Savannah Energy Share Discussion Threads

[madpearce] 26/9/2023 20:42

S.Sudan is barely out of the stone age. For Neur and Dinka cattle are king. An all expenses paid trip to Northumberland to see the prehistoric Chillingham Cattle breed would surely have sealed the deal ?

[thommie] 26/9/2023 19:22

So to summarise: the bad news is that SS isnt willing to give government approval to savannah. The good news is they are still searching for someone that gives them a loan big enough to be able to pick it up themself. So there is still a minor possibility that they would accept savannah as the buyer, if they dont manage to aquire the money to do so and if certain brown nicht envelopes are reaching the right people. But as goose already outlined:. They can just wait another 12-18 months till the asset has paid for itself after adjustments.So tbh only a minor chance for us that we will get approved as buyer. Renewable deals dont seem to be their candys that africas corrupt governments search for. They just dont care about energy poverty of their population if it leads to less brown envelopes for them.

[zengas] 26/9/2023 16:46

From Fenikso today 26/9/23

' Fenikso is the restructured holding company that used to be called Lekoil Limited. The Company holds one main asset which is a US$51.9 million loan made to Lekoil Oil & Gas Investments ("LOGI"), a wholly owned subsidiary of Lekoil Nigeria.

Net assets of the Company at the end of the Reporting Period were $19.3 million. Cash balances as at the end of the Reporting Period were $1.09 million.

PERATIONS REPORT AND ASSET SUMMARY

The principal business of the Company is to manage and ensure the full recovery of the LOGI Loan. The Company has received payments under the LOGI Loan as at the end of 30 June 2023 amounting to $2,615,472. A further $1,543,240 has since been received post 30 June 2023.

Outlook

The Company intends to repay all creditors as well as the first instalment of the Savanah Energy loan repayment before the end of the year. Once these steps have been taken the Company will look to build its cash position before deciding how best to deploy the cash it builds up.

Following the Settlement Deed, the Company entered into a loan agreement with Savannah Energy pursuant to which the Company agreed to pay Savannah Energy certain upfront payments together with 25% of all amounts received by the Company from LOGI pursuant to the LOGI Loan, subject to a maximum total payment of approximately $16,256,159. '

[gooseman1979] 26/9/2023 16:12

Nothing signed yet: Bak denies $3b deal with US firm
Yiep Joseph
September 26, 2023
Nothing signed yet: Bak denies $3b deal with US firm
The Minister of Finance and Planning, Bak Barnaba Chol, denied a statement posted by the Presidential Press Unit over the weekend that South Sudan had struck a $3 billion deal with American company to buy shares from PETRONAS.

The Presidential Press Unit noted in a statement that Bak had revealed that South Sudan had reached a $3 billion agreement with “Caltech Investment” to purchase shares from PETRONAS, which is about to pull out its operation in South Sudan.

The statement further revealed that the minister said that $1.2 billion would be invested in the oil sector, while the other portion would be injected in vital infrastructure projects such as roads.

According to the alleged deal, the American-based company would partner with the South Sudan government to purchase and take over the shares of the Malaysian state-owned company, PETRONAS, as one of the ways of tightening the grip in the oil sector and turning things around.

However, yesterday evening Mr Bak called for a press conferencing to clarify the issue. He said South Sudan had sought loan from Caltech Trading Corporation and not Caltech Investment named in the statement issued by the PPU.

He changed tune claiming there was no deal reached between South Sudan and Caltech Trading Corporation to go for a joint venture in buying the shares of the oil company. He noted that although he had been in contact with the company since last month on how to cooperate, nothing has been formalised in a signed deal

“We have not signed a deal with Caltech Corporation. What happens if you want to borrow money from an entity or financial institution? It goes through a process,” Bak claimed.

“As of now, no commitment has been made,” Bak said.

Bak appealed to the public to remain confident, adding that reaching a deal requires a lot of processes and is not a one-day event.

“The government of South Sudan follows a transparent and thorough process when engaging in significant investment agreements. Any such agreements would require careful consideration, including legal and financial due diligence, as well as approval from relevant government bodies,” Bak said.

“We understand the importance of providing timely and accurate information to our citizens and the international community. Therefore, we assure that the developments related to this matter will be communicated through official channels in accordance with our nation’s transparency and accountability standards,” he added.

Meanwhile, he accepted that negotiations are underway for South Sudan to acquire a long-term loan from Caltech Trading Company.

“Initially, we requested Caltech to provide us with $3 billion, which is true, but they have yet to accept or confirm,” he said.

Bak added that the money was requested as a long-term loan that would be paid over a period of 13 years.

