Savannah Petroleum PLC Update on Seven Energy Transaction (6643D)
11 October 2018 - 5:00PM
UK Regulatory
TIDMSAVP
RNS Number : 6643D
Savannah Petroleum PLC
11 October 2018
11 October 2018
Savannah Petroleum PLC
("Savannah" or "the Company")
Update on Seven Energy Transaction
Savannah Petroleum PLC, the British independent oil and gas
company focused around oil and gas activities in Niger and Nigeria,
is pleased to provide an update on the process of obtaining
Ministerial Consent in relation to approval of the Seven Energy
Transaction (the "Transaction").
Following submission of the revised terms of the Transaction
detailing the additional acquisitions, as announced by the Company
on 20 September 2018, to the Nigerian Department of Petroleum
Resources (the "DPR"), the Company is pleased to confirm that the
DPR has informed Savannah that it has now completed its due
diligence in relation to, and is fully satisfied with, the
Transaction. Further, the application for Ministerial Consent for
the Transaction is currently being processed with the DPR for
further transmission to the office of the Minister of State for
Petroleum Resources for final approval.
As per the announcement on 20 September 2018, the Company
continues to anticipate that the Implementation Agreement will be
executed by the interested parties by the end of October 2018.
Savannah therefore continues to expect the Transaction, including
the Ministerial Consent process, to complete during Q4 2018.
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 a 20% 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
About the Seven Assets
The Seven Assets comprise Seven Energy's interests in the
producing Uquo and Stubb Creek oil and gas fields, and a 20 per
cent. interest in the Accugas midstream business. Both the Uquo and
Stubb Creek fields are located onshore South East Nigeria in the
prolific Niger Delta petroleum system.
About Accugas
Accugas focuses on the marketing, processing, distribution and
sale of gas to the Nigerian market. The business comprises the 200
mmscfd Uquo CPF, a c.260km pipeline network and long-term gas sales
agreements with downstream customers. Accugas provides the route to
market for the gas produced at Uquo and currently supplies gas to
power station customers that comprise around 10 per cent. of
Nigeria's available power generation capacity.
Further information on the Seven Assets and on Accugas is set
out in the Company's AIM Admission Document published on 22
December 2018, available on the Company's website at:
https://www.savannah-petroleum.com/en/key-documents.
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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