TIDMSAVP

RNS Number : 5127H

Savannah Petroleum PLC

08 June 2017

8 June 2017

Savannah Petroleum PLC

("Savannah" or the "Company")

Statement Regarding Suspension

Savannah Petroleum PLC ("Savannah") this afternoon announces that it has entered into a binding exclusivity agreement with a West African focused business (the "Target") in relation to the potential acquisition of substantially all of their oil and gas assets in the region (the "Proposed Transaction"). A detailed transaction structure has also been agreed in outline with the Target.

Savannah has been undertaking legal, financial and technical due diligence on the Proposed Transaction since January 2017. As part of the Proposed Transaction it is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor. Due to commercial sensitivities, Savannah is at this stage unable to provide further details in relation to the Proposed Transaction, but will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale.

If completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies. Accordingly, at the request of the Company, the Company's shares are suspended from trading on AIM with immediate effect and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.

 
 For further information contact: 
 Savannah Petroleum                   +44 (0) 20 3817 9844 
 Andrew Knott, CEO 
 Jessica Hostage, Corporate 
  Communications 
 
 Strand Hanson (Nominated Adviser)    +44 (0) 20 7409 3494 
 Rory Murphy 
 James Spinney 
 Ritchie Balmer 
  Hannam & Partners (Financial 
  Adviser) 
  Neil Passmore 
  Chris Byrne 
  Sam Merlin                           +44 (0) 20 7907 8500 
 
 Mirabaud (Joint Broker)              +44 (0) 20 7878 3362 
 Peter Krens 
 Rory Scott 
 
 Stifel Nicolaus Europe Limited 
  (Joint Broker)                      +44 (0) 20 7710 7600 
 Callum Stewart 
  Nicholas Rhodes 
 Ashton Clanfield 
 
 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 08, 2017 10:40 ET (14:40 GMT)

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