Member Info for ZENGAS

Swindon FYI - GKP listed in Sept 2004 at 48p.
I bought into GKP prior to the drilling in Kurdistan in late 2008 at 19p down to 4p at that time.
Share price broke through £4 in March 2012 if you care to check that rather than incorrectly say it was a fantasy. I achieved what i expected and i was out.
By 2015 and still no government in Iraq, intermittent payments, wars and inability to pay its debt on account of that, it restructured its bonds and was decimated.

So in terms of past investments and the potential here, no i'm not over optimistic, infact im cautious by saying 200p is my target. I certainly don't ask or expect anyone to have to agree with me.
List of all the Institutional placings here. Aug 2014 55.8m @ 56p = £31.248m. Jul/Aug 2015 61.76m @ 38p = £23.448m. Jul 2016 79.83m @ 38p = £30.3354m. Dec 2017 27.462m @ 35p = £9.61117m. Feb 2018 631.265m @ 35p = £220.9427m. Jan 2019 62.8m @ 28p = £17.584m.
Total 919m shares and £333m raised including deal structure = 36.2p per share. This is what the institutions are roughly all in at here.
As others point out as does the CPR and original deal - $957m value of the assets = 73p at current ex rates. (36p debt attached) so is about 36p net - exactly what the institutions etc are all in at - compared to 8p now.
If nothing more the asset is paid down as is, or assets substantially grown allowing some debt to remain in place or in some combination. The intervening periods where production will reduce the reserves at Uquo - i expect to be replaced from some of the very low risk gas exploration on the licence thereby leaving the underlying value at least the same and at debt free status an underlying 73p.

Niger assets are still on the table as expected. Ask yourself why and institutions predominantly firm ?.
33 mmbo 2C booked. Amdigh has 2 intervals that may yet add to that but left out for now until more data known. Maybe something positive in the fact that they see fit to drill deeper down in 3 of the existing discoveries.
CPR uses $5.80/b. Company expects arounfd $6/b. Unrisked Recoverable 6.8 -9.98 billion bls mid-high gross. Risked recoverable 2.695 - 3.868 billion bls mid-high gross..
Given the high chance of success based on CNPC >75% and Savp 100% - how many bls needed to create say $1-$2billion from Niger value using the lesser $2.50/$3/$3.50-$4 per bl max whether Save becomes a main stream producer or not. Absolute running room in every direction with or without a farmin partner.
Combined with Nigeria and average price paid for all funding the reason they're predominantly steadfast in my opinion is for a 4-5X+ potential return based on their 36p average position. If i thought there was no hope of a major return i simply would not be holding so until something says otherwise i see nothing yet to change my stance.

Hi Happy
The PAS was extended to June 2020 and i would look out for more extensions to 2021 when the industry plays catch up and full cost reflective tarriffs come in.
First tranche of WB $3b loan due end April 2020 of which they could draw down $750m.
These are subject to checks and balances so again should be positive for us and any gas supplier like us.
Also today it's extremely positive to see the IMF $3.4 billion loan just granted to Nigeria during the week and some of the conditions attached.

3rd May 2020
1) "Officials of the International Monetary Fund (IMF) will be allowed access to the most recently completed external audit reports of the Central Bank of Nigeria (CBN) as part of the conditions for the recent granting of a loan of $3.4 billion to the country.
2) Nigeria FG - "will no longer give room for fuel subsidy once the coronavirus pandemic runs its course. The commitments were given by Finance Minister Zainab Ahmed and CBN Governor Godwin Emefiele in a letter of intent to the IMF requesting the loan."
3) "The recent introduction and implementation of an automatic fuel price formula will ensure fuel subsidies, which we have eliminated, do not reemerge. In line with the Fiscal Responsibility Act, this will allow us to reduce the Federal Government deficit to under 3 percent of GDP and eliminate recourse to central bank financing by 2025." ( see this in terms of the many billions Nigeria spends on diesel imports etc).
4) “We are also advancing in our power sector reforms-with technical assistance and financial support from the World Bank-including through capping electricity tariff shortfalls this year to N380 billion and moving to full cost-reflective tariffs in 2021" -
https://thenationonlineng.net/3-4b-loan-cbn-gives-imf-access-to-external-audit-reports/

Re above
Nigeria spends billions which is effectively lost on diesel imports etc and fuel subsidies including i believe gas for cooking/heat/some domestic power etc. Again consider some small basic one man business having to pay $800/month on diesel for a few hours per day supply to what $100/month would cost for national nigerian grid electricity. This is the loss to the economy and entrapment for millions of Nigerian individuals and business alike costing the economy billions in lost GDP and stunts any real growth. If it uses it's own abundant gas resources for electricity generation instead of the collosal amount that is wasted on imports of something it should not need in the first place - it is technically transformational and in its present state cannot go on.
If it can end the shortfall in the electricity sector which it plans to do under it's current roadmap then no longer are subsidies needed for the like of us via the Payment Assurance Scheme.

