Appointment of CFO and Service Agreement Amendment

RNS Number : 8111R

Savannah Petroleum PLC

05 March 2019

 

5 March 2019

Savannah Petroleum PLC

("Savannah" or "the Company")

Appointment of Chief Financial Officer and Service Agreement Amendment

Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to announce the appointment of Isatou Semega-Janneh as Chief Financial Officer ("CFO") with immediate effect. Isatou has acted as interim CFO for the Company since 21 December 2017, when she was appointed to Savannah's Board of Directors, and also acts as Savannah's Company Secretary.

Isatou is an accountant with over 17 years' experience who has led Savannah's finance function since joining the Company in January 2015 as VP Finance. Prior to joining Savannah, she spent 9 years with BP in a variety of roles, most recently as Financial Controller for BP's operations in North Africa (Algeria, Libya and Morocco). Isatou has extensive experience of managing large, multi-country finance teams and of implementing and managing financial and regulatory compliance systems in emerging market oil and gas environments.

Service Agreement Amendment

Savannah also announces that the service agreement put in place between the Company and Andrew Knott at the time of the Company's AIM IPO in August 2014, which provided for a 12-month notice period and an initial fixed term of two years, has been further amended by the Remuneration Committee so that the 12 month notice period cannot expire any earlier than 28 February 2021 (the "Service Agreement Amendment"). All other material terms of the service agreement remain the same.

The Service Agreement Amendment is deemed to be a related party transaction under the AIM Rules for Companies. The Directors, other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company's Nominated Adviser, that the terms of the Service Agreement Amendment are fair and reasonable insofar as the Company's shareholders are concerned.

Steve Jenkins, Chairman of Savannah Petroleum plc, commented:

"I am delighted to announce Isatou's appointment to Chief Financial Officer of the Company at this exciting time in Savannah's development. I am confident that she will continue to be a highly valuable member of the Company's Board and senior management team. In her role as interim CFO, Isatou has shown demonstrable leadership of the finance function and has played a key role in finalising the Seven Energy transaction. Her proven experience will be an asset to Savannah as we continue to grow and develop the business."

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

 

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