Savannah Petroleum PLC Receipt of Ministerial Consent for Transaction (4532J)
August 19 2019 - 1:00AM
UK Regulatory
TIDMSAVP
RNS Number : 4532J
Savannah Petroleum PLC
19 August 2019
19 August 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Receipt of Ministerial Consent for Seven Energy Transaction
Savannah Petroleum PLC, the British independent oil & gas
company focused around activities in Niger and Nigeria, is pleased
to provide an update in relation to the Seven Energy Transaction
(the "Transaction").
Seven Energy International Limited ("SEIL") has received
notification from the Nigerian Department of Petroleum Resources
that His Excellency President Muhammadu Buhari has approved the
transfer of the Seven Assets (SEIL's entire interests in Seven Uquo
Gas Limited, Universal Energy Resources Limited and Accugas
Limited) to Savannah or any of its subsidiary companies
(collectively, the "Consent"). As anticipated, the Consent is
subject to the payment of all taxes due in relation to the
Transaction within 90 days of the receipt of the approval letter
conveying the Consent.
The receipt of the Consent represents the satisfaction of a
significant condition precedent for the Transaction. The principal
remaining conditions precedent for the Transaction relate to the
execution of long-form documentation in relation to the Accugas
debt restructuring and the Frontier Swap, following which the
Transaction completion process is expected to commence. This
completion process will follow pre-agreed steps as set out in the
legally binding Implementation Agreement which was signed in
February 2019.
Further updates in relation to the outstanding conditions
precedent and Transaction completion will be published as
appropriate, and completion will be followed in due course by the
publication of a Supplemental Admission Document.
Andrew Knott, CEO of Savannah Petroleum plc, commented:
"The receipt of Consent in relation to the Seven Energy
Transaction is a significant milestone for Savannah. I would like
to take the opportunity to thank the Federal Government of Nigeria
for their support in relation to the Transaction. I look forward to
working with all stakeholders as we advance the Seven Assets."
The Seven Energy Transaction refers to the planned acquisition
by Savannah of the Seven Assets and the restructuring of Seven
Energy's existing indebtedness, as more fully described in the
Company's Admission Document dated 22 December 2017 and per the
Company's RNS announcements dated 20 September 2018 (specifically
relating to the gas for oil swap with Frontier Oil Limited and the
buy-out of minority shareholders in Universal Energy Resources
Limited) and 21 December 2018 (specifically relating to the
acquisition of an additional 55-60% interest in Accugas as well as
the sale of a 20-25% (less one share) interest in SUGL and Accugas
to AIIM). Unless otherwise defined, capitalised terms in this
announcement are per the above Admission Document and RNS
announcements.
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
Hamish Clegg
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, acquired in 2014/15. The Company is 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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