South Sudan Acquisition Update

Savannah Energy Plc

07 August 2024

 

7 August 2024

Savannah Energy PLC
("Savannah" or "the Company")

South Sudan Acquisition Update

On 12 December 2022, Savannah announced that it had entered into a sale and purchase agreement with PETRONAS International Corporation Limited ("PETRONAS") to acquire its entire oil and gas business in South Sudan (the "PETRONAS Assets"). Despite the substantial efforts of all parties since that time, it has not been possible to complete the proposed transaction on the envisioned terms and the original sale and purchase agreement is terminated. PETRONAS has announced today that it has served notice to unilaterally withdraw from its interests in the relevant exploration & production sharing agreements.

However, Savannah remains in active discussions with the relevant parties around an alternative potential transaction in relation to an acquisition of the PETRONAS Assets. Such alternative potential transaction, should it be concluded, (or a reversion to the original transaction), would still constitute a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly would be subject to, inter alia, shareholder approval. Trading in the Company's ordinary shares will therefore remain suspended from trading on AIM pending publication of an AIM Admission Document setting out, inter alia, details of the proposed alternative transaction, or confirmation is provided that the proposed alternative transaction is not proceeding.

A further update on progress, and associated matters, is expected to be made in early September.

For further information, please refer to the Company's website www.savannah-energy.com or contact:

Savannah Energy                                                                    [phone]

Andrew Knott, CEO

Nick Beattie, CFO

Sally Marshak, Head of IR & Communications

Strand Hanson Limited (Nominated Adviser)                        [phone]

James Spinney

Ritchie Balmer

Rob Patrick

Cavendish Capital Markets Ltd (Joint Broker)                      [phone]

Derrick Lee

Tim Redfern

Panmure Liberum Limited (Joint Broker)                              [phone]

Scott Mathieson

James Sinclair-Ford

Camarco                                                                                  [phone]

Billy Clegg

Owen Roberts

Violet Wilson

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

About Savannah:  

Savannah Energy PLC is a British independent energy company focused around the delivery of Projects that Matter in Africa.

 

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