Member Info for ZENGAS

Bushiya drilling/logging estimated at 35-40 days to a total depth of 2114m. Savps previous presentations gave an indicated 24 day 'average' drilling time to the eocene (Sokor Alternances). Mirabaud note of 15 months ago for Bushiya Figure 4, page 4 - Upper Sokor (secondary target) appears to be at just over 1200m depth. The first of the Sokor alternances (E1) is shown at just above 1600m (primary target). The top of the Yogou target is shown at approx 2100m. There is also marked a deeper lead. "CNPC has mainly pursued just one play on the block and it is highly likely that other viable plays exist. Explorers in the Agadem Block have to date almost exclusively pursued an Eocene play (Sokor 1) in tilted fault blocks toward the edges of the basin, typically at a depth of 1,200- 1,800m. While the vast majority of the proven prospectivity is in the Eocene, this mainly reflects the history of the initial discoveries and then the subsequent aggressive pursuit of the play by CNPC. According to CGG and Savannah�s own evaluation, the chance of finding other successful plays in the basin should be considered extremely high, most notably in the deeper Upper Cretaceous (the Yogou) but also in the Lower Cretaceous and Palaeocene ."

Nothing new. They are already out there so why be surprised. 8th Feb 2018 Further to the Company's announcement on 7 February 2018, the Company is pleased to confirm that the admission to trading on AIM of, in aggregate, 514,885,980 new Ordinary Shares will take place at 8.00 a.m. tomorrow. This figure is comprised of 239,000,000 Second Tranche Placing Shares, 42,624,837 EBT Shares, 224,021,689 new Ordinary Shares to be issued to the holders of the 10.25% Senior Secured Notes (which forms part of the Consideration Shares) and 9,239,454 new Ordinary Shares that are being deposited in trust in accordance with the terms of the Exchange Offer. Following the issue of the abovementioned new Ordinary Shares, the Company will have 816,969,427 Ordinary Shares in issue and there are no shares held in treasury.

Pijoe Can't see any reason for it not to be signed off especially compared to the 2 examples you've given and imo the difference of between day and night. Already a 'signature' to the deal is the Nigerian Sovereign Investment Authority. Off topic, your warning to be careful and cynicism re buying i3e at 27p a few months back over a relatively small amount of CNLs. 80p+ not so long ago and in a range of 60-80p this past 3 months. I've a significant investment in the company now for absolutely free, down to being rational rather than cynical.

Stock reshuffle, management changes, and 2 funds closed at JH and heavy capital outflow post merger ?. 5th April end of year balancing/ISA ?. Emotions aside, why would anyone buy a stock at 27 or 30p and then say it will go to 5p on a duster? I mean why would you even buy it ? Why even be here ? One of the most heavily institutionally invested companies with a lot more than 27.5p of assets, 20k+ production, 90 mmboe 2P reserves, 41 mmboe 2C and exploration upside.

