Result of General Meeting and Approval of PSC

RNS Number : 4862U

Savannah Petroleum PLC

29 July 2015

 

30 July, 2015

Savannah Petroleum PLC

("Savannah" or the "Company")

Result of General Meeting and Approval of R3/R4 PSC by Niger Council of Ministers

Savannah Petroleum held a general meeting at 10.30am today to approve the allotment of 17,911,000 new ordinary shares of £0.001 each ("Ordinary Shares") (the "Second Tranche Shares") as part of its recent US$36m equity placing, completion of which was announced to the market on 10 July 2015. The Company is pleased to announce that all resolutions proposed were duly passed and accordingly the Second Tranche Shares will be admitted to trading on AIM on 3 August 2015. 

Following the posting of a bank guarantee with the State of Niger, the R3/R4 PSC (the "PSC") was approved by Niger's Council of Ministers on 16 July 2015. In line with the Company's prior guidance, the PSC is expected to be signed by Savannah and the Ministry of Energy and Petroleum by mid-August 2015.

Total Voting Rights

Following the issue of the Second Tranche Shares, the Company will have 193,027,172 Ordinary Shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information contact:
Savannah Petroleum	[phone]
Andrew Knott, CEO
Jessica Hostage, Head of Investor Relations
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Broker)	[phone]
Peter Krens
Rory Scott
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea

 

END

 

 

MSCSEEFMUFISESW