Sometimes i despair and feel no wonder Agadem doesn't bother posting as much now.
Happy - i doubt the document was sneaked out after close on Thursday followed up by more the following morning and SAVE actually REFERRING again to what they released the night before - so if you missed it at 6pm you could read it at 7am Friday morning.
It's Sunday morning now 2-3 days later and you've taken time to compile a post posing questions and say to your credit that you haven't read the 240 page document. That's my point - It's a 428 page document released at 6pm and again the CPR of 77 pages the following morning which also contained the cpr for a 2nd time which was also published the evening before.

If you don't read the documents i fear some don't even read up elsewhere on the wider aspect of the entire Electricity/Gas development chain and constantly hinge their fears to what might be happening on any issue that is put before them. It's that which makes me wonder do some even understand the bigger picture of transitioning the economy from something that is costing Nigeria tens of billions annually to something that they could be doing for a fraction of that while delivering a huge chunk of its econonmy and GDP away from oil revenue dependence while transforming the country overall. It's this transition that is causing delayed payments which is backed by our own World Bank & Stnandard Chartered Guarantee on top of Nigerias own Payment Assurance Scheme down to the actual baseline suppliers if the Discos to the the Bulk Energy Buyers can't settle shortfalls to the Gencos which feed back to the suppliers. It's the Nigerian Govt that then steps in to pay these shortfalls through it's PAS of which the World Bank helps fund as well. it's own Why do you actually think the Germans, French, World Bank etc are helping map out the Nigerian electricity development and gas programme. First and foremost on that basis let the company work it's way through all the workings of the industry they are in which to some may be an issue this month, may be totally resolved in a week or 3 months or not for that matter. I expect them to be capable of dealing with any issues going forward and being able to steer the company to success. It wasn't too long ago there was constant fretting that the licences in Niger would go and no amount of posting about the company saying that it wouldn't be the case. This is why sometimes its best to allow things time to be dealt with by management and what they are paid to do. Lately i find everyone is reacting to every bit of information as if we can't remotely navigate our way around it.

Trek - you could value munchboxs posts even more if he saw fit to post the exact same link on his seplat board where he's invested - oh forgot thats Nigeria and that might hurt his investment there !

"Personally I value munch’s posts more than the ‘were on our way to a quid’ bllx."

M/box Jan on LEK Nigeria @ 9.5p
Jan -15p, Feb-25p, March - May will see consolidation around 30-40p,
July August this will explode to 70p on ogo drilling.
Year end £1.20 minimum"

Posted this back on 21/1/20 when it came out to the follow up a month eralier re Dig after Savps blocks.

Appears that by 21/1/20 none of the Savp blocks were up for further negotiation in respect of DIGs chances .

" To increase its chances of obtaining blocks in Niger, the South African junior Dig Oil has joined forces with a firm well-connected in West Africa. Trade Oil that is who Andrea Brown's firm Dig Oil sought out for help to pick up the northern Nigerien blocks Grein and Taffassasset. The trading house headed by Ivorian businessman Namory Kone has been active in West Africa since 2003. Trade Oil debuted its activities in Niger in 2018 with the offshoot Trade Oil Niger, headed by Traore Abdoulaye Whakhan, who previously directed Ivorian trader Aureole.

When it first opened its doors, Trade Oil Niger's corporate mandate only covered downstream activities. Kone is now branching its activities out into exploration & production. Trade Oil will not just act as an intermediary for Dig Oil but will be its partner if the two firms get the Nigerien blocks in current negotiation. One of Trade Oil's vice presidents is Barinder Dhami, who is also the business development manager for the Venezuelan trading house Venro Petroleum.

