Savannah Energy Share Discussion Threads

[gisjob2] 07/10/2024 19:16

It's not hindsight. Never been a fan of South Sudan and have said so constantly. I also cannot believe that South Sudan was ever the answer after the Chad debacle.

I would give our CEO recognition if he hadn't managed to preside over a halving of the share price since listing, delaying Niger testing and development for years and still not managed to complete the refinancing. Along with getting us involved in South Sudan and managing to keep us suspended for two years while spinning this out still further when everyone knows it's a dead duck but AK it seems. I cannot believe AK has managed to meet any of his KPI's this year or last.

I'll give AK recognition when he puts his 'pretend Multinational oil company boss clothes' back in his dressing up box and concentrate on the day to day running of the company and when the share price resembles that of the first day of trading.

It's not clever to halve the share price, anyone can do it !

[kinkell] 07/10/2024 14:03

Given that prior to his demise the original leader in Chad was reported as supportive. The subsequent change of policy was not predictable especially as SAVE was promising to invest to increase production reduce fuel poverty and bring new employement through renewables. It looks as if SS followed Chad's lead. Hindsight is a wonderful thing. Had the plans bsucceeded SAVE would be swimming in cash. Lets give some recognition to our Ceo's efforts to make us all rich.

[gisjob2] 07/10/2024 13:28

They can't screen their opportunities very carefully if they ended up with Chad & South Sudan as their choices. I can only assume others were in North Korea and Afghanistan.

[zengas] 07/10/2024 08:02

Report in today’s AI that Tullow is working behind the scenes on a maiden venture to take a stake in Nigerias oil producing Niger Delta, the first time in its 40 year history.

There must be other opportunities out there that Save are eyeing. The previous 2years annual reports they appear to have screened some 40 opportunities so I couldn’t see that just suddenly having ended since South Sudan was announced. Sipec came in the midst of that so who knows what else is still being worked on.

[hopeful holder] 07/10/2024 07:01

Aw shoot, apologies all. Thank you affc21.

[affc21] 06/10/2024 16:57

Wrong company I'm afraid It's Savannah Resources doing the investor meet presentation Mix up easily done

[fft] 06/10/2024 16:08

Why would they do that without being re-listed ? Seems odd to me. Especially if they adopt the give as little info as possible approach.Potential investors can't invest until relisted and so seems more like a look at me event for AK, and that sort of thing has ended in tears before.

[hopeful holder] 06/10/2024 15:01

SAVE are to present on the investor meet company platform on the 11th October 2024.The presentation will be available afterwards on the platform as are previous presentations.The more diligent gp here will be able to compare what they said to what they did.The platform allows questions to be submitted but not all will be answered as I guess many will be sim and also plenty of questions being submitted.Thanks all.HH

[wardrv] 03/10/2024 21:16

https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Looks-To-Jumpstart-Natural-Gas-Sector-with-Tax-Cuts.html

[mount teide] 03/10/2024 17:19

Angola O&G Sector - front running the rest of Africa? As a result introducing highly attractive contractural and fiscal incentives to raise production, ANPG President Paul Jeronimo announced yesterday that he expects investments of $60-100bn in its O&G industry in the coming years.

More regulatory incentives on the way!



Africa’s Oil Nations Make Progress in Creating $5-Billion Energy Bank - Oilprice.com today

'The oil-producing nations in Africa have raised 45% of the initial $5-billion seed capital for the planned Africa Energy Bank (AEB), which is set to fund oil projects on the continent amid a crunch in financing on the international markets.

The early financial supporters of the Africa Energy Bank include major oil producers Nigeria, Angola, and Ghana, according to Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO).

“I believe we are the first development bank to progress from conceptualisation to near fruition in just over two years,” Ibrahim said on the sidelines of the Angola Oil & Gas conference, as carried by Bloomberg.

APPO and African Export-Import Bank (Afreximbank) in 2022 signed the initial agreements about the establishment of the Africa Energy Bank.

The new bank has been structured as an independent and supranational pan-African energy development bank with an initial capital of $5 billion.

In June this year, Afreximbank and APPO signed the Establishment Agreement and the Charter of the Africa Energy Bank at a ceremony in Egypt. The signing ceremony concluded two years of negotiations and preparations by the two parties to establish the AEB.

The African oil producers decided to create AEB “to address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition.”

“Traditional financiers, on whom Africa has relied for decades, are withdrawing support, particularly in Africa, citing climate change concerns as the primary reason,” Afreximbank said in a statement in June.

APPO’s secretary general Ibrahim commented, “For too long Africa’s oil and gas industry has been dependent on extra-African funding. We came to take foreign financing of our oil and gas projects for granted, until the advent of energy transition made us realize that those on whom we have depended for many decades have decided to abandon us.”

