Savannah Petroleum Share Discussion Threads

[ifthecapfits] 22/12/2017 08:07

Well there you have it. Those that want to sell can.

[zengas] 22/12/2017 08:07

From the CPR -

Previous figures were 2.185 billion bls recovery. This figure has risen by 700 mmbls

Now 2.82 billion bls risked recoverable mid case to 4.2 billion bls high case.
(Unrisked mid - high case = 6.9 - 10.3 billion bls. ).

Planned to drill beyond 3 wells as cash becomes available.

Further 43 mmboe 2C and 85 mmboe exploration in Nigeria.

[toyin] 22/12/2017 07:30

The shares will re list later. Couple of things to remember, the Bahrain investment caused some of the problem as being offered warrants on top of their 20 million investment caused others to wonder why they hadn’t been offered the same favoured terms. Having now changed the terms to offer one warrant for every 2 shares everybody has rushed to the table.

I believe the placing list contains many blue chip long only funds. They realise they are part of a new funded Oil company which has bought distressed assets at a knock down price. They also have excellent prospects for the first three wells to be drilled in Niger. Remember Savp where suspended some months ago when the oil price was very low so imagine what price they would be even without their new asset. The company has raised over 100 million pounds in a difficult market. It is my strong belief that the shares will be a stellar performer.

All the Best

[bushman1] 22/12/2017 07:19

Andrew Knott, the CEO of Savannah, has committed to invest US$1m in the Placing. Mr Knott's participation in the Placing is regarded as a related party transaction for the purposes of Rule 13 of the AIM Rules. The Directors, other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company's nominated adviser, that Andrew Knott's participation in the Placing is fair and reasonable insofar as Shareholders are concerned.

[lithological heterogeneities] 21/12/2017 20:10

Interesting post on other BB tonight:Today 19:09speculaterTrading tommorrowFinancial institutions with £125-150 mil in cold hard cash think the New SAVP worth £313 mil (35p) but 4 or 5 anonymous punters on here think it will trade down to 15p. We will immediately have CPR'd revenue of $88 mil.p.a. with a NPV10 of $548 mil. just from the Uquo and Stubb Creek fields. That's 46p. 3 drills in Niger, with only 2 successful should prove up say 50 mil barrels at $5.00 NPV per barrel is $250 mil or another 21p. Throw in another £115mil. (13p) for cash balance, 20% Accugas, R1, R2, balance of R3 and R4 and that is 80p by end H1 2018. Who knows, but most of this info in is the various RNS and presentations issued this year. Agreed the warrant overhang may put a damper on this.

[parisv] 21/12/2017 16:27

at this time of year liquidity is low so any selling drops prices easily. I'm going to try and catch the bottom which will average me down then sell those ones on the way back up into the rise before spud.

[ifthecapfits] 21/12/2017 16:20

Going to be fascinating to see what the share price does on relist. I'm going to sit tight for Niger drills and make a decision after that. If the share price falls much below 35p - I've got a little spare to top up - I think. Suspect there could be a rush to the exit - which will of course present a buying opportunity. Going to be exciting I feel.

[lithological heterogeneities] 21/12/2017 16:01

You would have thought we would warrant it.

[mtayl125] 21/12/2017 16:00

Shouldn't the existing shareholders get a 0,5 warrant too, only fair for having waited so patiently for so long lol

[lithological heterogeneities] 21/12/2017 15:56

Expected to be 35p.
+
"Institutional bookbuilding (the "Bookbuild") will continue today, and is expected to close at 7.30 a.m. (London time) on 22 December 2017, with the publication of the Company's final Admission Document and restoration of Savannah's shares to trading expected to follow"

[lithological heterogeneities] 21/12/2017 15:52

Savannah Petroleum
Publication of Placing Proof Admission Document

21 Dec 2017

[lithological heterogeneities] 21/12/2017 15:51

New RNS out this afternoon at 15:40

[taudelta1] 21/12/2017 14:34

two off-the wall thoughts ..

Number 1 .... I wonder, maybe the ASMA deal didn't put off the IIs .. the IIs just didn't bite in the first place and so AK went cap in hand to ASMA as a last resort (obviously the timing implies he would have had some sort of back burner relationship with them to draw upon)...

Number 2 ... AK has never been in a hurry to drill .. we have very high COS .. so drilling would bring success with the bit and so we would all then say "so production comes soon now" .. except that it doesn't because there isn't a pipeline !!!

Not de-ramping as regrettably am a holder!

anyway Happy Xmas all .. try and think of the turkey you eat rather than the one in your portfolio!

