Savannah Petroleum Share Discussion Threads

[honestmarty] 21/5/2019 19:30

ZENGAS

Yes, so testing next month???


Why haven't we had a few details by now???


I can't understand the total silence.

[zengas] 21/5/2019 19:24

We know the well test from the last update isn't going to be before mid 2019, so June - July maybe ?

"Early production from the Company's planned well test on the Amdigh-1 discovery (the first phase of the EPS, planned to be carried out in mid-2019) is expected to be transported via truck to the Agadem-Zinder pipeline tie-in point"

[honestmarty] 21/5/2019 18:25

Why haven't they updated?

Even just announce a plan to flow test?

Strangely the lack of ANY action at all, makes me hope they are close to announcing positive news on the RTO.

[zengas] 21/5/2019 17:56

Full year results must be imminent so only natural they will have to update.

Previous full year results -
23rd March 2018.
24th May 2017.
26th May 2016.
14th May 2015.

[plentymorefish] 21/5/2019 16:00

Another AIM success story....lol

[sunbed44] 21/5/2019 14:06

clear to see why david clarkson jumped off sou oh dear

[ngms27] 21/5/2019 12:07

Stiff competition with Mr Carver though.

[gisjob2] 21/5/2019 12:01

Maybe Knott should throw his hat in the ring to become the new conservative party leader. He seems to have the required profile.

[mount teide] 21/5/2019 11:58

Ramp - 17.4 million witnesses can attest to the fact that the record is held by Theresa May with daylight second!

[rampair] 21/5/2019 11:08

I wonder what the record is between MD promise of delivery and actually delivering?

Surely this must be in with a chance of winning the wooden spoon?

A true delight to own.

R.

[honestmarty] 21/5/2019 10:48

A Knotty Horror Picture Show?

[plentymorefish] 21/5/2019 10:46

The Chronicles of Narnia!

[honestmarty] 21/5/2019 10:09

Share idea

Where did you source this information from?

[shareideas1] 21/5/2019 09:53

What can he say? Results are due in a fortnight, he's waiting for ministerial sign off on 7E and trying to secure a farm out in Niger... news flow is lumpy and unfortunately timings are somewhat out of his control. I'm as annoyed as everyone else at the delays and unkept timing promises but in the real world things don't always run to public market timelines...

[honestmarty] 21/5/2019 09:39

Selling off now.
The teens will soon be upon us.

The silence from AK and his merry mouthpiece is deafening.

[honestmarty] 18/5/2019 13:18

Second half of Q2 is upon us.

Is it time to give up waiting on the RTO cash, and just plough on with Niger?

A modest fund raise, or given the dire state AK has created a cheapo farmout?

Cash to drill at 16p is looking attractive now.

Painful final results, revealing huge, unproductive, brown envelopes of cash were disappearing off into the Nigerian Delta, will have us down there soon anyway.

What an effing disaster AK has created.

Gingenstein slouches towards Bethlehem

[divmad] 16/5/2019 17:54

I wonder if the executive options will be repriced down in the forthcoming AGM resolutions? Nothing would surprise me anymore .

[honestmarty] 16/5/2019 17:39

Second disillusioned punter confesses he has sold up.

It was flagged earlier that poor liquidity and desperate sellers could easily drive this down to silly prices.

We have had missed deadlines but no actual bad news.

Savannah HQ are saying nothing, all still to play for here.

[bushman1] 16/5/2019 17:28

Which company are you re investing in ? Looking at risk to reward ~ SAVP surely in a better place now than for a very long time. This delay presumably due purely to the complexity of the deal. A great many moving parts being brought together.

[divmad] 16/5/2019 09:10

Good observation, itsriskythat. But the gripe most of us have with management now is the total radio silence on the reasons for these continuing delays. Why should it be up to a PI to come up with plausible explanations?

[itsriskythat] 16/5/2019 07:26

What is the reason for the delay in getting consent for the Seven Energy transaction?

This is the hardest question to answer but I'll have a try. The root causes of the the delay might lie in Savannah having made a change to the transaction in September which was RNS'd below:

"Following submission of the revised terms of the Transaction detailing the additional acquisitions, as announced by the Company on 20 September 2018, to the Nigerian Department of Petroleum Resources (the "DPR"), the Company is pleased to confirm that the DPR has informed Savannah that it has now completed its due diligence in relation to, and is fully satisfied with, the Transaction. Further, the application for Ministerial Consent for the Transaction is currently being processed with the DPR for further transmission to the office of the Minister of State for Petroleum Resources for final approval."

Subsequent to that change there was a major change with an acquisition of a controlling interest in Accugas, the sale of 25% of SUGL for US$70m, and a new agreement with Accugas Lenders and other creditors, which was RNS'd in December.

I've been reading about the delays in approval which currently exist if transactions are complex and if the discussions with the relevant Nigerian department extend over many months.

The comment below is in connection with power company CPG which is currently seeking government approval for a new gas-fired power plant:

"There are several critical documents that the government needs to approve and you know things have changed in the government. You know the will seems to still be there. Several of the people in the regulatory bodies are different. Several people have changed and any time there is a change, you need to bring the new people up to speed and justify why things have to be done in a certain way. This is what causes a lot of delays. However, what we ask is that the learnings that were achieved by people in office should not be lost whenever there is a change in the office. And if the learnings are lost which we have seen happen several times, it is almost like we are restarting again. So, we are pushing for the government to not lose some of the learnings that they have gained and don’t get me wrong, some of the people, some of the regulators are very intelligent people."



Whichever department is referred to above, I am sure the same applies to the DPR. It seems to me that the root causes of the delay are of Savannah's making with their changes to the transaction, and it is unfortunate that the people Savannah is dealing with are a changing group of people at the DPR.

On this basis there is no reason to think that this is anything other than a delay to getting consent, and it will happen.

[plentymorefish] 15/5/2019 07:18

Imagine what they'll do if/when SAVP officially confirm the deal is off. Having said that, no PI has yet thanked the company for not allowing them to take part in the January 2019 placing, they've saved a packet by not being invited to! The question is, what do the company do all day as there's seemingly been no progress in Niger whilst they're waiting to hear on the Nigeria deal. They've not even put out the full year results for 2018 yet, having published 2017's in March last year.