South Sudan Acquisition Update

Savannah Energy Plc

05 April 2024

 

5 April 2024

Savannah Energy PLC

("Savannah" or "the Company")

South Sudan Acquisition Update

Further to the Company's announcement on 28 March 2024, the Company provides the following additional information on its proposed acquisition of PETRONAS International Corporation Limited's energy business in South Sudan through the acquisition of Petronas Carigali Nile Limited ("PCNL") (the "Proposed Transaction"), as first announced by the Company on 12 December 2022.

Completion of the Proposed Transaction remains subject to satisfaction of certain conditions precedent, principally the receipt of written approval for the Proposed Transaction from the Government of South Sudan. Following receipt of this approval, Savannah would then progress to finalise an AIM Admission Document to facilitate seeking a restoration to trading on AIM of the Company's ordinary shares.  

Publication of the AIM Admission Document requires the release of the Company's FY 2023 audited annual results, together with the finalisation of the audit of the financial statements for FY 2023 of PCNL. It is currently anticipated, therefore, that the AIM Admission Document, together with Notice of General Meeting to approve completion of the Proposed Transaction pursuant to AIM Rule 14, would be published in late Q2 2024 /early Q3 2024. 

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 (Nominated Adviser)                                     [phone]

James Spinney

Ritchie Balmer 

Rob Patrick

Cavendish Capital Markets Ltd (Joint Broker)                      [phone]

Derrick Lee

Tim Redfern

Panmure Gordon (UK) Ltd (Joint Broker)                             [phone]

Hugh Rich

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 ("MAR").

About Savannah Energy:  

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

 

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