He claimed that the reason for the loan is to help South Sudan purchase shares from PETRONAS and use the other fund for infrastructural development.

He claimed that what took place was a normal, brief meeting between Caltech Trading Corporation and President Salva Kiir after he had attended the UN General Assembly.

Exiting the market

In 2022, PETRONAS announced its decision to exit the South Sudan oil sector after 24 years of service and investment.

Just after Petronas declared such a stand to pull out of the South Sudan oil sector, it was reported that the UK company Savannah Energy reportedly signed an agreement to acquire the entire oil assets meant for the Malaysian company in South Sudan for a total sum of $1.23 billion.

According to the signed deal, Savannah will acquire PETRONAS’s interests in three joint operating companies that operate Blocks 3 and 7 (40% working interest); Blocks 1, 2, and 4 (30 per cent working interest); and Block 5A (33.9 per cent working interest).

The joint operating companies in South Sudan’s oil sector comprise DAR Petroleum Operating Company (DPOC), Greater Pioneer Operating Company (GPOC), and Sudd Petroleum Operating Company (SPOC).

If confirmed that the deal between South Sudan and Caltech Investment would be a major blow to Savannah Energy which has been working on the acquisition of Petronas’ South Sudanese assets since December 2022.

In August, the US Department of State, the Department of Labor, and the Department of Commerce issued an advisory to highlight the risks for U.S. businesses, individuals, and other persons, including academic institutions, research service providers, and investors (hereafter “businesses and individuals”) conducting or contemplating business in South Sudan.

[zengas] 26/9/2023 14:42

Might be something to consider but after the number of gas contracts already signed and operating are we constrained in anyway given that there is always the possibility at any time that customers who are taking 80% TOP say they want to take more or all of their DCQ.

I say this on the basis that if you add them all up they mightn't be able to supply the contracted demand ??

They supplied 145 mmcf/d last year all from UQUO - that's the average and we know that 3 contracts didn't start until June last year and 1 more signed in August 2022 - so capacity could be tight/tightening.

Also the compression project is to complete next year so undoubtedly that's needed for expansion.

Then If you think about the AMOCON deal signed just there in May and operational - SAVE is buying the gas from them ie up to 20 mmcf/d and perhaps in trying to understand the points i make above - " Gas purchased from AMOCON does not require processing by Accugas and therefore does not utilise available capacity at the Uquo CPF" (which is 200 mmcf/d and following compression up to 240 mmcf/d potential).

Is this a sign that they are buying in that gas so as to be able to make sure they have that gas to fulfil their existing contracts as well as have capacity for new ones - otherwise just sell our own Uquo gas.

In light of the timeline of those contracts having started it will be interesting to see this years full average compared to the average sales of 145 mmcf/d last year.

Worth adding that as far as i'm aware customers pay for their own connections so who knows there could be deals afoot.

I've no doubt the gas opportunity for SAVE is huge.

Heard it before - but the expansion and near doubling of Stubb Creek oil is sheduled next year - so this could be viewed short term as replacing Niger income re the 1-1.5k bopd there which was expected Q1-2 2024 ?

[tens machine] 26/9/2023 11:34

I guess they would have to announced first thing if deal was done elsewhere

[zengas] 26/9/2023 10:19

You have to wonder about what's holding up the Perenco - New Age transaction in Cameroon that Bowleven announced 16 months ago and would have benefitted on FID to the tune of $25m - now as of today they are very low on cash of $1.25m and doubtful going concern unless a very substantial cash raise at a discount to yesterdays close

7/6/22 - Change of Partner and Operator at Etinde Licence

BLVN announces that it has been informed by New Age (African Global Energy) Limited ('New Age'), the operator of the Etinde JV, that New Age has signed a definitive conditional agreement with a subsidiary of Perenco S.A. ('Perenco') to transfer all of New Age's participating interests in the Etinde permit.

The Transaction is subject to a number of approvals, including the customary regulatory approvals by the Cameroon government and the approval of the Etinde JV partners. Under the terms of the joint operating agreement, both LUKOIL and Bowleven have a 30 day right of pre-emption over New Age's interest.

"The prospect of Perenco becoming our partner and operator at the Etinde permit is very positive news. We believe that Perenco's proven Cameroon oil and gas developments and substantial experience provide an opportunity to accelerate our efforts to secure FID and the associated USD25m payment to Bowleven.

8 July 2022 - Bowleven, the Africa focused oil and gas Exploration and Production Company with key interests in Cameroon, today announces the expiry of the 30 day right of pre-emption period pertaining to New Age (African Global Energy) Limited's ('New Age's') definitive conditional agreement with a subsidiary of Perenco S.A. ('Perenco'), to transfer all of New Age's participating interests in the Etinde permit and operatorship of the Etinde JV to Perenco.

