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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Savannah Energy Plc | SAVE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 26.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 26.25 | 26.25 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 16/4/2024 11:41 by mount teide Header updated with changes to assets held, links to latest presentations and shareholders with a notifiable interest.Shareholders with a notifiable interest as at 31/1/2024: 10.60% - Ingalls & Snyder LLC 8.88% - TT International Investment Management 7.33% - Capital Research & Management 7.00% - Premier Miton Investors 6.14% - JO Hambro Capital Management 5.85% - Phoenix Life 5.26% - Cavendish Fiduciary Limited 6 4.91% - Aberdeen 3.60% - RWC Asset Advisors 4.70% - Savannah Board - of which AK holds 48.55m (3.70%) 64.27% - Held by notifiable interests and Directors. |
Posted at 05/4/2024 13:03 by interzone I'm pleased that the regulator is forcing them to provide us with an update if that is the case. I'm happy to wait for the conclusion of this but think the total news blackout has been unnecessary and counterproductive to investor relations. |
Posted at 19/3/2024 09:53 by rockyride Hope you all enjoy this little read and I'd like to think this is worth at least 5p to the SP!This SCAP note brings the RNS to life and makes me realise what a great little this deal is for us. PS thank you - you know who you are...SAVE LN Equity } Savannah (SAVE) is buying out its partner (SIPC) from the Stubb Creek oil and gas field in Nigeria, raising its exposure to a strategically important asset for the company with strong oil production enhancement and gas development potential at an attractive price.Savannah will pay US$61.5m in total for the 49% of Stubb Creek it does not already own. This equates to an acquisition price of just US$1.3/2P+2C boe and is well below our US$102m valuation for 49% of Stubb Creek at US$70/bbl Brent.The acquisition is expected to be funded through a new debt facility and existing cash resources. The transaction has an effective date of 1 September 2023 and completion requires regulatory approvals, but this is expected to be relatively straight forward over the coming months.Savannah is acquiring reserves and resources of 46 mmboe, boosting its resource base by almost 30%. Of this, the 227 bcf (38 mmboe) of gas resource is especially important with development anticipated in c2033 as the Uquo field gas production comes off plateau, helping to satisfy Savannah's growing Nigerian mid-stream gas requirements.SIPC 2024 oil production is estimated at 1,400 bopd. However, management plan to implement a low-cost debottlenecking programme within 12 months of the deal completion that is expected to more than double Stubb Creek gross production to 4,700 bopd.The acquisition has strong strategic and commercial rationale. It looks attractively priced and gives Savannah total operational control over a producing asset it knows well where oil production can be rapidly increased at modest cost. It brings a complimentary gas development asset into the portfolio that can support Savannah's long-term midstream gas distribution ambitions. For investors frustrated by the South Sudan RTO, this smaller 'bolt-on' transaction should be welcome, demonstrating that management has not neglected its core business in Nigeria. |
Posted at 13/3/2024 08:47 by kinkell Zen, RR, MTI believe you all have influence with SAVE. Could you please encourage AK to be interviewed on PI World, which would give investors a much better understanding of both SAVE and AK? |
Posted at 12/3/2024 22:58 by kinkell My understanding is that AK was a multi millionaire prior to founding Save at age32, presumably from having been a very skilful investor in the o&g sector. He has invested his own funds heavily in the company. These are the attributes as investors we seek in our entrepreneurs. The company was established to take advantage of the unique oppotunities thoughtto be arising in Africa, an area well known for political risks.He subsequently acquired a very impressive oil licence in Niger on what appears to be favourable terms which has subseqently yielded five out of five discoveries and has the potential to be enormously rewarding, particularly with the pipeline to the coast now in operation. Despite wide initial scepticism the Accugas acquisition was acquired imo very skilfully and has proved extremely successful. The transactions in Chad and SS both appeared to offer very rewarding opportunities and SS may still prove to be just that. They also appeared to offer superb opportunities to both countries in terms of further investment, management and diversification into employment in green energy. It seems astonishing that both regimes are/were not falling over themselves to grasp the opportunities on offer for their economies. As far as I can see AK is very risk averse in the way that he structures the deals, minimising company cash and placing emphasis in deploying vendors' funds and risks. While the delays are frustrating, the fact is that while the shares are suspended there is not much point in putting management time and costs into providing information to holders while they are unable to transact. Although the outcome of the Chad venture remains uncertain there is the prospect of a substantial court award in due course. I really cannot see the justification for the criticism of management. Agree that the share price has not made progress so far, indeed the opposite, but then progress of the business is a different matter. AK has suffered the setbacks as a shreholder like the rest of us and we should all have been aware of the risks that were involved by investing in Africa. So if we take risks we must accept the disappointments that may follow. In my view the company has suffered a degree of bad luck but there is hope that the future will bring more favouable outcomes with potentially disproportionate rewards. w |
