Africa News Savannah Petroleum receives consent to acquire assets in Nigeria

Savannah Petroleum receives consent to acquire assets in Nigeria

-

- Advertisment -

Savannah Petroleum (SAVP) FOLLOW, the AIM listed oil and gas company with exploration and production assets in Niger and Nigeria, received ministerial consent for its Seven Energy transaction on Monday.

President Muhammadu Buhari of Nigeria approved the transfer of the Seven Assets (Seven Energy’s entire interests in Seven Uquo Gas Limited, Universal Energy Resources Limited and Accugas Limited) to Savannah or its subsidiary companies.

The Consent is subject to the payment of all taxes due in relation to the Transaction within 90 days.

Shares in Savannah Petroleum were trading 49% higher at 18.35p each in early morning trading

Andrew Knott, CEO of Savannah Petroleum plc, commented: “The receipt of Consent in relation to the Seven Energy Transaction is a significant milestone for Savannah.”

He added: “I would like to take the opportunity to thank the Federal Government of Nigeria for their support in relation to the Transaction. I look forward to working with all stakeholders as we advance the Seven Assets.”

Savannah is to purchase Seven Energy’s assets and restructure its indebtedness and told investors it will provide updates on the transaction in due course.

Follow News & Updates from Seven Energy here: FOLLOW

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Gritty Clijsters’ comeback ended by Muguruza in Dubai

Gritty Clijsters' comeback ended by Muguruza in Dubai Comeback queen Kim Clijsters lost 6-2 7-6(6) to Spain 's Garbine...

En attendant son retour en Côte d’Ivoire: Le Président Gbagbo procède à d’importantes nominations depuis Bruxelles

Par courriers en date du vendredi 14 février 2020, Dr Assoa Adou secrétaire général du front populaire ivoirien resté...

United Arab Emirates: Luxury Foodservice Market size (historic and forecasts), company shares, brand shares and distribution data 2018-2023

Worldwide Market ReportsLuxury foodservice has the potential for dynamic growth in the United Arab Emirates, targeting the many affluent...

Abu Dhabi’s “City Of The Future” Gets Off To A Slow Start

IDEAS Posted: February 17, 20201:01 pm To build Masdar City, the provincial capital put in seed money for the estimated...

Jetman soars high above Dubai skyscrapers in breathtaking solo flight

French flier, Vince Reffet, has wowed the people of Dubai by jetting high above the city's skyscrapers in another...

Dubai port operator DP World goes private to tackle debt pile

Dubai — Dubai will take its port operator private after a dozen years to alleviate its debt burden and...

Must read

Gritty Clijsters’ comeback ended by Muguruza in Dubai

Gritty Clijsters' comeback ended by Muguruza in Dubai Comeback...
- Advertisement -

You might also likeRELATED
Recommended to you