SAVE Savannah Energy Plc

TIDMSAVP

RNS Number : 3951T

Savannah Petroleum PLC

14 November 2019

14 November 2019

Savannah Petroleum PLC

("Savannah" or "the Company")

Results of Seven Energy International Limited's Administration Court Hearing

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").

A court hearing was held yesterday at the High Court of Justice, Business and Property Courts (the "Court"), to consider the appointment of administrators to Seven Energy International Limited which is a key step of the Transaction. This request was duly granted by the Court, and as such final long-form documentation with respect to Transaction completion will now be executed in accordance with agreed steps.

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.

The Seven Energy Transaction refers to the 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) and 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.

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