ripley94
08 Jun 2020
Savannah Energy A financial and operational update from SAVE this morning and they announce that FY cash collections from their Nigeria assets were $168.8m and from the beginning of their ownership to date in 2020 $96m. They are already seeing significant deleveraging with $40m of the restructured debt paid down by 31/3/20. AIIM acquired a 20% interest in SUGL and Accugas in return for $54m in cash giving an implied combined valuation of $270m of those assets, most impressive. Average daily gross production increased by 25% during SAVE’s ownership to 19.6 koepd (15.7) which includes a 34% increase in Uquo gas production from 77 MMscfd to 103.8 MMscfd with a peak daily rate of 164 MMscfd. They have also announced a new GSA, the first in five years, with FIPL for their Afam power plant, in addition successful transfers of operatorship of both the Uquo Central Processing Facility and the FUN Manifold crude gathering station, from Frontier Oil Limited to Savannah. As previously announced and based on the CPR prepared by CGG and published on 11 December 2019, net asset-level free cash flow generation, on a maintenance adjusted take-or-pay basis, by the Nigerian Assets, assessed to be an average of c.$130m p.a. 2020–2023. In Niger the company issue an updated CPR for those assets by CGG, they give 35 MMstb of gross 2C resources for R3 East discoveries with an additional 90 MMstb of gross unrisked prospective, in best case, with tie-in distance of R3 East facilities. In the CGG report, a subset of 11 prospects and leads from the extensive exploration portfolio comprising 146 prospects and leads are given unrisked prospective best case of 360 MMstb. Savannah plans to deliver the development of the R3 East and continue to progress with the installation of the EPS within 12 months, market conditions and finance permitting. The R4 area previously relinquished will now be combined with units R1/R2 PSC area the thus retaining the full acreage position previously covered by the R1/R2 PSC and the R3/R4 PSC. Andrew Knott, CEO is clearly pleased, ‘In Nigeria, we are responsible for the provision of gas supplies to providers of over 10% of the country’s current power generation capacity, a responsibility we take very seriously . In this time of global uncertainty, it has been widely reported in the local press that many companies have struggled to supply gas-for-power in recent months, which has led to significant power outages in country. In stark contrast Savannah … has increased our gas production levels by 34% since completing the acquisition of the Nigerian Assets. We continue to expect to increase production levels further during the course of this year as we add new customers, such as FIPL who we announced earlier this year.’ Overall this is exceptional progress by Savannah and give significant optimism for the future.
Ripley94
20 Feb 2020
ABB @ 35p SAVP… XXXX Buy yesterday 15p sell today 16p
Ripley94
10 Feb 2020
ABB @ 35p SAVP… XXXX Topped up a tranche @ 16p … not lifting at that limit last couple of weeks.
Ripley94
22 Jan 2020
ABB @ 35p SAVP… XXXX Got that tranche back this morning @ 19p … did not lift last few days … went a little lower.
Ripley94
11 Dec 2019
ABB @ 35p SAVP… XXXX The 20p two week back was a buy in hindsight. The big low buy @ 12.5p was on ( T ) … lmi forced sale proceeds …that would of done just a well it appears . Dipped again yesterday to 20.8p bounced back today to the 22p .
Ripley94
28 Nov 2019
ABB @ 35p SAVP… XXXX Under 20p early today … finished up 12%
Ripley94
25 Nov 2019
ABB @ 35p SAVP… XXXX This has come off recent highs of 27p now right back down to 21.5p
Ripley94
18 Oct 2019
ABB @ 35p WTI $53.93 +57c, Brent $59.91 +49c, Diff -$5.98 -8c Savannah Petroleum Savannah has announced the signature of a loan facility with an initial tranche of $5m expected to be drawn immediately. The terms are a fixed interest premium of 7% payable on the principal amount (and a potential future draw if another $5m) to be paid at maturity, 17th January 2020. The principal amount plus interest can be repaid at any point up to maturity and in the event of not paying or the Seven Energy Transaction not proceeding can be converted at the facility providers discretion at a range of prices. The loan provides liquidity to fund working capital and general corporate purposes ahead of the planned completion of the Seven Energy Transaction which is expected to occur ‘significantly in advance of the maturity date’ when the company expects a cash inflow of $74m. And finally… Despite a short blog I cannot fail to mention the RWC where this weekend England play the Wallabies, Ireland take on the All Blacks and Wales play France. In the footy it also might be a rugby score as Liverpool go to the Theatre of Nightmares…… And of course it’s the last proper day of flat racing with Champions
Ripley94
16 Sep 2019
ABB @ 35p More Brent touches $71 in Far East trading after Saudi incident, currently $66.50. 2 replies . 2 retweets 8 likes Reply 2 Retweet 2 Like 8 M
Ripley94
27 Aug 2019
ABB @ 35p SAVP… XXXX Sliced another tranche @ 23p , i forgot the deal just 5 days back .
Ripley94
22 Aug 2019
ABB @ 35p Sliced some at 23p
Ripley94
12 Jul 2019
ABB @ 35p SAVP., XXXX… Got some more ( T ) money in from lmi sale. 12.5p
Ripley94
09 Jul 2019
ABB @ 35p SAVP… XXXX Cheaper @ 12.9p ( just a little mm )
Ripley94
05 Jul 2019
ABB @ 35p Picked as many up again at 13.5 p ( D ) They have dropped a lot. It’s a 50% deal.
Ripley94
25 May 2019
ABB @ 35p SAVP… XXXXX Dropped back to 17.5p
