Savannah Petroleum PLC Renewal of Oragroup SA Revolving Loan Facility (7482W)
13 December 2019 - 6:00PM
UK Regulatory
TIDMSAVP
RNS Number : 7482W
Savannah Petroleum PLC
13 December 2019
13 December 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Renewal of Oragroup SA Revolving Loan Facility
Savannah Petroleum PLC ("Savannah") is pleased to announce the
renewal of its EUR11.4 million unsecured revolving loan facility
("the Facility") with Oragroup SA, the West and Central Africa
focused banking group. The Facility was originally signed in
December 2016 and was designed for working capital and general
corporate purposes.
The Facility has been renewed for a further three years and will
continue to be used for the same purposes as in the original
agreement. The terms of the Facility are unchanged with an interest
rate of 7.5% payable on a semi-annual basis on amounts borrowed
under the Facility.
Isatou Semega-Janneh, CFO of Savannah Petroleum, said:
"We are extremely pleased to extend the revolving loan facility
with Oragroup. It has given us substantial financial flexibility at
a highly competitive rate of interest in the last three years as we
have successfully carried out our multi-well Niger drilling
campaign and completed the Seven Energy transaction. We thank
Oragroup for their continued support and look forward to working
with them in the coming years."
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
Jefferies International Limited (Joint
Broker) +44 (0) 20 7029 8000
Tony White
Will Soutar
Numis Securities (Joint Broker) +44 (0) 20 7260 1000
John Prior
Emily Morris
Alamgir Ahmed
Celicourt Communications +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Ollie Mills
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) and interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and Accugas midstream business in South
East Nigeria.
Further information on Savannah Petroleum PLC can be found on
the Company's website:
http://www.savannah-petroleum.com/en/index.php
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END
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