Savannah Petroleum PLC, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria, is pleased to provide an update on the process of obtaining Ministerial Consent in relation to approval of the Seven Energy Transaction (the “Transaction”).
Following submission of the revised terms of the Transaction detailing the additional acquisitions, as announced by the Company on 20 September 2018, to the Nigerian Department of Petroleum Resources (the “DPR”), the Company is pleased to confirm that the DPR has informed Savannah that it has now completed its due diligence in relation to, and is fully satisfied with, the Transaction. Further, the application for Ministerial Consent for the Transaction is currently being processed with the DPR for further transmission to the office of the Minister of State for Petroleum Resources for final approval.
As per the announcement on 20 September 2018, the Company continues to anticipate that the Implementation Agreement will be executed by the interested parties by the end of October 2018. Savannah therefore continues to expect the Transaction, including the Ministerial Consent process, to complete during Q4 2018.
Unless otherwise defined, capitalised terms are as per the Company's Admission Document dated 22 December 2017.