Savannah Energy Plc Update on Niger Licensing & Proposed Acquisitions (1204W)
20 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMSAVE
RNS Number : 1204W
Savannah Energy Plc
20 December 2021
20 December 2021
Savannah Energy PLC
("Savannah", "the Company" or "the Group")
Update on Niger Licensing and the Proposed Acquisitions
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa,
provides the following update.
The Proposed Acquisitions
Further to its announcements of 13 December 2021, the Company
now intends to publish an AIM Admission Document in respect of the
Exxon Acquisition and the Petronas Acquisition on or around 22
December 2021, following which point the Company will seek
restoration to trading on AIM of its ordinary shares.
Niger Licence Approval
As announced in the Group's 2021 Half Year Results, on 30
September 2021, the Company reached an agreement in principle with
the Niger Ministry of Petroleum to formally renounce the R1/R2 PSC
and the R3/R4 PSC and to combine the R1/R2 PSC Area with the R3/R4
PSC Area into one amalgamated R1234 PSC. Following this agreement,
the amalgamated R1234 PSC was approved by the Council of Ministers
in Niger on 16 December 2021 and is now subject to the payment of a
signature bonus by the Company. The Company anticipates that the
R1234 PSC will become effective in Q1 2022 and will reset the
Company's licence validity to up to 10 years for the exploration
phase, comprising an initial term of four years, with the option to
extend this term by two further terms of two years each. In
addition, one of these three terms can be extended by the Company
for a further two years.
Further updates will be provided as and when appropriate.
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Nick Beattie, I nterim CFO
Sally Marshak, Head of IR & Communications
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
James Spinney
Ritchie Balmer
Rob Patrick
finnCap Ltd (Joint Broker)
Christopher Raggett +44 (0) 20 7220
Tim Redfern 0500
Panmure Gordon (UK) Ltd (Joint
Broker)
John Prior
Hugh Rich +44 (0) 20 7886
James Sinclair-Ford 2500
+44 (0) 20 3757
Camarco 4983
Billy Clegg
Owen Roberts
Violet Wilson
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.
About Savannah Energy:
Savannah Energy PLC is an AIM listed British independent energy
company focused around the delivery of Projects that Matter in
Africa. In Nigeria, the Company has controlling interests in the
cash flow generative Uquo and Stubb Creek oil and gas fields, and
the Accugas midstream business in South East Nigeria, which
provides gas enabling over 10% of Nigeria's thermal power
generation. In Niger, the Company has licence interests covering
approximately 50% of the highly oil prolific Agadem Rift Basin of
South East Niger, where the Company has made five oil discoveries
and seismically identified a large exploration prospect inventory
consisting of 146 exploration targets to be considered for
potential future drilling activity. The Company has announced that
it is in the process of acquiring a portfolio of upstream and
midstream assets in Chad and Cameroon.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FURGPGAWPUPGPGB
(END) Dow Jones Newswires
December 20, 2021 02:00 ET (07:00 GMT)
Savannah Petroleum (LSE:SAVP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Savannah Petroleum (LSE:SAVP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024