[buffythebuffoon] 21/12/2017 07:20

Come on lh, you’re the only reliable news service we have.

You may state the bleeding obvious, but the bleeding obvious has been in short supply for months, and you also stick to the timetable.

Please don’t say you can’t come out with both words due to lack of keyboard buttons.

Buffy

[lithological heterogeneities] 21/12/2017 04:12

Let's hope they announce the immediate start of the Niger drilling campaign in the RNS.

[ahjury] 20/12/2017 22:15

Someone has clearly messed up with the placing and more likely the advisers than the company though the company has to take overall rponsibility. 250m at 40p now turns out to be 125m at 35p which suggests an abject failure on the part of the brokers. Clearly the markets sees the deal as non value accretive. The Nigeria deal is not why I originally invested and as soon as these return to trading I'm out before further Seven skeletons start appearing.

[lithological heterogeneities] 20/12/2017 18:14

Malcy's blog:http://www.malcysblog.com/2017/12/oil-price-vog-sound-cabot-hurricane-savannah-petroleum-bpc-wentworth-sundry-sdx-genel-finally/Savannah PetroleumJust as I am going to press there is an update from SAVP with regard to the placing and Seven Energy transaction. It seems that 'following significant support from the SSNs, discussions have taken place with key stakeholders including certain holders of SSNs' there are some alterations to the makeup of the financing.The equity raise will now be reduced to $125m whilst changes have been made to the cash and shares amount previously announced. Consideration of $42.5 million in cash (previously $87.5 million) and $109.5 million in new Ordinary Shares (previously $52.5 million) will now be paid to the holders of the SSNs whilst the lender of the second bilateral facility will receive consideration of $3.5 million in cash (previously $7.3 million) and $9.2 million in new Ordinary Shares (previously $4.4 million). Finally, the S$20m new capital contribution from the SSNs will be exchanged for a new $26.7m Savannah share issuance (previously $25m). Bookbuilding is continuing today as the new details have obviously changed the process somewhat including the price. The ASMA investment is still on the table but not included in the $125m raise.The new indicated price is 35p which will mean the market cap would be around £313m and placees will receive 0.5 of an unlisted, untradeable warrant with each placing share subscribed for. The only other change is that the use of proceeds changes slightly and three wells will be drilled in Niger and no further 3D seismic will be acquired. This deal is highly complicated by the very nature of the acquisition but should this go ahead then the advantages of Seven and the Niger programme leave plenty of room for upside.

[dorset64] 20/12/2017 16:14

I guess the feeling of everyone invested is dependant upon their motives, i.e.. how long their investment horizon is. If you are now looking to be invested for at least the next 2-3 years then the price today/on re-listing matters not really as it will be the share price of when 3 or 4 or 5 wells in Niger are drilled, and Seven Energys assets start to perform as intended if they will.

If on the other hand you are in for a shorter time, then todays announcement is a kick in the teeth as most were quite rightly expecting a far higher premium to the placing than what is now actually occurring. Unfortunately and as a couple of others have alluded to, the only people that are to blame for this latest reduction in the placing prices is that of the BoD's of whom have shot themselves in the foot. Those wounds should heal in time but unfortunately not for those that want their cash immediately upon re-listing.

For me, I would expect a drop in the short term but will instead keep these in the drawer for another day and, if the share price drops that much, will also look to average down a touch too.

[buffythebuffoon] 20/12/2017 15:46

We surely fully understand that a commitment to buy tens of millions of pounds worth of a company's shares attracts a discount. The company needs the money more than the investor needs the company.

Obviously, we'd all prefer it if the institutional investor bought every share available each day, as that would push the price up, but that's not realistic is it.

I'm not distraught at the price, as much as the expectation it would be higher. Sure others have got in cheaper, and hopefully you wont have the chance to top up as cheaply...

All that actually matters is the market cap against the assets we have, and their potential value/earning capacity.

Of course, I reserve the right to be mightily p*ssed off at the way we've been treated, what with the long delay and appalling communication.

Perhaps we should have a 'guess the d*amn relisting date' competition...

Buffy`

[mount teide] 20/12/2017 15:38

buffy - ref: Andrew Knott.

I agree - Andrew has a somewhat stilted delivery and nervous demeanour on camera and, while still relatively young, is clearly yet to develop the communication skills and effortless self confidence characteristic of most successful CEO's fully on top of their brief and responsibilities.

[ifthecapfits] 20/12/2017 15:33

Well I paid 41p for mine. SO not happy.