Gulf Oil and Gas accountACCOUNT

Savannah Petroleum Updates Seven Energy Acquisition

Source: www.gulfoilandgas.com 9/1/2017, Location: Africa

Share |
On 8 June 2017, Savannah had entered into a binding exclusivity agreement with Seven Energy International Limited in relation to the potential acquisition of substantially all of its oil and gas assets in Nigeria (the "Proposed Transaction"). The Company confirms that discussions around the Proposed Transaction are continuing, and looks forward to providing further updates in due course. Accordingly, the Company's shares remain suspended from trading on AIM and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.

The Company is also pleased to confirm that operations in Niger continue to progress ahead of the forthcoming three well drilling campaign in the Agadem basin, with all equipment and a security team for the programme now mobilised to the Company's newly constructed Jaouro base camp. Savannah has now decided to commence drilling of the Bushiya exploration well once the Company's shares are readmitted to trading.

As anticipated, Savannah took delivery of the final pre-stacked time migrated (PSTM) dataset for the R3 East 3D seismic survey in early July. The data is considered to be of excellent quality and have met the Company's key objectives of enhancing seismic imaging of the Eocene Upper Sokor and Alternances plays, and providing better definition of deeper prospective Cretaceous structures. As part of the Proposed Transaction, the Company intends to publish an updated CPR on its Niger assets, which will incorporate this work.

For more information about related Opportunities and Key Players visit West Africa Projects

Mergers and Acquisitions News in Nigeria >>

China >>  1/17/2018 - SEACOR Marine Holdings Inc. (SMHI) (SEACOR Marine) announced the final formation of SEACOSCO Offshore LLC, a jointly owned Marshall Islands company (S...
Argentina >>  1/16/2018 - Pampa Energia S.A. (Pampa) announces that, Pampa executed with Vista Oil & Gas S.A.B. de C.V. (Vista) an agreement to sell its direct ownership of 58....

Azerbaijan >>  1/15/2018 - SOCAR and IBM (IBM) announce establishment of a joint venture called Caspian Innovation Center LLC for the purpose of building and operating a competi...
United Kingdom >>  1/11/2018 - FairfieldNodal has finalized its agreement to purchase the assets of WGP Group Ltd., a premier provider of marine geophysical services headquartered i...

Kuwait >>  1/8/2018 - SOCO International plc notes the recent press speculation regarding a possible transaction with Kuwait Energy plc. SOCO confirms that, in the context ...
United States >>  1/3/2018 - Noble Energy, Inc. (NBL) (Noble Energy) announced the closing of the sale of the Company's 50 percent interest in CONE Gathering LLC ("CONE Gathering"...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.