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 >>

Saudi Arabia >>  10/19/2017 - Rowan Companies plc announced that ARO Drilling, a 50/50 joint venture with the Saudi Arabian Oil Company ("Saudi Aramco"), commenced operations on Oc...
United Kingdom >>  10/19/2017 - TechnipFMC (FTI) announces that an agreement has been reached with Plexus Holding plc (Plexus) to acquire Plexus’s Wellhead exploration equipment and ...

Norway >>  10/18/2017 - Subsea 7 S.A. (the Group) announced an agreement to acquire the remaining 50% shareholdings in its equity accounted joint ventures, Normand Oceanic AS...
United Kingdom >>  10/18/2017 - RockRose Energy PLC (RockRose) is pleased to announce it has signed a sale and purchase agreement to acquire the entire issued share capital of Idemit...

Malaysia >>  10/17/2017 - Subsea 7 S.A. announced an agreement with Sapura Energy Berhad to discontinue the SapuraAcergy joint venture. SapuraAcergy’s heavy-lift and pipelay ve...
Canada >>  10/16/2017 - Frontera Energy Corporation (Frontera) has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (PML) from the...

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 |

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.