Savannah Petroleum PLC Statement Regarding Media Speculation (9639K)
July 13 2017 - 5:00AM
UK Regulatory
TIDMSAVP
RNS Number : 9639K
Savannah Petroleum PLC
13 July 2017
13 July 2017
Savannah Petroleum PLC
("Savannah" or the "Company")
Statement Regarding Media Speculation
Further to the "Statement Regarding Suspension" announcement on
8 June 2017, Savannah notes recent media speculation regarding the
identity of the West African focused business (the "Target") with
which it has entered into a binding exclusivity agreement in
relation to the potential acquisition of substantially all of their
oil and gas assets in the region (the "Proposed Transaction").
Savannah confirms that the Target is Seven Energy International
Limited, a Nigerian focused oil and gas company. Savannah will
provide further updates in due course and continues to seek to
complete the Proposed Transaction on an accelerated timescale.
As previously announced, 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, the Company's shares remain suspended from trading on
AIM 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
PJT Partners (Financial Adviser)
David Riddell
Matthew Slaffer +44 (0) 20 7907 8500
Brad Knudtson +44 (0) 20 3650 1100
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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