Compared the T20 from last Nov against the one from the annual report last month. The main change is Salt Mineral Investements, held over 10m and now gone.
So who is Salt Mineral Investments? In May 2015 an ASX announcement from Sunbird Energy advised that a Mr Dorian Wrigley was nominated to the Sunbird BoD by Salt Mineral Investments. Mr Wrigley was a South African engineer and founding member of Umbono Capital.
https://www.asx.com.au/asxpdf/20150512/pdf/42yj6ph67mhrmn.pdfSunbird is now a private company in South Africa with a 76% interest in the Ibhubesi Gas Project, offshore of the west coast of South Africa. Joint Venture partner PetroSA, South Africa’s national oil company, holds the remaining 24%. Note the contact email is Umbono.
https://www.sunbirdenergy.com/The Ibhubesi prospect was kept by Sunbird the private company after it left the ASX in 2016. The entity that was renamed from Sunbird at the time was Interpose Holdings. Interpose then gained 80% of Cabora Bassa in 2018 by aquiring and renaming as Invictus. Ibhubesi is still not online. PetroSa say it is looking at 2021 first production, but according to this report from last year, still no offtakes. Check out the names in the area. Some heavy hitters there.
http://www.internationalpavilion.com/ice2018/South_Africa_ICE2018.pdfSo why have Salt sold their stake over the last year? Is PetroSa concerned about an elephant to the north?
