TIDMSAVE

RNS Number : 1403U

Savannah Energy Plc

24 March 2023

24 March 2023

Savannah Energy PLC

("Savannah" or "the Company")

Chad Upstream Asset Update

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter , notes the Decree issued by the President of the Republic of Chad dated 23 March 2023, nationalising Savannah Chad Inc's ("SCI") (formerly Esso Exploration and Production Chad Inc ("EEPCI")) upstream production assets in Chad. On 9 December 2022 Savannah Energy Chad Limited completed the acquisition of EEPCI. The actions of the Republic of Chad are in direct breach of the Conventions to which SCI and the Republic of Chad are, amongst others, party.

This Presidential Decree has been issued by the Republic of Chad, notwithstanding the fact that under SCI's operatorship the historic production decline was immediately reversed, with daily production averaging 29,349 barrels per day since 9 December 2022, an increase of c.9% as against the equivalent period prior to Savannah taking control of SCI. Savannah had also initiated plans to significantly increase production further through an active investment programme.

The Conventions are subject to the jurisdiction of an ICC tribunal, seated in Paris and the Company intends to pursue all of its legal rights.

Savannah remains committed to delivering Projects that Matter in Africa and expects to provide further updates in due course.

For further information, please refer to the Company's website www.savannah-energy.com or contact:

 
                                                +44 (0) 20 3817 
   Savannah Energy                                9844 
   Andrew Knott, CEO 
   Nick Beattie, CFO 
   Sally Marshak, Head of IR & Communications 
 
                                                 +44 (0) 20 7409 
   Strand Hanson Limited (Nominated Adviser)      3494 
   James Spinney 
   Ritchie Balmer 
   Rob Patrick 
 
                                                 +44 (0) 20 7220 
   finnCap Ltd (Joint Broker)                     0500 
   Christopher Raggett 
   Tim Redfern 
 
                                                 +44 (0) 20 7886 
   Panmure Gordon (UK) Ltd (Joint Broker)         2500 
   John Prior 
   Hugo Rich 
   James Sinclair-Ford 
 
 
                                                  +44 (0) 20 3757 
    Camarco                                       4983 
   Billy Clegg 
   Owen Roberts 
   Violet Wilson

About Savannah Energy:

Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of Projects that Matter in Africa and is active in Cameroon, Chad, Niger and Nigeria.

Further information on Savannah Energy PLC can be found on the Company's website: www.savannah-energy.com .

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March 24, 2023 03:00 ET (07:00 GMT)

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