Savp in their presentations said the Eocene wells (2014) cost an average $4m untested with an average drill time of 25 days to target depth and perhaps their method of drilling to maximise targets in a single well bore are the reason for the slightly longer drill time. I don't see much mention of the deeper targets beyond the E1-5. Will they target at least one of these ? 1: The Upper Sokor is the first (but secondary) target and many of these targets were previously missed by the Chinese in drilling for and testing the Sokor E1-E5 targets see below from the CPR. 2: The deeper Sokor Alternances (E1-E5) are the primary target (where the Chinese had most success). 'The overlying Upper Sokor sands are usually offset from the crest of the Sokor Alternances, by virtue of the configuration of the fault block. As most exploration wells in the basin have been vertical, and have targeted crests at the Sokor Alternances, closures at the Upper Sokor level have been frequently been missed by the drill bit. Closures at the Upper Sokor are thus valid exploration targets, and these traps have a better chance of sealing faults. Savannah aims to design its exploration wells in such a way to evaluate multiple targets at both stratigraphic levels in a single well bore. Upper Sokor Formation Savannah currently carries oil volumes at this level in nine of the prospects and leads reviewed. This represents a potentially important new play in the basin, and so has warranted particular scrutiny. This new play is supported by seismic, hydrocarbon shows and well testing. The phase of rift faulting that created most of the structural traps in the proven Sokor Alternances and Yogou plays post-dated deposition of the Upper Sokor and so also created structural traps at Upper Sokor level. Many of the Eocene exploration wells were drilled vertically to target footwall closures at the Sokor Alternances, and so either penetrated the Upper Sokor in hanging-wall sections, or failed to fully penetrate the Upper Sokor sequence, owing to the magnitude of heave on the bounding fault. Consequently, the Upper Sokor is under represented in the existing well data sets, so estimation of resource potential at this level cannot be determined directly from the existing exploration statistics. The geological context of this potential play was therefore examined in order to provide a basis for resource estimation and geological risking. The Upper Sokor is the shallowest play identified to date in the Basin, with most prospects and leads identified to date occurring at depths of less than 1600m. Sokor Alternances Formation This play has been extensively drilled within the retained acreage of the Agadem Rift Basin, and the discovery data mostly reflect the success of this play. In the R3 area there are five Sokor Alternances sand intervals (E1 through E5) thus maximising the chance of success. '

"Drilling and logging operations are expected to take c.35-40 days, and the well is planned to be drilled to a total depth of 2,114 metres. The well is designed to evaluate potential oil pay in the Eocene Sokor Alternances as the primary target, with the secondary target of potential oil pay in the Eocene-Oligocene Upper Sokor being considered as upside. " We hit the secondary target first so could be in this in under 3 weeks. Then into the Eocene Sokor alternances (possible 5 targets) and if in line with the Chinese average circa 24 days. "The Upper Sokor is the shallowest play identified to date in the Basin, with most prospects and leads identified to date occurring at depths of less than 1600m, compared with depths of about 1600m to 3500m for the other plays". (cpr) Chinese were making the eocence discoveries in circa 24 days. The upper and lower yogou are the next deeper potential targets.

I agree with streetfighters comment and it's not as if it was not known about and someone asked on another thread about why the banks didn't lend. Doesn't cause me any concern. If you had read the accounts 4 months ago you would have seen it disclosed so rushing to opinion about it now as if it's some strange new news is a bit rich. As for banks lending, that's not relevant. Who says they even went to banks to borrow. You'll find many companies listed on the market where directors have interests held in small companies where they pick up fledgling assets or deals and may/may not be introduced to the listed company at a later date (PMG have an exclusive option). The loan is fully secured to PMG and earns 2.5% interest. �1.3m was drawn at 17/11/2017. This had risen to �1.7m at 31/12/17. Today fully drawn at �2.9m. What they said on 17/11/17 ' 28. POST YEAR END DATE EVENTS On 27 July 2017, The Parkmead Group plc entered into a credit facility with Energy Management Associates Limited, whereby Parkmead agreed to lend up to �2,900,000 to Energy Management Associates Limited. The Loan will have a tenor of two years, with a fixed interest rate of 2.5 per cent. and it will be secured over assets held within Energy Management Associates Limited. Energy Management Associates Limited is a company where T P Cross is a director and a shareholder. As at the date of publishing these accounts �1,300,000 has been lent to Energy Management Associates Limited by The Parkmead Group plc. Through this facility, The Parkmead Group plc has been granted an exclusive option to join Energy Management Associates Limited in new ventures being evaluated by the company, including interalia potential opportunities relating to renewable energies. '

