Savannah Energy Signs Agreements With Exxon, Petronas to Acquire Portfolios
December 13 2021 - 12:34PM
Dow Jones News
By Joe Hoppe
Savannah Energy PLC said Monday that it has signed separate
share purchase agreements with Exxon Mobil Corp. and Petronas
Overseas Ventures Bhd., acquiring their entire upstream and
midstream portfolios in Chad and Cameroon, respectively.
The oil-and-gas company said completion of the acquisitions will
lead to Savannah acquiring a 75% controlling interest in the Doba
oil project, and an effective 70% indirect controlling interest in
the Chad-Cameroon export transportation system.
In 2020, the Doba oil project produced an average gross of 33.7
thousand barrels of oil per day, while the pipeline transported a
gross 129.2 thousand barrels of oil per day.
Due to their size and nature, both acquisitions individually
constitute reverse takeover transactions and are subject to
shareholder approval. A general meeting will be convened around
Dec. 17, following which the company plans to restore its shares to
trading on London's AIM.
"Under our stewardship, we expect these assets in aggregate to
generate positive free cashflow and fiscal revenues for Chad and
Cameroon for a further 25 plus years," Chief Executive Andrew Knott
said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 13, 2021 12:19 ET (17:19 GMT)
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