REG - Savannah Energy Plc - South Sudan Acquisition Update

Savannah EnergyAnnouncement

07/08/2024 15:30

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RNS Number : 6060Z  Savannah Energy Plc  07 August 2024

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.

 

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