Dig Oil, Trade Oil and Niger entered a new round of talks in January in South Africa. As we revealed (AEI 855), Dig Oil board member Alphonse Kisolokele jetted off to Niamey in November to discuss investment opportunities with the minister for petroleum Pierre Foumakoye Gado and his powerful director of hydrocarbons Adolphe Gbaguidi. Considering the future relinquished zones on blocks R1, R2, R3 and R4 of the Agadem field operated by Savannah Petroleum, blocks that were apparently no longer on the negotiation table, the two parties agreed to focus their meeting on Grein et Taffassasset."

2/6/15
"Africa Energy Intelligence understands the British explorer Savannah Petroleum, which was already awarded two relinquished blocks, R1 and R2, on the huge Agadem block, is currently in talks with Niger’s government on acquiring the R3/R4 permits that China National Petroleum Corp (CNPC) handed back in 2013.
The company, which has been interested in the blocks for some months, is headed by Andrew Knott and chaired by Steve Jenkins (Circle Oil), and it recently shifted into a more active phase in negotiations. Savannah sent senior executives to Niamey in mid-May to negotiate the acquisition of the blocks with the country’s powerful hydrocarbons director, Adolphe Gbaguidi. They also met with one of the chiefs of the Drake & Bart consulting concern, Jean Benoit de Mascarel. The oil ministry headed by Foumakoye Gado has a long-term contract with Drake & Bart.
Savannah laid out $34 million in signing bonuses for R1 and R2, a sum that appears somewhat modest in view of promising data acquired on the concessions during exploration campaigns by CNPC over the past seven years.
The R3 and R4 blocks are also being sought by the Nigerian junior Oranto headed by billionaire Arthur Eze (AEI 735) but it seems unlikely to win the prize. "

16 months ago -13/11/18
Behind the scenes of Oranto's power play to take blocks, at last.
The Nigerian junior has picked up four strategic blocks with help from its trusted advisors.
After years of trying (AEI 676), Nigerian junior Oranto Petroleum has at last managed to make its first move into Niger with the purchase of four new blocks. The company founder and CEO, billionaire Prince Arthur Eze, who hails from the Nigerian south-eastern state of Anambra, signed a memorandum of understanding with Niamey for the sale of blocks R5 and R6, two relinquished areas of the Agadem block, Dibella, and Dallol, located in the Tenere and Agadem basins. Part of the initial Agadem block has been operated by Chinese major China National Petroleum Corp (CNPC) since 2008 and in production since 2011. Eze replaces a fellow Nigerian businessman on Dibella and Dallol, formerly owned by Nigerian entrepreneur Alhadji Mangal's firm Labana Petroleum. Mangal is said to be the wealthiest man of his northern Katsina state, homeland to President Muhammadu Buhari.
According to our information, Oranto should sign its production sharing contracts by mid-November. The terms for the deal are expected to be the same as those granted to British junior Savannah Petroleum on its blocks R1, R2, R3 and R4 - also blocks returned by CNPC on Agadem. Oranto had also tried to pick up these blocks in 2015 (AEI 747).
----------------------------------------
I see no record of Oranto having R5 and R6 signed yet as it was only an MOU.
Will they seek to partner Savp giving their specific interest in these blocks for so long.

We are not giving up an inch of Niger acerage. We want it all as before. We paid signature bonuses of $34m + a $2.72m fee in 2014 for R1&2. In 2016 we paid $28m signature bonus + $2.24m fee = total $67m.

What price a brand new 10 year PSC for the new 11,394 km2 R1, R2 & R4 area ?.

"The new R1/R2/R4 PSC covering the R1, R2 and R4 areas is subject to approval by the Council of Ministers and is expected to be formally awarded to Savannah on payment of the signature bonus and a fee in relation to the Government's expenses incurred in connection with the signing of the R1/R2/R4 PSC "
R3 containing our discoveries is reduced to 2,261 km2.
There's no inclination or mention of what that signature bonus and fee might be for the new 10 year PSC ? Could ask, why did we simply not relinquish 50% and retain as many prospects as possible given we still would have access to serious oil potential.

It says something about their belief in the quality of the acreage given the very high possible numbers that could be recovered both risked/unrisked - but how are we paying for this on top of everything else if its anything on the scale of the previous bonus and fee ?

Is a partner waiting in the wings with financial clout or an improved deal for Niger on the back of the existing discoveries - but that hardly resolves the future capital requirements ?

AKs 21.3m should be announced shortly

nen, to my knowledge those shares are already accounted for in the EBT from 2017. AK has about 21m of them in there.