Posted at 20/2/2024 13:59 by interzone Couple of interesting posts from Scotpak from LSE regharding Naira/FX which will be of interest if not already seen:FX Naira/ loan refiToday 13:54 Some new research I came across on Naira (summarizing as not able to post exact text) : > Reform momentum in Nigeria has been strong recently The USDNGN has depreciated by more than 30% over the last 2 weeks, significantly closing its gap with the parallel market rate. > The Central bank of Nigeria (CBN) has also made important changes on the FX regulatory front, lifting exchange rate restrictions on international money transfer operations and interbank transactions. > Important changes have also taken place with regards to transparency around oil revenues. Nigeria's state oil company has announced that it had moved a significant portion of its earnings to an account held at the CBN, which should improve transparency around oil-related inflows, and ease pressures on the naira. > This should allow new sources of FX to the official market, and help unlock a budget support loan from the World Bank > Given the speed of reform momentum we forecast that the Naira will stabilize by the end of the year, and our new year-end forecast is N1450 (current level is 1514) RE: 2nd DealToday 08:07 The loss was a cash loss related to the specific pile of cash we had sitting in Naira. Post devaluation, in USD terms, that cash is worth less, hence the loss. Ideally savannah would want to hold all of its cash offshore in USD, but I guess a minimum amount needs to be held locally to fund business needs. The offset comes from the fact revenues are fixed at a specific USD rate, thus when local currency devalues, USD revenues - lower amount of local costs = higher profits than before devaluation. This should help offset the cash loss made from holding the Naira cash balance. As I said previously, the offset effect will be much greater once the $300m USD loan facility is refinanced for a local Naira facility. The reason the nigerian central bank is devaluating the currency is to bring it more in line with the street rate (i.e. to close the FX gap). They do this to ensure currency is at correct value. This will make foreign investor more willing to invest USD into the local economy. Often the IMF push countries to do this as a pre-condition to giving them more loans. Post these recent devaluations Nigeria's FX flows should improve, and it may actually help get save's deal refininanced (given FX gap is closed). In terms of devaluation being a good thing. This is definitely true and not just mgmt talk. As revenue are in contracts fixed in USD, this means when the local currency devalues, and local currency costs are paid, this will generate an FX profit. Currently local costs likely consist of wages, and costs of local contractor. The main problem SAVE has is that there biggest cost is the USD interest paid on their $300m bank facility. Once this is refinanced into Naira, SAVE will be in a much better position, given stonger Fx offset. RE: Naira sitrep17 Feb 2024 16:32 Our gas contracts are paid at a rate fixed to dollars, so revenue isnt affected by the naira devaluation. Any oil and gas revenues received will also be in USD. The main negative effect is on the pile of cash Savannah hold locally at Nigerian banks denominated in Naira to pay local costs. |
Posted at 19/2/2024 08:39 by bent banana Off Topic.Wildcat receives TOP LEVEL approval from the South Sudanese Ministry of Petroleum ("MOP") Wildcat is pleased to announce that it has passed a due diligence process conducted by the South Sudanese Ministry of Petroleum (MOP). This process included the evaluation of the Company's technical competency as well as its financial capability to complete a major multi-million/billio Financial backing for the potential purchase of any production in South Sudan is been provided by a number of industry investors, including The Waterford Group. |
Posted at 03/7/2023 14:12 by mount teide African Nations wanting oil majors to replace departing oil majors is poorly informed nonsense........sincAfrica's two largest Oil Nation's with annual production some 7-8 times South Sudan, and 10-11 times little Chad are predictably, way ahead of the curve, in focusing on targeting new upstream investment from medium and small companies, as the majors depart. Angola makes its pitch: “Flexibility is our middle name” - Energy Voice 30th June 2023 'Angola’s regulator is focused on attracting investment into the upstream, putting a particular focus on new investment from medium and small companies, according to a recent presentation. The West African state will continue testing its appeal through bid rounds. It is launching its next offering, focused on the Lower Congo and Kwanza basins on September 30. The round will be open until November 9. Recent winners include awards on KON-2, KON-11, KON-12 and KON-16 in May. Angola tweaked its terms four years ago, explained Agencia Nacional de Petroleo, Gas e Biocombustiveis (ANPG) negotiations director Alcides Andrade. “The aim was to be the best choice for energy investors worldwide,” he told the audience at IN-VR’s Global Energy Week. The country’s aim was to “mitigate the decline in production”, he continued. Production peaked in 2008 at 1.9mn barrels per day. “Since 2016, we have been fighting the decline curve.” Natural decline from its deepwater assets is 15-20%, Andrade said. Angola has now stabilised its production, he said through the new reforms. “We’ve stabilised production above 1.1mn bpd. The strategy is to keep production for many more years to come above 1mn bpd.” ANPG expects existing opportunities to keep up output, while the new licences should start to bear fruit from 2029. “We have tried to achieve