to first gas are estimated to be US$320 million, in line with previous advice1,2. The CLA provides sufficient funding for WNEL’s portion of development costs, including down payments, contingencies for cost overruns, interest during construction, and working capital. First gas from Mako remains on track for delivery in the 4th quarter of calendar year 2027.

=============================

https://yourir.info/resources/3f46e16f9e883e80/announcements/crd.asx/6A1300588/CRD_Company_Presentation_December_2025.pdf

In total Conrad have 11 mmboe 2C in Duyung and 38 mmboe 2C in 4 undeveloped discoveries in Aceh = total 49 mmboe.

193.11m shares in issue currently AUS 69c/34.5p = M/cap £66m today. (4 weeks ago at farmout announncement was 15% higher at 79c/39.5p = £76m M/cap.

Had $2.8m USD cash at 30/9/25 pre farmout.

I posted on UPL board re latest deal and we know what they have and no discovered resources as of yet.

1612m shares Friday close 3.9p = £62.8m. Today 3.7p = £59.6m.

Had £2m cash end June 2025.

Seascape 63.13m shares 65p = £41m m/cap.

£9m cash end of Oct 2025.

63 mmboe 2C net + 281 mmboe prospective resources. (Fully carried for up to 2 wells on 2A $150m gross subject to commercial discovery which would trigger $10m/£7.5m further payment).

Given the interest in Temaris, i belive SEA could get around $10m/£7.5m cash on a sizeable farmout.

Not withstanding the strong cash level in SEA there's a lower £25m m/cap disconnect to Conrad and circa £25m lower m/cap disconnect to UPL (allowing for cash proportion v UPL).

Comparative share price valuation to Conrad = 105p. To UPL 103p. Broker target price is 111p and previously 88p versus 65p now. Also any potential farmout for cash should increase that broker target along with the possibility of additional acreage they are chasing ahead of any news re Kertang.

Savannah Energy NG Limited at Companies House on Nov 27 2025.

As for SK334 ?

Who gets what percentage ?

In SK334 Upland had 45% and Big Oil 55% in the JTS.

Not sure what the arrangement would be post award.

But assume Petros would have 20% and remain undiluted.

If the remainder 80% goes to Upland/Big Oil.

20% available to LS to farm in and another 10% to Bruner.

Leaves 50% to UPL/Big Oil.

30/20 to UPL/Big Oil leaving UPL the majority overall PSC partner with 30% ???

Bruner entry and now at 3.8p (now values $5m for his 100m shares in UPL with a 12 month min hold).

1612m shares @ 3.9p = £62.8m m/cap.

LS getting 100m shares (theoretically priced at 3.3p)

UPL in turn get (by theoretically returning the money)

Convertible equity position if LS go public - but doesn't say what that equity position is in terms of percentage.

An option to participate in future wells ? What does that mean ? ( I presume more Class C units ?) This guy was talking about hundreds of wells (2,100) so how much does that cost ?.

No mention what this was worth or what it means in terms of potential income.

So you need to go to LS investment proposal -

The 6 TCF is estimated Gas in place requiring fraccing. They appear to base that as being recovered in the presentation with upside from other potential.

LS first 20-25 wells targeting 400 mmcf/d (65,000 boed) - and 1 BCF/day by 2030. ( Company highlights page https://lostsoldier.com )

and from 19/11/25

"Completion operations on the Found Soldier Federal #1 and the Green Mountain Federal #4 have finished for the winter stipulation period which began November 15. Of note is the flow rate obtained from the four fracture stimulated zones in the FSF#1. Two of the zones cumulatively tested at 6.9 Mmcfd. All together the estimated initial production of the four vertical over pressured Shannon zones is 8.8 Mmcfd. As mentioned previously, the gas in the Found Soldier Federal #1 meets all standards for the interstate pipeline system. Plans include hooking up both wells to the 8” connector pipeline scheduled to be installed in Q2 2026".

