Savannah Petroleum PLC Seven Energy Transaction Update (7192S)
08 Novembre 2019 - 8:00AM
UK Regulatory
TIDMSAVP
RNS Number : 7192S
Savannah Petroleum PLC
08 November 2019
8 November 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Seven Energy Transaction Progresses to Completion Phase
Final long-form Seven Energy Group financial restructuring
documentation agreed, court hearing scheduled
Savannah Petroleum PLC, the British independent oil & gas
company focused around activities in Niger and Nigeria, is pleased
to provide an update in relation to the Seven Energy Transaction
(the "Transaction").
Final long-form documentation in relation to the Seven Energy
Group financial restructuring (the "Financial Restructuring") has
been agreed, and either signed, held to order in escrow or with a
contractual obligation on parties to provide signatures prior to
Transaction completion. The key terms of the Financial
Restructuring are as per the Company's previous announcements. This
represents the satisfaction of the last material commercial
condition precedent in relation to the Transaction. As such, the
procedural Transaction completion process has now commenced in
accordance with the pre-agreed completion sequence. As part of this
process, a court hearing has been scheduled by the High Court of
Justice, Business and Property Courts on 13 November 2019 at which
Seven Energy International Limited will request the appointment of
administrators in order to effect the transfer of the Seven Assets
to group companies controlled by Savannah and AIIM.
Further updates in relation to the Transaction will be published
as appropriate, and the publication of a Supplemental Admission
Document will follow completion in due course.
Andrew Knott, CEO of Savannah Petroleum, said:
"The agreement and signature of the Seven Energy financial
restructuring represents a significant milestone in the Seven
Energy Transaction, and is the trigger for us to move into the
pre-agreed Transaction completion phase. I would like to thank all
of the stakeholders involved in the Financial Restructuring, and
look forward to continuing to work with them as we advance the
Seven Assets."
The Seven Energy Transaction refers to the agreed acquisition by
Savannah of the Seven Assets and the restructuring of Seven
Energy's existing indebtedness, as more fully described in the
Company's Admission Document dated 22 December 2017 and per the
Company's RNS announcements dated 20 September 2018 (specifically
relating to the Frontier Transaction and the buy-out of minority
shareholders in Universal Energy Resources Limited) and 21 December
2018 (specifically relating to the acquisition of an additional 60%
interest in Accugas as well as the sale of a 20% interest in SUGL
and Accugas to AIIM). Unless otherwise defined, capitalised terms
in this announcement are per the above Admission Document and RNS
announcements.
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Ross, VP Corporate Affairs
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Ed Haig-Thomas
Jefferies International Limited
(Joint Broker) +44 (0) 20 7029 8000
Tony White
Will Soutar
Numis Securities (Joint Broker) +44 (0) 20 7260 1000
John Prior
Emily Morris
Alamgir Ahmed
Celicourt Communications +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Ollie Mills
The information contained within this announcement is considered
to be inside information prior to its
release, as defined in Article 7 of the Market Abuse Regulation
No.596/2014, and is disclosed in accordance with the Company's
obligations under Article 17 of those Regulations.
Notes to Editors:
About Savannah Petroleum
Savannah Petroleum PLC is an AIM listed oil and gas company with
exploration and production assets in Niger and Nigeria. Savannah's
flagship assets include the R1/R2 and R3/R4 PSCs, which cover c.50%
of the highly prospective Agadem Rift Basin ("ARB") of South East
Niger, acquired in 2014/15. The Company is in the process of
acquiring interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and an interest in the Accugas midstream
business in South East Nigeria from Seven Energy.
Further information on Savannah Petroleum PLC can be found on
the Company's website:
http://www.savannah-petroleum.com/en/index.php
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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