the right environment for investors to come to Angola. We have a stable fiscal and contractual environment. It is important we continue to create such an environment to continue attracting new investment,” said ANPG executive board member Natacha Massano. Andrade said the reforms should see investments reach $60 billion over the next five years, “that’s an increase of 40% from the last five years”. Most of that will be capital expenditure. The next licence round, launching in September, will offer 12 onshore blocks, four in the Lower Congo and eight in the Kwanza. A number of blocks are also available under permanent offer, including Blocks 10, 11, 12 and 13. “Offshore is more capital intensive than the onshore licence rounds,” he said. The work programme for the licence round aims for flexibility, he said. “Flexibility is our middle name,” the ANPG official said. Licences are available under production-sharing contract (PSC) terms. “The focus is that investors recover their investment through cost oil as soon as possible in the early stages.” The profit sharing also should help ensure “investors have high returns”, he said. The aim is to attract companies to “invest and to continue investing”. Social and green projects will only become a factor once first oil has been achieved, he said. “The focus is to find ways for you to recover your investment fast. When to invest is now. Be part of the wave, don’t stay behind.” Afentra nears One company putting Angola to the test is Afentra, which completed a transaction with INA recently and is working on another with Sonangol. The London-listed company signed the deal in April 2022 and is just about to complete, said Afentra COO Ian Cloke. “Does it take longer in Africa than in Europe? Yes. Does it take longer than it did a few years ago, I’m not sure,” Cloke said, referencing Tullow Oil’s plans to sell down in Uganda. “You need to know your stakeholders and if you don’t listen to them that’s a problem. In Africa, you always have to be patient.” The executive went on to note ANPG’s “forward thinking” approach. “They’ve recognised the majors will be moving into deepwater and LNG. They want to encourage smaller players. It went from being quite a difficult place to, in the last two years, being much more positive.” Angola’s appeal is paying off. ANPG has reported that 10 drilling units were active during May, including five drillships.' |
Posted at 14/9/2022 10:45 by mount teide As winter approaches, Wall Street is finally waking up to just how cheap traditional energy stocks still are, despite a very strong performance YTD in 2022, the tight supply and growing demand market dynamic is what will continue to drive pricing for the foreseeable future.Wall Street Is Increasingly Bullish On Energy Stocks - Oilprice.com today * Bloomberg survey: Equity strategists, portfolio managers, and retail investors have grown increasingly bullish on energy stocks. * A shortage of critical fuels such as natural gas and diesel could boost the stocks and bonds of energy companies as they have the ability to invest in more oil and gas supply. * Bloomberg survey: natural gas to be the most constrained commodity in the short term. Oil and gas stocks, the top performing equities in the S&P 500 index so far this year, have further room to rise as both retail and portfolio investors look to boost their exposure to traditional energy, expecting a worsening of the energy crisis and shortages of fuel this winter. Despite the market anxiety that soaring energy prices will continue to increase their upward pressure on inflation and central banks will continue to try to tackle said inflation with continuous large interest rate hikes, the energy space looks attractive to investors right now as Europe scrambles for energy supply. Investors Look To Boost Exposure To Energy Stocks Equity strategists, portfolio managers, and retail investors have grown increasingly bullish on energy stocks, the latest Bloomberg MLIV Pulse survey carried out last week shows. The poll of 814 respondents—in In addition, nearly three-quarters— “I definitely want to remain invested in energy stocks because of massive supply constraints,” Chris Wood, global head of equity strategy at Jefferies, told Bloomberg TV in an interview. Energy Supply Constraints Despite falling oil prices over the past few weeks due to recession fears, supply out of Russia could be squeezed in December when the EU ban on Russian seaborne oil imports kicks in, resulting in a tighter market despite potentially slowing demand growth. The G7-spearheaded price cap on Russian oil, and a possible cap on Russian gas prices in the EU, could further complicate energy supply to the most developed economies in the world if Putin follows through with his threat to stop supplying all energy products to Europe if the EU and its Western allies imposed price caps on Russian oil and natural gas. A shortage of critical fuels such as natural gas and diesel could boost the stocks and bonds of energy companies as they have the ability to invest in more oil and gas supply. Years of underinvestment in the oil and gas sector has come back to haunt global energy supply, according to Jeff Currie, Global Head of Commodities Research at Goldman Sachs, which has been bullish on oil all year. “The only way you’re solving the energy problem in the long run is through investment – and oil companies are the conduit for the capex to solve the problem,” Currie has told Bloomberg. In natural gas, the Russian cut-off of all supply via Nord Stream to Germany makes a bullish case for energy companies producing and/or trading and selling LNG on the spot market, including supermajors such as Shell, TotalEnergies, or BP. Respondents in the Bloomberg MLIV Pulse survey expect natural gas to be the most constrained commodity in the short term. Most of those also believe that OPEC+ will not let oil prices fall too low and would intervene with a production cut on the market if a recession saps oil demand. Moreover, nearly half—or 44%—of respondents say the current price of oil doesn’t adequately reflect actual supply and demand. