Savannah Energy Plc Proposed Acquisition, RTO & Suspension of Trading (5631A)
June 02 2021 - 8:00AM
UK Regulatory
TIDMSAVE
RNS Number : 5631A
Savannah Energy Plc
02 June 2021
2 June 2021
Savannah Energy PLC
("Savannah", "the Company" or "the Group")
Proposed Acquisition, Reverse Takeover and Suspension of
Trading
Savannah Energy PLC, the African-focused British independent
energy company sustainably developing high quality, high potential
energy projects in Nigeria and Niger, announces that, it is in
advanced exclusive discussions with ExxonMobil Corporation with
respect to the proposed acquisition of its entire upstream and
midstream asset portfolio in Chad and Cameroon (the "Proposed
Acquisition").
The Proposed Acquisition would include a 40% operated interest
in the Doba Oil Project, and an effective c. 40% interest in the
Chad-Cameroon oil transportation pipeline. For reference, in 2020
the Doba Oil Project produced an average gross 33.7 Kbopd and the
Chad-Cameroon pipeline transported a gross 129.2 Kbopd.
If completed on the currently proposed terms, the Proposed
Acquisition would be classified as a reverse takeover transaction
in accordance with the AIM Rule 14, and accordingly, the Company
has requested that its ordinary shares be suspended from trading on
AIM with immediate effect and will remain so pending publication of
an AIM admission document setting out, inter alia, details of the
Proposed Acquisition, or confirmation is provided that discussions
around the Proposed Acquisition have been terminated.
There can be no assurance that agreement between the parties
will be reached on mutually acceptable terms and that the Proposed
Acquisition will complete. The Company will update shareholders as
to progress made in relation to the Proposed Acquisition as
appropriate.
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Sally Marshak, Communications
Consultant
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett +44 (0) 20 7220
Tim Redfern 0500
Panmure Gordon (UK) Ltd (Joint
Broker)
John Prior +44 (0) 20 7886
Hugh Rich 2500
+44 (0) 20 3 757
Camarco 4983
Billy Clegg
Owen Roberts
Violet Wilson
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.
About Savannah Energy:
Savannah Energy PLC is an AIM market listed African-focused
British independent energy company sustainably developing high
quality, high potential energy projects in Nigeria and Niger, with
a focus on delivering material long term returns for stakeholders.
In Nigeria, the Company has controlling interests in the cash flow
generative Uquo and Stubb Creek oil and gas fields, and the Accugas
midstream business in South East Nigeria, which provides gas to
over 10% of Nigeria's available power generation capacity. In
Niger, the Company has interests in two large PSC areas located in
the highly oil prolific Agadem Rift Basin of South East Niger,
where the Company has made five oil discoveries and seismically
identified a large exploration prospect inventory, consisting of
146 exploration targets to be considered for potential future
drilling activity.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com .
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END
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