From AEI 20/3/18 In a buoyant press release posted early March, Anglo African Oil & Gas, partly controlled by French businessman Gerard Bourgoin, enthusiastically declared that Societe Nationale des Petroles du Congo (SNPC) had "recommended" that its producing block Tilapia be extended for a further 20 years. However, there are several grey areas to consider. The hydrocarbons code does not allow the Congolese State to renew a permit more than 12 months before the end of the contract. This means the minister will not be able to approve the extension until 2019, given that the current production period legally ends in 2020. While AAOG aims to drill a well over the coming months, it will need to raise funds from investors convinced that the permit has been renewed. Again, this possibility cannot be confirmed until 2019. With 2018 proving to be a year of uncertainly, as the promise of a renewal is only based on a recommendation from the SNPC, Bourgoin has been trying to protect his back. He has the support of his friend Denis Gokana, who previously chaired the SNPC. Gokana, who enjoys close ties with President Denis Sassou Nguesso, as does Bourgoin himself, reportedly assured the French entrepreneur that the permit will be renewed in 2019. According to our sources, it is not entirely impossible that Gokana's firm Africa Oil & Gas Corp will invest in Tilapia if the renewal is signed.

are going to happen imo and this company will become a very large player. Imo the 7e asset acquisition and institutional backing is going to be a significant deal to leverage off. For $280m consisting of $50m cash, $145m paid in equity and $85m of debt - This bought 92 mmboe P2, 41 mmboe 2C and potentially 100 mmboe exploration upside with 14,000 boepd and a 20% carried interest in the Accugas gas business. They've now increased production to nearly 21,000 boepd with it set to increase to 30,000 boepd in the next year. That will throw off a significant amount of cash. AK when asked about newsflow in addition to the Niger drilling newsflow "There are a variety of opportunities which the business can internally deal with in terms of financing which can bolt on" The presentation also said "significant inorganic activity" ie acquisitions. We now have significant financial backing and reserves/production. Realistically the company could pick up further distressed assets and possibly double it's reserves, production and perhaps it's cash flow in the process all at a time when we have full interest in Niger and where increased cash flow would really ramp up drilling there in the event of success from this current drill programme.

Top news re oil and gas rights. Now has full control from 12 niles offshore instead of 3. (Approx 200 unmonetized fields - many falling within the new limit). Means the Sarawak government will be in charge of deals not Malaysia. Is this something that prompted Tune to invest knowing that perhaps these rights would be won by the Sarawak government ? Wednesday 7th March 2018 "Sarawak gains full control over state's oil and gas sector as Malaysia election nears. Sarawak announced yesterday that it now has complete mining rights over its territory, making it the first state in Malaysia to form a state-owned oil and gas company. Sarawak Chief Minister Abang Johari Openg said the formation of Petros, which was founded last year, was part of the promise made by the federal government to return eroded rights from the Malaysia Agreement 1963 (MA63), signed when the giant state agreed to become part of Malaysia. "This gives Sarawak full regulatory authority of the upstream, downstream aspects of the oil and gas industry," said Datuk Abang Johari at an event to launch Petros in the Sarawak capital of Kuching. http://www.straitstimes.com/asia/se-asia/sarawak-gains-full-control-over-states-oil-and-gas-sector and Sarawak gets back oil and gas rights Published on: Wednesday, March 07, 2018 Kuching: Sarawak will assume full regulatory authority over the upstream and downstream aspects of the oil and gas industry in the state by July this year, Chief Minister Datuk Patinggi Abang Johari Openg announced Tuesday. He said all persons and companies involved in the oil and gas industries in Sarawak, must henceforth, have the necessary licences, permits, leases and approvals required under either the Oil Mining Ordinance or the Gas Distribution Ordinance. "They will be required to regularise their operations and activities to comply with all state laws including those related to the use and occupation of land," he said at the launch of Petroleum Sarawak Berhad (Petros) here. Abang Johari said the enforcement of the state laws will not jeopardise the interests or investments of Petronas and other companies already involved in the oil and gas industry in Sarawak whether upstream or downstream, but their business and operational activities must be aligned with the laws and regulations. http://www.dailyexpress.com.my/news.cfm?NewsID=123252

Buffy, From the proposed strategic agreement RNS on the 18/12/17 and the rest in the Admission doc. Given they are well funded and with significant cash flow i wondered what the purpose of another $30m so soon after the placing - unless for the MFR bid or partnering with an indigenous company ? They also have an option to invest a further $60m (total $90m) in the next 24 months.

