South Sudan Acquisition Update
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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 +44 (0) 20 3817 9844
Andrew Knott, CEO
Nick Beattie, CFO
Sally Marshak, Head of IR & Communications
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
Cavendish Capital Markets Ltd (Joint Broker) +44 (0) 20 7220 0500
Derrick Lee
Tim Redfern
Panmure Liberum Limited (Joint Broker) +44 (0) 20 3100 2000
Scott Mathieson
James Sinclair-Ford
Camarco +44 (0) 20 3757 4983
Billy Clegg
Owen Roberts
Violet Wilson
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