Savannah Energy Plc SPAs Signed with Exxon Mobil and PETRONAS (4873V)
13 Diciembre 2021 - 10:34AM
UK Regulatory
TIDMSAVE
RNS Number : 4873V
Savannah Energy Plc
13 December 2021
13 December 2021
Savannah Energy PLC
("Savannah", the "Company" or the "Group")
Share Purchase Agreements Signed with Exxon Mobil
Corporation
and PETRONAS (E&P) Overseas Ventures
Savannah Energy PLC, the British independent energy company
focused around the delivery of Projects that Matter in Africa, is
pleased to announce that it has signed a Share Purchase Agreement
("SPA") with Exxon Mobil Corporation, ExxonMobil International
Holdings, Inc. and Esso Exploration Holdings, Inc. ("Exxon") and
has separately signed an SPA with PETRONAS (E&P) Overseas
Ventures SDN. BHD. ("PETRONAS (E&P) Overseas Ventures")
relating to the purchase of each of their entire upstream and
midstream asset portfolios in Chad and Cameroon (respectively, the
"Exxon Acquisition" and the "PETRONAS Acquisition"). The SPAs both
have an economic effective date of 1 January 2021. This follows
Savannah's initial announcement on 2 June 2021 regarding the
proposed transaction with Exxon, and Savannah's earlier
announcements today regarding the Exxon Acquisition and the
PETRONAS Acquisition.
Completion of both the Exxon Acquisition and the PETRONAS
Acquisition would result in the Company acquiring a 75% controlling
interest in the Doba Oil Project and an effective c. 70% indirect
controlling interest in the Chad-Cameroon export transportation
system. The remaining 25% interest in the Doba Oil Project is held
by the national oil company of Chad, SHT Petroleum Chad Company
Limited ("SHT"). The remaining 30% interest in the Chad-Cameroon
export transportation system is held indirectly by affiliates of
SHT together with the Republic of Chad and the national oil company
of Cameroon, Société Nationale Des Hydrocarbures. For reference, in
2020 the Doba Oil Project produced an average gross 33.7 Kbopd and
the Chad-Cameroon pipeline transported a gross 129.2 Kbopd. Due to
their size and nature, both the Exxon Acquisition and the PETRONAS
Acquisition individually constitute reverse takeover transactions
pursuant to AIM Rule 14 and, accordingly will be subject to, inter
alia, shareholder approval. The Company intends to publish the
associated AIM Admission Document, which will contain a notice of
general meeting, on or around 17 December 2021, following which
point the Company would seek restoration to trading on AIM of its
ordinary shares.
Please refer to the Company's earlier announcements today at
16:30p.m. for the respective Schedule Four disclosure for both
acquisitions.
Andrew Knott, Chief Executive Officer, commented:
"I am delighted that we are announcing this afternoon the
signature of SPAs to acquire control of the upstream and midstream
assets of Exxon and PETRONAS in Chad and Cameroon. These assets
have generated billions of dollars of critical tax revenues for
their host countries and free cashflow to their owners since the
onset of first oil production in 2003. Further, under our
stewardship, we expect these assets in aggregate to generate
positive free cashflow and fiscal revenues for Chad and Cameroon
for a further twenty-five plus years.
For Savannah, these deals are expected to see our production
levels and reserve base more than double. Further, we see strong
potential to significantly increase upstream production and
midstream throughput volumes from current levels through
incremental investments and look forward to providing more
information around our forward plans for the assets, and their
potential, upon publication of our AIM Admission Document and the
Company's restoration to trading on AIM on or around December
17.
I would also like to this opportunity to welcome the incoming
employees to Savannah and acknowledge with gratitude the support we
have received from our stakeholders in government. Lastly, I would
thank the ExxonMobil, PETRONAS and Savannah deal and advisory teams
for the hard work that has been undertaken to get to this
point."
Further announcements will be made in due course.
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Nick Beattie, Deputy 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 +44 (0) 20 7886
Hugh Rich 2500
+44 (0) 20 3757
Camarco 4983
Billy Clegg
Owen Roberts
Violet Wilson
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
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
AGRUOUNRAWUUAAA
(END) Dow Jones Newswires
December 13, 2021 11:34 ET (16:34 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