7 August 2024
Savannah Energy
PLC
("Savannah" or "the
Company")
South Sudan Acquisition
Update
On 12 December 2022, Savannah
announced that it had entered into a sale and purchase agreement
with PETRONAS International Corporation Limited ("PETRONAS") to
acquire its entire oil and gas business in South Sudan (the
"PETRONAS Assets"). Despite the substantial efforts of all parties
since that time, it has not been possible to complete the proposed
transaction on the envisioned terms and the original sale and
purchase agreement is terminated. PETRONAS has announced today that
it has served notice to unilaterally withdraw from its interests in
the relevant exploration & production sharing
agreements.
However, Savannah remains in active
discussions with the relevant parties around an alternative
potential transaction in relation to an acquisition of the PETRONAS
Assets. Such alternative potential transaction, should it be
concluded, (or a reversion to the original transaction), would
still constitute a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly would be
subject to, inter
alia, shareholder approval. Trading in the Company's
ordinary shares will therefore remain suspended from trading on AIM
pending publication of an AIM Admission Document setting
out, inter
alia, details of the proposed alternative transaction,
or confirmation is provided that the proposed alternative
transaction is not proceeding.
A further update on progress, and
associated matters, is expected to be made in early
September.
For further information, please
refer to the Company's website www.savannah-energy.com or
contact:
Savannah Energy
+44 (0) 20 3817 9844
Andrew Knott, CEO
Nick Beattie, CFO
Sally Marshak, Head of IR &
Communications
Strand Hanson Limited (Nominated
Adviser)
+44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
Cavendish Capital Markets Ltd (Joint
Broker)
+44 (0) 20 7220 0500
Derrick Lee
Tim Redfern
Panmure Liberum Limited (Joint
Broker)
+44 (0) 20 3100 2000
Scott Mathieson
James Sinclair-Ford
Camarco
+44 (0) 20 3757 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, as
amended.
About
Savannah:
Savannah Energy PLC is a British
independent energy company focused around the delivery of
Projects that
Matter in Africa.