Re news flow - Niger drilling. We seem to have entered a bid in the MFR. Possible partnerships could be announced with indigenous companies and the $30m funding talks. "The current expectation is that Savannah and the Investors will enter into the required documentation (including but not limited to subscription agreements or some similar form) within 30 days (or such later date as the parties may agree) of the Company's shareholder general meeting." "An initial US$30m to be invested shortly after the completion of the Placing;" It's now 44 days since the agm and 14 days since exchange offer results and placing. Given they had all the money they needed ie $125m earmarked as follows SSNs $50.8m, Transaction costs $20m, Niger drilling $37.4m, Working capital & corporate purposes $16.8m = total $125m - what then is the additional $30m for at this early stage ? On top of that, the forecast free cash flow from the 2 fields is almost $60m this year, nearly $80m next and almost $100m the year after next (not counting our 20% ownership of Accugas). AIIM and IDB (together the "Investors") have in principle agreed to invest in Accugas, in aggregate, US$60m for 80 per cent. ownership of Accugas and will carry Savannah's 20 per cent. interest. Savannah will have the right to acquire a further 10 per cent. of Accugas equity for a price equal to the capital invested by the Accugas shareholders, uplifted by 10 per cent. per annum". (Savp could buy an additional 10% therefore for $7.5m+10% = $8.25m within 12 months). "The agreed intention is to distribute 100 per cent. of profits in Accugas, subject to Accugas retaining a minimum cash balance after servicing third party debt". "The Board believes that the Enlarged Group will provide a strong platform to take advantage of what it views as a unique opportunity to acquire further assets in Nigeria at a low point in the cycle. ***These opportunities are expected to come from a variety of sources, including major oil companies continuing their divestment programmes, a further marginal field bid round which is expected in early 2018, potential partnership opportunities with NNPC and direct negotiations with local/indigenous players, many of whom are seeking partnerships with technically capable companies who have access to capital, to assist them in the exploitation of their asset bases" ***.

The first 2 figures $93m and $279m are risked by 50% so the 11 mmbls and 33 mmbls are valued at just $8.45 pre production when they could be $16.90 - $18.45 per barrel (as per the 2 examples given). When they produce they should be a higher value in excess of $500m+ and beyond.

"234 Million gives us a M cap of $1.46 B" It doesn't work like that for 234 mmbls. The figure is $1.46b + in the presentation. It doesn't represent 234 mmbls per se against that figure. 1. They use two examples on page 7 of that presentation - Deleks 2017 acquisition of Ithaca at $16.59 per 2P barrel and also Verus acquisition (Wytch farm) at $18.46 per 2P barrel. 2. If you were to get a $1.46 billion valuation - it comes in at $18.25 per P2 barrel and thus exactly 80 mmbls P2 and in between the 2 acquisition examples per 2P barrel that i3e have used. 3. They also use a flowing per barrel metric on the above 2 examples (Delek and Verus) of $61,900 and $55,000. 4. They expect 20,400 bls flowing next year (with the 2nd field). If you multiply this by $55k and $61.9k you get a m/cap of $1.12 billion - $1.26b. 5. To be around $1.46b m/cap with 80 mmbls P2, then production would be a ball park of 23.k - 26.5k bopd if you use the 2 flowing per barrel examples provided by i3e. 6. Early days but if they were to prove up half of the 234 mmbls (provided they also get the 2nd field) then it could be heading for a $2b valuation on the metrics they have provided. 7. I would expect some discount for the effect of any funding and some more shares in issue. The upside counter to that is they would have a significant amount of free cash from the production so could add further assets and why i see it as a pretty compelling investment even if it's only Liberator to start with. With even 50m shares, current oil price range and a �5/target it would only be a m/cap of �250m ($350m) so not hard to see the additional potential beyond that if they can deliver - and worth remembering that they envisage 20,400 bopd next year which is a short time frame. It's an investment for me and not one i'll be watching on daily price fluctuations.

