Savannah Petroleum PLC AGM Update (7357D)
June 28 2019 - 2:00AM
UK Regulatory
TIDMSAVP
RNS Number : 7357D
Savannah Petroleum PLC
28 June 2019
28 June 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
AGM Update
Savannah Petroleum PLC, the British independent oil & gas
company focused around activities in Niger and Nigeria, is pleased
to provide a corporate update which will be read at the Company's
Annual General Meeting which is being held today.
Seven Energy Transaction Update
The Company is in the final stages of the Ministerial Consent
process, and good progress continues to be made on other
Transaction workstreams, including the finalisation of long-form
documentation in relation to the AIIM Investments, the Accugas debt
restructuring and the Frontier Swap.
Following receipt of Ministerial Consent, Transaction completion
will occur following the pre-agreed process set out in the legally
binding Implementation Agreement which was signed in February 2019
by Savannah, Seven Energy International Limited ("Seven Energy"),
certain other subsidiaries of Seven Energy (together, the "Seven
Group") and certain of the creditors of the Seven Group. Completion
will be followed in due course by the publication of a Supplemental
Admission Document. Further updates in relation to the Transaction
will be published as appropriate.
Niger Operational Update
Savannah's planned Amdigh-1 well test is expected to be approved
by Savannah Niger following the completion of the Seven Energy
Transaction. Timing of the commencement of the well test is
expected to be contingent on the procurement of long-lead items
necessary for well test operations. The Company will provide an
update on expected timing following completion of the
Transaction.
Unless otherwise defined, capitalised terms are per the
Company's Admission Document dated 22 December 2017 and per the
Company's RNS announcements dated 20 September 2018 (specifically
relating to the gas for oil swap with Frontier Oil Limited and the
buy-out of minority shareholders in Universal Energy Resources
Limited) and 21 December 2018 (specifically relating to the
acquisition of an additional 55% interest in Accugas as well as the
sale of a 25% (less one share) interest in SUGL and Accugas to
AIIM).
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
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
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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