Seven Energy Acquisition Deal To Be Completed Soon
Chibisi Ohakah, Abuja
Savannah Petroleum Plc, the British independent oil & gas company engaged in oil exploration in Nigeria’s Niger Delta has provided a corporate update which read at its annual general meeting held yesterday in Abuja.
According to the update, the company is in the final stages of the ministerial consent process, adding that good progress continues to be made on other transaction workstreams, including the finalisation of long-form documentation in relation to the AIIM investments, the Accugas debt restructuring and the frontier swap.
It noted that following the receipt of the ministerial consent, transaction completion will occur following the pre-agreed process set out in the legally binding implementation agreement which was signed in February 2019 by Savannah, Seven Energy International Limited, other subsidiaries of Seven Energy and certain of the creditors of the Seven Group.
Completion will be followed in due course by the publication of a supplemental admission document. Further updates in relation to the transaction will be published as appropriate.
Niger operational update
Savannah’s planned Amdigh-1 well test is expected to be approved by Savannah Niger following the completion of the Seven Energy transaction. Timing of the commencement of the well test is expected to be contingent on the procurement of long-lead items necessary for well test operations. The company will provide an update on expected timing following completion of the transaction.