Savannah Petroleum PLC Replacement: New US$50m Debt Facility (3024C)
28 September 2018 - 4:54PM
UK Regulatory
TIDMSAVP
RNS Number : 3024C
Savannah Petroleum PLC
28 September 2018
The following amendment has been made to the 'New US$50m Debt
Facility' announcement released on 28/9/18 at 07:00 under RNS No
2549C.
A sentence has been removed.
All other details remain unchanged.
The full amended text is shown below.
28 September 2018
Savannah Petroleum PLC
("Savannah" or "the Company")
New US$50m Debt Facility
Savannah Petroleum PLC, the British independent oil and gas
company focused around oil and gas activities in Niger and Nigeria,
is pleased to announce the signature of a term sheet with a leading
Geneva-based oil trading firm ("the Lender"), for a new US$50m debt
facility (the "Facility").
The Facility comprises an initial committed amount of US$20m,
plus an additional uncommitted amount of a further US$30m, and can
be drawn in minimum tranche sizes of US$5m. Facilities monies are
envisaged to be available for general corporate purposes, other
than debt service. The interest rate payable under the Facility is
LIBOR plus 6%, with interest payments due annually. The first
years' interest can be capitalised and added to the principle
amount of the Facility at Savannah's election.
Drawing of the Facility is available upon satisfaction of
various conditions precedent, including finalisation of relevant
documentation. The Facility will terminate three years from the
date of satisfaction of these conditions. The terms of the Facility
include a Utilisation Fee of US$1m payable on the initial
utilisation of the Facility plus a further US$1m only payable on
the first utilisation of the Facility that occurs following the
increase in the Facility to US$50m.
In the event that the Facility is utilised, the Lender will be
granted a right of first refusal for any of Savannah's oil trading
activities for a period of five years in Nigeria (excluding those
in relation to the Seven Assets) and in Niger (for any oil produced
from the R3/R4 PSC and exported to an internationally recognised
export terminal only).
Unless otherwise defined, capitalised terms are as per the
Company's Admission Document dated 22 December 2017.
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
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 also 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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