Results of Seven Energy International Limited’s Administration Court Hearing.
Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to provide an update in relation to the Seven Energy Transaction (the “Transaction”).
A court hearing was held yesterday at the High Court of Justice, Business and Property Courts (the “Court”), to consider the appointment of administrators to Seven Energy International Limited which is a key step of the Transaction. This request was duly granted by the Court, and as such final long-form documentation with respect to Transaction completion will now be executed in accordance with agreed steps.
Further updates in relation to the Transaction will be published as appropriate, and the publication of a Supplemental Admission Document will follow completion in due course.
The Seven Energy Transaction refers to the acquisition by Savannah of the Seven Assets and the restructuring of Seven Energy’s existing indebtedness, as more fully described in the Company’s Admission Document dated 22 December 2017 and per the Company’s RNS announcements dated 20 September 2018 (specifically relating to the Frontier Transaction and the buy-out of minority shareholders in Universal Energy Resources Limited) and 21 December 2018 (specifically relating to the acquisition of an additional 60% interest in Accugas as well as the sale of a 20% interest in SUGL and Accugas to AIIM). Unless otherwise defined, capitalised terms in this announcement are per the above Admission Document and RNS announcements.
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) and 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.
