KALAN
22 Jun 2017
Re: Today's AGM [link] allowed directors to issue new share (up to one third of existing shares) which I am assuming is part of the reverse takeover (cash, share, borrowings to fund it) and also to be able to buy back the companies own shares should it be advantageous to do so - intended to make this an annual renewal.All passed - so the company can issue shares as part of the reverse takeover I believe.
jaytee41
22 Jun 2017
Today's AGM How does the below affect the suspension of the SP ?22 June 2017Savannah Petroleum PLC("Savannah" or the "Company"
Result of Annual General Meeting Savannah Petroleum held its Annual General Meeting ("AGM" this morning at 10.00am. The Company is pleased to announce that all resolutions proposed at the AGM were duly passed.
KALAN
09 Jun 2017
Re: Trading Suspension. Reverse Takeover On the down side it's not what I bought here for - thrill of the drill and gradual rise up to the start of drilling , sell half and let the other half ride was my plan.The previous rns re investor day led me to believe a placing was in the offing and that's why the sp had fallen. in relative terms I am seeing this as positive as it APPEARS they are paying some money, borrowing money and issuing shares in SAVP - all for a third party - which I assume will have cash generating assets which will fund further exploration and therefore not require the board to issue more equity in the future - would settle for that from where we are now. nothing we can do anyway.
jaytee41
09 Jun 2017
Re: Trading Suspension. Reverse Takeover It's taken a day to appear here.Savannah Petroleum PLC ("Savannah" this afternoon announces that it has entered into a binding exclusivity agreement with a West African focused business (the "Target" in relation to the potential acquisition of substantially all of their oil and gas assets in the region (the "Proposed Transaction". A detailed transaction structure has also been agreed in outline with the Target. Savannah has been undertaking legal, financial and technical due diligence on the Proposed Transaction since January 2017. As part of the Proposed Transaction it is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor. Due to commercial sensitivities, Savannah is at this stage unable to provide further details in relation to the Proposed Transaction, but will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale. If completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies. Accordingly, at the request of the Company, the Company's shares are suspended from trading on AIM with immediate effect and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.
Balone
09 Jun 2017
Re: Trading Suspension. Reverse Takeover LSE BB think a few weeks but view it very positively. We shall see. We're not going anywhere for a while by the looks of it.
jaytee41
09 Jun 2017
Re: Trading Suspension. Reverse Takeover Spoke to my broker and trading is still suspended on this one !
Balone
08 Jun 2017
Trading Suspension. Reverse Takeover Interesting and hopefully value adding. With a trading suspension we have just got to trust that this is a good deal I guess. Too late to do anything now
Jitter
08 Jun 2017
From ZENGAS on LSE... If we farm out 50% in essence we could be giving away potentially $4b of risked value for some $250m? of farm-in funding.We are funded for the first 3 wells.The 6 additional options at full depth may cost $8m max = $48m ? (or $4.5m each that take in just the upper Sokor and Eocene- the eocene for CNPC having almost an 80% strike rate).We have $12m of an undrawn loan facility - theorectically that could take us to 5+ wells. I doubt if we could draw on that for exploration unless there was a success in some of the initial 3 wells. So for 6 additional wells to either the eocene or full target depth is going to cost a further $25m - $48m and we want to kick off the next round of 3D maybe $15m-$20m. Perhaps they could delay the actual 3D.Overall we could need $40m- $68m and if there was success, we still have the $12m loan facility that could be called upon ? If you didn't get 25% success rate from those 9 wells then the whole programme would have to be relooked at anyway whether you had a partner onboard or not. I think there would be a clause for them after x amount of wells drilled re results.All 3 placings so far have seen substantial money raised quickly and easily even when the share price was 23p - getting £30.33m away at 38p. Therefore imo it might be a hard call unless someone is prepared to pay a premium to sanction a farm-in . At the moment we are only needing $40-$68m imo to get us up to 9-10 wells and another significant batch of seismic.If you get 25-30% success rate it would be little trouble to raise more drilling funds if the share price was propelled higher on that success.Bottom line if you look at the money we need to get to 9-10 wells and compare it with each of the 3 previous fundings, unless there is a significant farm-in payment, it could be just as easy to perhaps raise the money ourselves and retain all of the upside.If successful - to get to first oil on a 100% basis it's now down to $200m. If we farmed out 50% it is only going to cost a partner perhaps $100m and after all, that is totally recoverable. That's why i beleive we are in the best situation. We aren't in dire need of funding. We know or have been told by the CEO that they could call on additional funding so i can't see any reason in taking on a farm in partner unless it's really to our advantage against letting someone else in too cheaply. The company has always said they want to remain operator. With 2.185 billion bls risked recoverable. Average 17.5% Govt share (15-20% re 4 blocks) leaves 1.8 billion bls risked. 5% minority partner stake leaves 1.71 billion bls risked recoverable.With an estimated company and analyst valuation of $4.60/b in the ground the risked recoverable 1.71 billion bls is almost $7.9 billion or just over £6 billion of in ground value.If we are left post any farmout with a minimum of 50%, the risked recoverable is some £3 billion of target value.
Balone
08 Jun 2017
Re: End of the 30s ? I did say Never say Never - Shaky opening this morning which no doubt took out a load of stops but looks to be recovering now. fingers crossed
tullowtosell
07 Jun 2017
Re: Today's RNS Certainly saw a material step change in value today! Just a blip i think.
KALAN
07 Jun 2017
Re: Today's RNS Yes jaytee - exciting times ahead - maybe the markets didn't like the bit about being in advanced talks with others about adding value - a placement perhaps? That's the frustration of AIM - all going well and the board of directors scupper the sp - holding my shares as I believe the chances of success here are very very good.
jaytee41
07 Jun 2017
Today's RNS Well the chairman may be pleased but the markets are not 
)Andrew Knott, CEO of Savannah Petroleum, said: "We are very pleased to provide investors and analysts the opportunity to meet with the wider Savannah team and to hear about our forward drilling plans at today's Capital Markets Event. We are excited to be in a position where we can start what we expect to be a sustained drilling campaign on our Niger project over the coming years. Our recent operations in Niger have been delivered safely and under budget, and as we move into the drilling phase we are confident that we can maintain this level of performance. I look forward to sharing regular updates on our progress over the remainder of this year." Steve Jenkins, Chairman of Savannah Petroleum, said: "The commencement of our maiden exploration drilling campaign represents the culmination of over two years' of technical and operational work, and I believe we are now strongly positioned with the right team and resources in place to deliver a material step change in Savannah's value. I have always been excited about the subsurface potential of our assets in Niger, and we look forward to starting to demonstrate that potential in the coming months." Steve Jenkins, Chairman, and Phil Magor, Chief Geologist, have read and approved the technical disclosure in this regulatory announcement in their capacity as qualified persons under the AIM Rules. Mr. Jenkins is a qualified Geologist, with 32 years' experience in the oil and gas industry, and is a Fellow of the Geological Society. Mr. Magor is a qualified Geologist, with 35 years' experience in the oil and gas industry, and is a member of the Society of Petroleum Engineers.
KALAN
31 May 2017
Added Nice pull back to support line - news due in a week - charts and fundamentals in unison so added some more.
II Editor
24 May 2017
NEW ARTICLE: The Oil Man: Savannah Petroleum "Savannah PetroleumFull-year results from LSE:SAVP:Savannah Petroleum and, as always, historic data, but it does give the market a good idea as to how the company has been preparing for this summer's drilling campaign.An increase in best estimate ..."[link]
Balone
09 May 2017
End of the 30s ? Never say never but strong move so far today