From the investment presentation for those with a minimum of $50,000

Class A and B units were sold out (167 units in each) in the previous 2 tranches

Class A unit = 0.00449% Net revenue and 0.00008435% ORR per unit.

Class B unit = 0.002994% Net revenue and 0.00008435% ORR per unit.

A Class C unit is priced at $150,000 per unit (2,000 total available).

Class C represent 1% ORR and 19.6874% net revenue divided by 2,000 units.

Class C unit = 0.0005% NRI and 0.00008435% ORR per unit.

My take is that if UPLs investment is priced in the class C programme as they say at $4.3m and each unit cost $150,000 that gives them about 28 class C units.

You then add in the Manager 160 working interests net to each class c unit and it appears to show the date class c was marketed 31/5/25 and each unit returning $1.4m over a period of 14 years which for 28 units would be $39m or $2.8m/yr average but it's the end of 2028 before anything notable kicks in if it works out.

It's the years 2031 to 2036 that really makes the greatest figures to get the overall average for the 14 years projection to 2039. (P 27).

Uses $50/oil and $7 mcf gas throughout.

https://invest.lostsoldier.com/wp-content/uploads/2025/07/LSOG_Corporate_Presentation_July-13th_2025_Compressed.pdf

I see a question on the social media site asking if they'd sold anymore class c.

Worth a google on Marc A Bruner.

In the middle east Abu Dhabi conference earlier this month seeking funding perhaps.

Thanks Cruicky, much appreciated.

Https://vimeo.com/1059143693/ae8f396a43

Net debt at 31 August 2025 was US$53.5 million’

With revenue averaging $100m/Qtr and no major capex, in terms of the $110m incurred for Skua, there’s a decent chance that it may have reduced by a further $25m by now (end Nov) and perhaps net cash neutral/positive by the end of February ?

Guidance likely in January and the planned drilling of East Belamut Malaysia if on schedule by end Q1/early Q2 as the next major capex spend which in real terms should then be covered by ongoing production revenue as well as production growth.

Hopefully news to come through on Vietnam as well.

All in the context of SAVE being in exclusive talks to buy Globeleqs Cameroon power projects.

Dibamba 88 MW plant.

Kribi 216 MW plant (20 yr ppa)

Both sell electricity to Eneo.

Cameroon Takes Back Control Of Its Main Power Utility

The government bought out Actis to regain a major stake in Eneo, aiming to fix long-standing energy woes and accelerate much-needed reforms.

Cameroon’s government just bought a 51% stake in power utility Eneo back from UK-based Actis for $139 million, boosting its ownership to 95% and ending a decade of majority private hands.

This marks a pivotal shift for Cameroon’s energy sector, reversing a 2014 privatization aimed at attracting investment and solving chronic power shortages. Despite Actis’s efforts, Eneo kept struggling with rising demand, persistent blackouts, and mounting debt. With the government taking the reins, plans are now in motion to spur much-needed investment in electricity generation and grid upgrades, while aiming to stabilize the company’s finances. Employees will retain their 5% stake, and although the timeline for the final handover is unclear, officials say sweeping sector reforms are coming soon.

Energy overhaul could spark investor interest.

Cameroon’s bold buyout could make its power sector more attractive for future infrastructure investments. With state backing, long-stalled projects have a better chance of moving forward, and improved electricity supply would be a win for local industries hampered by outages. The government’s $139 million play reaffirms its commitment to tackling the electricity shortfall, especially as Eneo is key to distributing most of the country’s power.

A new chapter for Africa’s energy ambitions.

Cameroon’s move fits into a wider African trend of governments stepping in to spur faster energy reforms and boost grid reliability. If successful, this could serve as a template for other countries facing similar challenges with utilities and stalled investment. How Cameroon manages the reforms and draws fresh capital will help determine its progress toward reliable, universal energy access.

https://finimize.com/content/cameroon-takes-back-control-of-its-main-power-utility