Neither LUKOIL nor Bowleven exercised their right of pre-emption over New Age's interest.

A number of conditions to Perenco's acquisition of New Age's interest in the Etinde permit remain outstanding, including customary regulatory approvals by the Cameroon government, competition approval and, exclusive exploitation authorisation (EEA) Titulaire confirmation (by way of a letter issued by the Minister).

26/9/23 - New Age Etinde stake sale to Perenco

Despite the elapse of time since the signing of the agreements for the sale by New Age (African Global Energy) Limited ("New Age") of its 37.5% stake in, and the operatorship of, the Etinde project (the "Transaction") to Perenco S.A. ("Perenco"), completion remains outstanding.

The Company understands that a number of conditions to the completion of the Transaction remain, principally including the approval of Société Nationale des Hydrocarbures ("SNH"), the national oil and gas company of Cameroon. The Company notes that SNH's approval, the next key milestone towards completion of the Transaction, has remained outstanding for a significant period and it remains uncertain when a decision will be made by SNH whether to approve the Transaction, if at all.

Whilst Bowleven is not a party to Transaction discussions, the Company understands that, although the formal long-stop date under the agreement between New Age and Perenco passed on the 30th June 2023, both parties continue to seek to progress with the Transaction. The extended delay, with no established timeline to closing of the Transaction, has created uncertainty as regards potential additional risks associated with the Etinde project and the Company is currently considering a fundraising proposal from a shareholder which contemplates the shareholder providing equity capital at a very substantial discount to the current market price of Bowleven's ordinary shares.'

[interzone] 26/9/2023 09:37

Update from the author Of the energy voice article just posted on LSE:

Hi, just to say that I've updated my story on this purported deal, with some comments from Caltech.

hxxps://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/

It seems to me that there's little prospect of this particular agreement (if it even is that) disrupting Savannah's purchase, but it does raise some fairly obvious concerns about state capacity.

Ed

[haideralifool] 25/9/2023 20:29

Yes, it struck me as odd that the President was involved. Get some minister's name attached to this and you have plausible deniability.On the other hand if the President is being manipulated ...

[upwego] 25/9/2023 20:19

plentymorefish25 Sep '23 - 19:42 - 2203 of 2205

I must admit when I saw sunbed in that photo, I was convinced the deal was watertight…230;… lol :)

Fake news then - will save money on hair transplant then ha ha

[thommie] 25/9/2023 19:51

Low share price on readmission after ad doc is published in a few days. Someone wants to buy in cheap?To prevent a high premium on the planned issue of shares as part of the deal to certain investors?Whatever, in the end it surely is some new fraud actions by officials missing their brown envelopes...

[thommie] 25/9/2023 19:44

This wasnt a mistake, that was done by someone on purpose that was aware what he was doing and what reactions would follow. My question is: what is the goal of it? Who profits?

[plentymorefish] 25/9/2023 19:42

I must admit when I saw sunbed in that photo, I was convinced the deal was watertight…230;…

[gisjob2] 25/9/2023 19:39

More confusion,
Article not correcting the rumour by suggesting the SAVE deal with Petronas is backed by the Government either.

[interzone] 25/9/2023 19:23

More backtracking

[jnbrw] 25/9/2023 18:50

Hold on, I've got a billion down the back of my chaise long( racy red leather) and a couple of working tarmac lorries out back... I'm up for a bid...

[jnbrw] 25/9/2023 18:41

The whole things a scam, fake news, someone wants shareholders unsettled before relist probably. Frankly ridiculous amateurish concoction involving a shell company above a strip joint gaining a modicum of authenticity as it coincided with some SS officials visiting New York for a UN conference ! Actually quite hilarious.

[plentymorefish] 25/9/2023 18:39

They need to hold their horses, I’ve yet to submit my bid!…………

[jnbrw] 25/9/2023 18:33

Article revised / rewritten at 18:19...lol

[jnbrw] 25/9/2023 18:32

Ha ha guys re read the link... already the article has backtracked .... unbelievable couldn't have made this up.What a load of tosh. Must be silly season or rather relist soon! Lol

[che7win] 25/9/2023 18:28

Is this really what S. Sudan government are going to choose:

“The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.”
Who is fronting that company, and does it comply with US anti laundering rules, doesn’t sound legit.

[tens machine] 25/9/2023 18:19

https://www.energyvoice.com/oilandgas/africa/536054/savannah-competition-petronas-purchase-south-sudan/Not sure this is fake old pal