The new Niger CPR is definitely worth a look.

Personally i'm confident of more signifcant discoveries in time.

Reason for 33 mmbo 2C takes into account some figures left out of Amdigh for now until post testing of 2 other zones i beleive. Going back to drill deeper in 3 of the existing discoveries so confident of further oil potential.
Also just $14m to 1st oil for EPS with a 10% return at $26/b.
Main export pipeline sees a $14/b tariff but we would be beside that so low opex and coming in at around $1/b average finding cost.
Assumes $42/b oil price cap to 2022.
Post discoveries - Unrisked Recoverable now 6.8 mid to 9.987 billion bls high case.
Risked recoverable 2.695 mid to 3.868 billion bls high case.
Factor in the potential and for major powerstation growth and lower volume/higher paying customers with plenty of spare capacity, this is still about one of the best opportunities. This was executed at 35p pre Niger finds and a complete disconnect in the share price given cash is coming in and debt honoured.

Now if AK is right as to expect a partner and on the bang up todate CPR, who knows what might yet come post PSC grant ?

NTMU

Gas sales were 93.9 mmcf/d @ $3.57/mcf av sales price.
That equals $122.35m for the year.
They say they collected $168.8m in total for the year that means $46.45m recieved in excess of the gas.
They produced a gross 2519 bopd or 919,500 bls so over $46.45m = roughly $50.50/b
Imo can't see any shortfall and looks to be fully paid up.

Every question answered ?

Adm doc finally.
33 mmbo 2C net to Savp from Niger.
Will retain 100% entire original 13,500km Niger licence area in new psc expected govt confirmation shortly. (If still a partner in the wings, then this might be the cause/delay until PSC ratified).
146 Potential drilling targets - relaunch these projects this year.
3 are deeper prospect targets below the existing Bushiya, Amdigh & Eridal discoveries.

Nigeria for 2019 - lifted total cash collections of $168.8m.
$96m lifted since transaction completion on 15th November.
$40m of our debt paid down.
10 Tcf undeveloped gas 'reserves' in area of operations.

Niceto - "the share price isn't 8p for no reason."
Could be any reason and not necessarily in respect of the underlying business though - much the same as 2016 at 23p. Surely the institutions could have said at 23p we're not giving you £30m at 38p - ie it's only worth 23p.

If there are more sellers than buyers in a ****e market while about 70% is predominantly in firm institutional hands - imo it creates a similar problem as 2016.

Nothing much that i don't agree with you on Byhigh.

Some of the best returning companies i managed to invest in over the years still had me on edge and a few sleepless nights.
The company has definitely come in for PI criticism on the time it took to do the 7e deal even though we were assured even after long delays it would happen.

I remember back in July 2016 the share price had collapsed then on much less activity to 23p. Yet to his credit AK then pulled off a £30m placing at 38p.

He got the 7E deal financed at 35p. Then enhanced the deal over the original, took much longer to complete and supported it with a smaller placing at 28p while it dragged on.
Eventually steered the 7E deal to completion and was highlighted how many different complex strands had to be negotiated to get it through.
So imo he can certainly deliver and if that entire gas acqusition in some years down the road delivers perhaps $400m+ FCF/yr it would certainly be a phenonmenal deal over short term pain.

Like July 2016, are we similarly now bombed out at 8p for no other reason than low liquidity, perhaps forced sellers to a point and compounded further by recent events all the time shaking PI confidence and no return for actual investment in buying the shares. (i noticed the same astonishment in the S/P in 2016).

The company was dogged by criticism for saying little other than the same expectation on nearly every 7e update and not meeting it's expected completion time. Perhaps the company is ok with things and when it has something to say it will say it rather than come in for the same type of criticism in the past on timelines ?

We know what they were working on - new customers, cheaper debt financing, Niger farm out - maybe doesn't think it needs anything said until something to say.?

As for any payment issues which can be the case not just for us or this sector - these may be regarded as day to day business hurdles, perhaps regarded as being expected from time to time and not deemed material enough to need giving a running commentary ?

C0-19 - With nothing operationally started or ongoing in Niger since after the last well drilled - nothing to update on that ?
As for Nigeria, company has used twitter to say gas supplies increased and taking steps inline with CO-19. For CO-19 it's something they should be doing anyway inline with the country guidance. This might have been more for the Nigeria business/local population ??. Maybe they should say to investors everything as normal via an RNS ? But then it should be expected as business as usual if no RNS if no material change to the busines downside in the last few days or week ?