Anyones guess boom boom but I expect more acquisitions to come with the cash flow over the medium/longer term to fuel growth regardless and increase the share price in its own right. As for Niger I posted this back in December and if there is early success I expect it could forward price some of that potential so yes 70-100p thoughts are not unreasonable - given cash flow, 20k production target already broken so likely dividend on track. With the Niger CPR figures in front of us this is one of the biggest value plays on offer. 1. Mirabauds note on Savp is using $4.60/bl for Niger. (oil now in the upper $60s/bl) 2. The mid - high case *unrisked* RECOVERABLE target is 6.9 - 10.3 billion bls oil. 3. The success case is risked at 41% ie 2.821 bls mid - 4.2 billion bls high case recoverable. 4. Becomes *net* risked 2.2 - 3.3 billion bls recoverable after govt take (ie after some 59% failure rate not per well, but across combination of all target zones). 5. If Mirabauds figure were applied to net risked recoverable, target value becomes �7.5 billion mid to �11 billion high case. 6. Using $3/bl gives �4.9 billion risked value target on a 41% success rate mid case (versus $4.60/bl used by Mirabaud which is �7.5 billion of value). "Estimates of reservoir properties have been checked by CGG, and these are thought to be reasonable or slightly conservative" R3 East prospects "All the prospects identified in the area are clearly within the oil discovery trend with discoveries to the northwest and to the southeast".

Sankeys Oil only makes up 700 bopd of the 20,700 boepd production but this is set to grow. Stubb Creek gross oil was up to 2.7k (500 bopd net). Uquo gross oil was 200 bopd (/200 bopd net). "Near-term operational plans at the field include the completion of the Uquo-9 oil well" "It is anticipated that in 2018 that the existing Stubb Creek EPF will be debottlenecked, to increase oil production capacity to circa 5 kbopd." We might here something on the marginal field bid. With spud in Niger fairly soon, there should be lots of newsflow over the year on a number of fronts.

Graph shows production to increase to 30,000 boepd for next year from the 2 fields. That could be a 50%+ increase in cash flow.

Very good update - now way over the targeted 20k boepd for 2018 in just the 2nd week of February. Production already increased to a net 20,700 boepd compared to 14k at the time of acquisition. "Production levels at the Seven Assets in February have continued to strongly increase, with month to date average production being 25.7 kboepd gross and 20.7 kboepd net."

35p nenn. All I can see is that we were suspended at 34.5 and we came back in December without being above 33p so it has to be a buy.

As it prepares to purchase Nigerian junior Seven Energy's stakes Uquo and Stubb Creek, has been shoring up its African network. In Lagos, the British junior can count on the support of the discreet Nigerian lawyer Muhammadu Dikko Ladan , chairman of Savannah Nigeria. Ladan is from a long line of Emirs of the Katsina State, homeland to Nigerian president Muhammadu Buhari. He was appointed honorary consul to the United Kingdom for Niger by Nigerien president Mahamadou Issoufou in late 2011. His ties within the world of polo, a sport popular among the local elite, have also helped Ladan build a network within the Nigerian intelligentsia. Another of Savannah's trump cards on the continent is former British under-secretary of state for humanitarian affairs Stephan O'Brien, who has been appointed a vice president and non-executive director of the company. O'Brien, a former conservative MP and envoy to Africa for David Cameron, had provided advice, via his firm Observe, to private security firm S2Si. The latter was founded by two former royal marines and offers protection to Nigerian oil platforms (IOL 732). In neighbouring Niger, O'Brien had been instrumental in helping Savannah secure its acquisition of blocks R1 and R2 in the Agadem basin in 2014. These blocks are operated by CNPC (China National Petroleum Corp, AEI 727). One year later, the junior increased its Nigerien portfolio with the highly prized permits R3 and R4. Savannah will also be able to call on the expertise of lawyer Michael Wachtel, head of Clyde & Co's oil and gas practice, recently appointed a non-executive director.