Africa can’t afford to swiftly shift away from fossil fuels when it has the largest share of the population living without access to energy, Ibrahim noted.'

[1madmarky] 03/10/2024 04:28

If this does happen
Then South Sudan oil exports will be more or less un profitable ( based on Petronas's results in previous years when oil was around that price)

[interzone] 02/10/2024 06:32

Yes Thommie, Scotpak corrected themselves regarding the subb creek debt as it hasn't been closed yet.

[thommie] 01/10/2024 20:21

Thx Inter for reposting. So if true that looks very very good to me. As the 60m naira fx losses in H1 will be flowing back in next year via the true up mechanism. And the 127m from chad, even if its 37m in the end drops written net debt for another 90m. But as the stubb creek deal hasnt closed yet, I dont see why that would influence our net debt?

[1madmarky] 01/10/2024 17:55

Wrt the Chad related debt, I would have thought our $1.2b claim would be worth at least $37m ,thus IMHO the whole $127m can be ignored. Of course I'd hope for more than $127m.

[interzone] 01/10/2024 17:45

Thommie, this from ScotPak on LSE:

Was looking at the accounts this morning again. Here are some of my notes:

> Money was spent on following where revenues are not yet flowing in :

>> $61.5m for Stubb creek acqn

>> $45m related to gas compression project

>>> Both initiatives are positive developments which will materially increase EBITDA/ freeCF

> EBITDA was $91.6m for the 6 months period However including Other operating income it rises to $201.5. The extra amount comes from the "true -up Mechanism" including in the gas contracts of the largest customers that makes the customers make a payment to account for the FX losses

> The Naira hit on cash was $60m, thus fairly material. But as I said before, the Huge FX adjustment is mostly behind us. A local bank facility is now in place which is paying down the Accugas USD debt, and this local facility is expected to be replaced by the local currency bond

> $127m of the Debt on balance sheet relates to the CHAD acqn of which only $37m is recourse to SAVE. Thus you would ideally strip the non-recourse portion out when calculating net leverage which SAVE have not done.

CONCLUSION: Loads of one offs related to acqn debt, FX losses and projects where CF is expected to flow in. Given all the various initiatives, doesnt look to bad to me. Even if you dont include CHAD, SS, NIGER, and the various Solar projects (where CF is expected in a few yrs time)

[gisjob2] 01/10/2024 17:28

Thanks Zengas, that helps

[thommie] 01/10/2024 17:03

Does anyone know, if the debt we took from chad is also included in the net debt figure, or is it just the 37m$ of the ca 115m$? Because if they included the whole debt, but in the end we only needed to pay the 37m$ it would lower that net debt figure as well...?

[bent banana] 01/10/2024 14:57

Thank you Zengas foe sharing that info.

[zengas] 01/10/2024 14:50

Well hope IR don't mind me posting the following re my question and i'd asked them to run it past the accountants also.

Question re - "The foreign exchange true-up invoices are also not reflected within Revenue or Total Revenues2".

The net debt is shown as $533.1m at June 30th.

Does the net debt position include the $109.9m of invoiced forex losses ?

Or has that $109.9m still to be received by the company yet ?

Ie meaning the net debt position would be lower by $109.9m if it had been received by June 30 and thus about $423.2m ?

====

'Thank you for your email regarding our Half Year 2024 results.

You are correct in that the net debt position as of 30 June 2024 does not include the receipt of US$109.9m of invoiced forex losses. Had they have been received, the net debt position would have been lower.'

------------------------------

So as i thought the net debt would be really around $423m if that $109.9m had been recieved by June 30. Looks a lot better than first thought. Few other items in there that should be non recurring such as Compression project coming to an end, some $8m odd upfront for the court cases amongst others. Another confidence booster is the fact that Chad have acknowledged we are entitled to compensation - that in itself is very telling though how much is anyones guess but it may well run close to the wire to decision outcome . Accugas debt financing sorted. If we have significantly more oil on production in 12 months from Sipec and further gas upside irrespective of anything else, i feel confident where we're going.

[che7win] 01/10/2024 13:38

At last:Naira denominated debt facility signed with a consortium of five Nigerian banks. This is being progressively drawn down, with the resulting funds being converted to US$ to repay the existing Accugas US$ Facility.

[buffythebuffoon] 01/10/2024 11:55

upwego,

‘ Stay Stay Stay mate! I love you xx’

Oh great, now he’s not only going to stop posting, but he’s also going to go into hiding. 😂😂😂

Buffy

[gisjob2] 01/10/2024 11:38

The results aren't great and the debt is up.

Meanwhile AK continues with this suspension farce when SS is dead in the water. Just how long can this stay suspended.

[upwego] 01/10/2024 07:58

Good set of results there better than I envisaged.