We know in the last update they said they had cut costs by 18% on an absolute basis and production was up and costs we were told being firmly watched to bring down further.

With the caveat of all the usual risks, payment worries etc, the note last month from Capital Access estimated Free Cash flow of an estimated average of $130m/yr for 2020-23 on existing business and excluded Afam power customer added in January or any other new business.
If they added a fraction of new customers at the same prices/size and some at higher margins as our original 3 contracts, you would think therefore just a 50% increase in either customers and supply could boost TOP to $200m/yr free cash flow. This doesn't seem like rocket science in getting those numbers up.
The switch from diesel to gas/electric is compelling and the market for growth is massive. If Save retains no more than 10% of it's market share it could yield 3-4 X growth in FCF over the next number of years when a lot of the infrastructure catches up with the development lag that is already well underway with the Germans, French and World Bank loans etc.

The business was valued in the CPR at a net $957m to Save less debt. On a debt free basis that's around 70p but what's the longer term potental as they grow and a possibility of maybe a future $400m-$500m in annual FCF to us. This is what i see as one very big potential prize in its own right and seperate to Niger.

French article in the Niamey paper in Niger about Savannahs name change. Finishes with plans to drive Nigers production to 110k bopd in 1-2 years. Nothing else picked up on in any press re any Niger oil/gas activity.

Seplat today released their Q1 and state that they continue to get paid for their gas. Given Save and Seplat account for about 1/3rd of supply and with SAVE tweeting they've upped supply, on the balance of probabilities i'd like to think we are also getting paid even if we are running on a number of months credit ? Simply too much loans and payments into the sector in the past while, not to keep the one crucial and critical thing going that actually gets the electricity to customers.

Name change and coincidental Numis note 12 days ago so surely they've talked to management.

21/10/19
"The World Bank has approved Nigeria's request for a $3billion loan for the expansion of the transmission and distribution networks in the power sector."
This was a $3b specific loan granted in October 2019 for the Electricity sector so again imo another reason why this should have filtered down to outstanding 2019 payments. Seems to be around the time there was letters seeking overdue payment. The world bank would be monitoring this in tranches so im sure they've been keeping an eye that all conditions are adhered to re the power sector. Seems unlikely that Nigeria would jeapordise support from the world bank by Save having to call on their own World Bank risk guarantee when the WB is already helping finance the electricity sector transformation.

"This financing will include right now, the gap between what is provided for in the current tariff and the cost of the businesses themselves. So, there is a tariff shortfall but it would also enhance our ability to pay the previous obligations that have crystallised that we have not yet been able to pay."
https://allafrica.com/stories/201910210032.html

And currently in the context of present oil prices, budget being rebalanced on a longer term $30/b oil price. Borrowing just over $6.9b to keep its economy on track.

6/4/20 - "The Nigerian government is seeking to borrow just over $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank."
https://www.theafricareport.com/25762/coronavirus-nigeria-seeks-6-9bn-loan-from-international-lenders/

26/4/20
In all the government is seeking $3.4b from the IMF, $2.5b from the World Bank and $1b from the African Dev Bank.
https://todaynewsafrica.com

28/4/20
There are indications that the Executive Board of the International Monetary Fund may approve the $3.4bn loan sought by Nigeria on Tuesday (today).
https://punchng.com/imf-may-approve-nigerias-3-4bn-loan-today/

Also seeking to borrow about $2.3b domestically.

