Savannah Petroleum PLC Appointment of CFO and Service Agreement Amendment (8111R)
March 05 2019 - 2:01AM
UK Regulatory
TIDMSAVP
RNS Number : 8111R
Savannah Petroleum PLC
05 March 2019
5 March 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Appointment of Chief Financial Officer and Service Agreement
Amendment
Savannah Petroleum PLC, the British independent oil & gas
company focused around activities in Niger and Nigeria, is pleased
to announce the appointment of Isatou Semega-Janneh as Chief
Financial Officer ("CFO") with immediate effect. Isatou has acted
as interim CFO for the Company since 21 December 2017, when she was
appointed to Savannah's Board of Directors, and also acts as
Savannah's Company Secretary.
Isatou is an accountant with over 17 years' experience who has
led Savannah's finance function since joining the Company in
January 2015 as VP Finance. Prior to joining Savannah, she spent 9
years with BP in a variety of roles, most recently as Financial
Controller for BP's operations in North Africa (Algeria, Libya and
Morocco). Isatou has extensive experience of managing large,
multi-country finance teams and of implementing and managing
financial and regulatory compliance systems in emerging market oil
and gas environments.
Service Agreement Amendment
Savannah also announces that the service agreement put in place
between the Company and Andrew Knott at the time of the Company's
AIM IPO in August 2014, which provided for a 12-month notice period
and an initial fixed term of two years, has been further amended by
the Remuneration Committee so that the 12 month notice period
cannot expire any earlier than 28 February 2021 (the "Service
Agreement Amendment"). All other material terms of the service
agreement remain the same.
The Service Agreement Amendment is deemed to be a related party
transaction under the AIM Rules for Companies. The Directors, other
than Andrew Knott, consider, having consulted with Strand Hanson
Limited, the Company's Nominated Adviser, that the terms of the
Service Agreement Amendment are fair and reasonable insofar as the
Company's shareholders are concerned.
Steve Jenkins, Chairman of Savannah Petroleum plc,
commented:
"I am delighted to announce Isatou's appointment to Chief
Financial Officer of the Company at this exciting time in
Savannah's development. I am confident that she will continue to be
a highly valuable member of the Company's Board and senior
management team. In her role as interim CFO, Isatou has shown
demonstrable leadership of the finance function and has played a
key role in finalising the Seven Energy transaction. Her proven
experience will be an asset to Savannah as we continue to grow and
develop the business."
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
Hamish Clegg
Celicourt Communications +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
Ollie Mills
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 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
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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