Savannah Energy Plc SPA Signed with PETRONAS for South Sudan Portfolio (2975J)
December 12 2022 - 2:00AM
UK Regulatory
TIDMSAVE
RNS Number : 2975J
Savannah Energy Plc
12 December 2022
12 December 2022
Savannah Energy PLC
("Savannah", the "Company" or the "Group")
Proposed Acquisition, Reverse Takeover and Suspension of
Trading
Share Purchase Agreement Signed with
PETRONAS for Acquisition of Entire South Sudan Oil and Gas
Portfolio
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa, is
pleased to announce that it has entered into a Share Purchase
Agreement ("SPA") with PETRONAS International Corporation Limited
("PETRONAS") to acquire PETRONAS' entire oil and gas business in
South Sudan (the "PETRONAS Assets") through the acquisition of
Petronas Carigali Nile Limited ("PCNL") (the "Transaction"), for a
total cash consideration of up to US$1.25 billion, subject to
certain completion adjustments (the "Transaction Consideration").
The Transaction Consideration is expected to be financed through a
combination of the enlarged Group's available cash resources and
debt. The Transaction is conditional upon the satisfaction of
certain conditions precedent including, inter alia, approval of the
Government of the Republic of South Sudan, the approval of
Savannah's shareholders and re-admission to trading on AIM taking
effect.
Completion of the Transaction would result in the Company
acquiring PCNL's interests in three Joint Operating Companies
("JOCs") which operate Block 3/7 (40% working interest ("WI")),
Block 1/2/4 (30% WI) and Block 5A (67.9% WI), in South Sudan. The
PETRONAS Assets comprise of interests in 64 producing fields, with
first production having commenced in 1999. In 2021, the PETRONAS
Assets produced an average gross 153.2 Kbopd. Major partners in the
JOCs include CNPC, Sinopec, ONGC and Nilepet, the national oil
company of South Sudan.
The Transaction constitutes a reverse takeover transaction
pursuant to AIM Rule 14 and, accordingly, per the above, will be
subject to, inter alia, shareholder approval. Trading in the
Company's ordinary shares will be suspended from trading on AIM
with effect from 7.30 a.m. this morning, and will remain so pending
publication of an AIM Admission Document setting out, inter alia,
details of the Transaction, or confirmation is provided that the
Transaction has been terminated. The Company intends to publish an
AIM Admission Document in H1 2023, which will contain a notice of
general meeting at which shareholder approval shall be sought, and,
following which publication, the Company would seek restoration to
trading on AIM of its ordinary shares. Full details on the
conditions to completion of the Transaction will be set out in the
AIM Admission Document.
Further information on the PETRONAS Assets
The following information is included in accordance with the
disclosure requirements of Schedule Four to The AIM Rules for
Companies: As at 30 June 2022, PCNL reported unaudited total assets
of US$994.0 million and net assets of US$492.0 million. For the
years ended 31 December 2019-21, PCNL reported average audited
profit after tax of US$130.6 million.
Further announcements will be made in due course.
For further information, please contact:
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Nick Beattie, CFO
Sally Marshak, Head of IR &
Communications
+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 3757
Camarco 4983
Billy Clegg
Owen Roberts
Violet Wilson
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
About Savannah Energy:
Savannah Energy PLC is an AIM quoted British independent energy
company focused around the delivery of Projects that Matter in
Africa, active in Cameroon, Chad, Niger and Nigeria.
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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