12/12/19 Core Finance AK interview.
Expectation of circa $130m FCF for the period (average over the 4 yr period).
$957m is the value acquired.
$190m of cash collection expectation. 'Not about jam tomorrow it's about jam today'
'Significant debt pay down expected this year and cash balance end of the year'.
Since the deal instigated 'costs down by about 18% on an absolute sense. That's not just on a per boe basis'.
Malcy then remarked on production up 33% while costs are down 18%.
Creating strong platform for growth with new GSAs. Alaoji mentioned i think as close to sign off. Add new combination of Government powerstations (plural) and private sector. Different pricing points and different types of contractural structure. Mentioned some of the team working on these.
Niger was mentioned with lots of growth to come through there. Malcy suggested it was put on the b/burner due to 7E completion while AK said 'I'm laughing a little about it being on the b/burner because of what some external stakeholders are focussed on (did that mean PIs ?) but for us it's a core, core business and we see the same value creation potential in Niger as Nigeria'.
"We intend to provide quite a detailed update in Q1 in terms of what the plans are and it doesn't take a genius to work out what that will be - We intend to introduce a partner. We intend to start the EPS and we intend to go back to exploration drilling" (Obviously CO-19/oil demand/pricing/available partner capital might delay/could derail that plan in some part for now ??).
'146 structures consider worth drilling. From R3 east moving into R3 central up the southwest flank into R1 south then very big structures in the Dinga ridge north of the R2 block but that's gonna be a 2021 event'.
Malcy mentioned his own 75p target against the depressed value and if an early bid came to which AK said 'we are so far away from what is a realistic conversation about the real thing it's not an issue'.
Next was Vox on 31/1/20 after new gas customer announced.
Expected the new customer to generate cash in Q2. Intend to drill a new Uquo well to increase production capacity to match increase revenues through new GSAs and one of the several they expected to sign over the course of the year.
'Refinance the debt package - up significant cashflow if that were to be completed'.
'We've already made significant cost savings. We continue to expect cost savings'.
Again reiterated bringing 5 Niger discoveries into production and also new exploration with a partner and to read last shareholder letter.
Since then, Tweets about securing new gas fields in March. Then 7th April- "Todate operations remain unaffected" plus increased gas production made mid April. Then name change in recognition of its diversifed asset base and now being a leading energy producer supplying over 10% of Nigerias power capacity. Then new Numis note 10 days ago.

No short term prediction but the reason i hold is

The CPR shows FCF from TOP as $104.2m this year, $128.1m 2021 and $141.3m in the followingt 2 years = average of $128.7m/yr for the period before any new customers. This is something the CEO re-iterated in the 9/12/19 interview and when asked about a low ball bid saying it didn't come up as we were so far removed from a rational valuation.

The CPR valued Accugas at $672.8m, Uquo $227.7m , Stubb Creek $56.7m = $957.2m in total all net to Savp. Equivalent to 51.9p, 17.5p, 4.37p = 73.7p.
Stubb Creek is the only source of oil and has relatively small oil reserves being a marginal field, but has the very considerable 2C gas resource and just $56.7m is attributed to the overall value so should be lightly impacted in overall value reduction in the current depressed oil environment. Net debt (not counting working capital facilities) was $478.6m or 36.9p.
So underlying value for Nigeria is 36.8p. (Transaction deal was priced at 35p). I've used the ex/rate of £1=$1.30.
As the debt decreases and eliminated, the value for the Nigeria business is circa 73.7p and what's it worth then if throwing off more substantial free cash flow with additional customers over time.
How fast the debt goes down is anyones guess and on the other hand they were seeking longer tenure and a Nigerian based refinancing to lower the rate while also growing the business.
Haven't seen the current Numis note, but their previous one estimated Save to be in net cash by 2024.
They have some 600 mmcf/d pipeline capacity and 200mmcf/d processing (240 mmcf/d they believe at max before any build on) so plenty of capacity to materially take advantage and increase FCF at little to any cost from the present TOP supply. If they gow the Accugas/Nigeria business materially then it should be worth a lot more than 73.7p.
Again on increased gas production to higher paying customers, Numis said "Accugas has spare pipe capacity; an additional 20mmscf/d sales (a 10% increase) at $8.0/mscf would increase our PT by 10.0p/sh".

Unicems Cement factory is currently the highest price contract at $5/mcf for 38 mmcf/d so you would think $5/mcf would be the minimum starting base for non power station customers when diesel is so high cost. Barely 6 weeks ago, meeting with the state govenor to access idle gas fields so imo they are working as normal to their objectives.

So here we are at 7.5p. Nothing in it for Niger - so are we misunderstood?, apathy, a seller?, liquidity? On top of that long term fed up investors wating for a return as some readily indicate here - can't blame them. No big institutional enmasse sales so they must see the serious potential and we have a well respected partner in AIIM (Old Mutual) specialising in this.

23/4/20
It was gathered that agreement between the TCN and the French would see to the expansion of transmission lines that would move electricity across several states in Nigeria.
This eastern backbone is a transmission line that we are building which is going to take electricity from Calabar to Ikom, then to Ogoja down to Kashambilla and back to Kano.”

https://punchng.com/tcn-afd-to-finalise-power-transmission-expansion-agreement/