Savannah Petroleum PLC, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria, is this morning pleased to announce an update on the Seven Energy Transaction (the “Transaction”).
Further to the Company's announcement on 20 September 2018 regarding the gas for oil swap with Frontier Oil Limited and the buy-out of minority shareholders in Universal Energy Resources Limited, Savannah is pleased to confirm that it is seeking certain further amendments to the terms of the Transaction, which the Board considers to be in Savannah's immediate commercial interests and are expected to significantly enhance the Company's competitive position in Nigeria.
As such, finalisation of the Implementation Agreement will now take place once these amendments have been agreed and announced. Further updates in relation to this will be provided in the coming weeks.
The Company continues to anticipate that formal Transaction completion will occur in the fourth quarter of 2018, which will be followed in due course by the publication of a supplemental admission document.
Unless otherwise defined, capitalised terms are as per the Company's Admission Document dated 22 December 2017.