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, last month pointed to the “disconnect Energy: Top Performer And Outlier In Falling Equity Market 'The expected energy supply constraints this winter aren’t the only factors in attracting more investors in oil and gas stocks and bonds. Despite the fact that it has significantly outperformed the S&P 500 this year, the energy sector has further room to rise. Energy stocks are still much cheaper than other sectors based on forward-year price-to-earnings (P/E) ratios, analysts say. Year to date, the energy sector has been the top performing sector in the S&P 500 index, according to market data compiled by Yardeni Research. The energy sector in the S&P 500 had gained 47.4 percent year to date to September 12. In comparison, S&P 500 is down 13.8 percent, and all other sectors except for utilities have also lost ground since January. Within the energy sector, the integrated oil and gas subsector has surged by 53.7 percent, and the oil and gas exploration & production subsector has jumped by 52.4 percent amid tight supply, soaring commodity prices, and expected energy shortages and rationing in Europe this winter. Even some ESG-focused funds are not immediately casting aside oil and gas stocks, as years of underinvestment in new supply, the energy crisis, and the Russian invasion of Ukraine have thrown into sharp relief energy security and affordability. Recent analyses have suggested that some ESG funds now include traditional energy stocks in their portfolios—an unimaginable thing just two years ago.' |
Posted at 18/5/2022 00:48 by mount teide Oil's undisputed crown as the best natural defence against inflation, is now, despite the overhyped ESG push, seeing investors flock back to the king of the commodities.Asset Class Inflation hedge Performance Aramco Overtaking Apple Proves Investors Still Love Oil - Oilprice.com * Saudi Aramco has retaken its crown as the world’s most valuable company. * Aramco booked profits of $40 billion for the first quarter on the back of higher oil prices and strong demand. * Investors are flocking to oil and gas because they provide a natural defense against inflation. 'Saudi Aramco made headlines last week when it dethroned Apple as the most valuable company in the world, hitting a market cap of $2.43 trillion as of last Wednesday. How did this happen in the era of Big Tech and the pariah oil industry? The answer to that is easy enough. Oil prices have been on a strong, almost uninterrupted rise since Russia’s invasion of Ukraine and the Saudis, who have substantial spare capacity and plans to boost it further, had done pretty much nothing to rein them in. That’s the most obvious part of the answer. The other part is that demand for oil—and for gas—is also rising. It would have to be, to keep prices so high. Even a recent prediction by the International Energy Agency that the world would be able to weather the effect of the loss of Russian oil barrels did nothing to push prices lower: both Brent and WTI were trading above $113 per barrel at the time of writing. As a result of the gap between supply and demand, Big Oil has been posting massive profits. Aramco, while not one of the supermajors, is in a sense the ultimate oil major and booked profits of $40 billion for the first quarter on the back of higher oil prices and strong demand. That was an 82-percent increase on the year, in line with what the private Big Oil majors have been reporting. It appears that the tables have turned, and while investors are cooling off towards Big Tech amid continued inflation fears, they are warming to the previously considered pariah industry of oil and gas production. Oil and gas may be dirty, but investors are making money from their holdings in these companies. The S&P Energy Index has gained 45 percent since the start of the year, while the wider S&P 500 index has shed 14 percent, Bloomberg reported last week. Investors are flocking to oil and gas because they provide a natural defense against inflation, especially energy inflation, which is a huge part of the broader inflation landscape right now. It really is a no-brainer. In the Big Oil world, however, Aramco is a special case. Only a small portion of the company is listed and available to investors. The majority shareholder remains the Saudi government, and it is Aramco’s first priority, as the Wall Street Journal’s Rachelle Toplensky noted in a recent report on the company. This, Toplensky argued, made Aramco a second-class stock, unlike, say, Apple. Because of the majority ownership of the Saudi government, Aramco may make decisions that ultimately end up hurting it, such as its current plans to increase capital expenditure when hardly anyone in the industry is doing it. Keeping prices higher for longer could prompt a switch to alternatives that would hurt long-term demand, Toplensky also said, among other points. On the other hand, the fact that Aramco is the holder of the world’s largest spare production capacity of over 1 million bpd and working to boost that, might be an appealing fact for investors at a time when Big Oil is being hounded by shareholders and, in the case of Shell, courts, to commit to a reduction in their oil production going forward. The fact that the Saudi company’s price rose in tune with its performance in a higher-oil price environment is quite a clear indication that not all investors are averse to the risks inherent in investing in a predominantly state-owned company. In fact, it is yet another indication that investing in oil is once again very much in fashion—despit |
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