Savannah Petroleum PLC Update on Seven Energy Transaction (7840F)
October 31 2018 - 3:00AM
UK Regulatory
TIDMSAVP
RNS Number : 7840F
Savannah Petroleum PLC
31 October 2018
31 October 2018
Savannah Petroleum PLC
("Savannah" or "the Company")
Update on Seven Energy Transaction
Savannah Petroleum PLC, the British independent oil and gas
company focused around oil and gas activities in Niger and Nigeria,
is this morning pleased to announce an update on the Seven Energy
Transaction (the "Transaction").
Further to the Company's announcement on 20 September 2018
regarding the gas for oil swap with Frontier Oil Limited and the
buy-out of minority shareholders in Universal Energy Resources
Limited, Savannah is pleased to confirm that it is seeking certain
further amendments to the terms of the Transaction, which the Board
considers to be in Savannah's immediate commercial interests and
are expected to significantly enhance the Company's competitive
position in Nigeria.
As such, finalisation of the Implementation Agreement will now
take place once these amendments have been agreed and announced.
Further updates in relation to this will be provided in the coming
weeks.
The Company continues to anticipate that formal Transaction
completion will occur in the fourth quarter of 2018, which will be
followed in due course by the publication of a supplemental
admission document.
Unless otherwise defined, capitalised terms are as per the
Company's Admission Document dated 22 December 2017.
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Ross, VP Corporate Affairs
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Ed Haig-Thomas
Hannam & Partners (Joint Broker) +44 (0) 20 7907 8500
Neil Passmore
Alejandro Demichelis
Sam Merlin
Celicourt Communications +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Notes to Editors:
About Savannah Petroleum
Savannah Petroleum PLC is an AIM listed oil and gas company with
exploration and production assets in Niger and Nigeria. Savannah's
flagship assets include the R1/R2 and R3/R4 PSCs, which cover c.50%
of the highly prospective Agadem Rift Basin ("ARB") of South East
Niger, acquired in 2014/15. The Company is also in the process of
acquiring interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and an interest in the Accugas midstream
business in South East Nigeria from Seven Energy.
Further information on Savannah Petroleum PLC can be found on
the Company's website:
http://www.savannah-petroleum.com/en/index.php
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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