Savannah Petroleum PLC Seven Energy Transaction Update (4020U)

TIDMSAVP

RNS Number : 4020U

Savannah Petroleum PLC

29 March 2019

29 March 2019

Savannah Petroleum PLC

("Savannah" or "the Company")

Seven Energy Transaction Update

Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, this morning announces an update on the Seven Energy Transaction (the "Transaction").

Good progress on the remaining Transaction workstreams continues. Following the completion of the recent Nigerian election process, the Company remains confident that Ministerial Consent will be forthcoming shortly. Savannah now expects that the Transaction will complete during Q2 2019, and the publication of a Supplemental Admission Document will follow in due course. Further updates relating to the Transaction will be published as appropriate.

Unless otherwise defined, capitalised terms are per the Company's Admission Document dated 22 December 2017.

 
  For further information contact: 
 Savannah Petroleum                    [phone] 
 Andrew Knott, CEO 
 Isatou Semega-Janneh, CFO 
 Jessica Ross, VP Corporate Affairs 
 
 Strand Hanson (Nominated Adviser)     [phone] 
 Rory Murphy 
 James Spinney 
 Ritchie Balmer 
 
 Mirabaud (Joint Broker)               [phone] 
 Peter Krens 
 Ed Haig-Thomas 
 
 Hannam & Partners (Joint Broker)      [phone] 
 Neil Passmore 
  Alejandro Demichelis 
 Hamish Clegg 
 
 Celicourt Communications              [phone] 
 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 [e-mail] or visit www.rns.com.

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March 29, 2019 03:01 ET (07:01 GMT)