Gulf Oil and Gas accountACCOUNT

Savannah Provides Corporate & Niger Operational Update

Source: www.gulfoilandgas.com 11/15/2017, Location: Africa

Savannah Petroleum has entered into a lock up agreement with, inter alia, Seven, Seven Energy Finance Limited ('SEFL'), certain other subsidiaries of Seven (together, the 'Seven Group') and certain of the creditors of the Seven Group. The Lock-up Agreement relates to the proposed acquisition by Savannah of certain of the Seven Group's assets and the associated proposed financial restructuring of the Seven Group. Seven Group holds oil and gas assets in Nigeria.

Agreed Transaction

The Agreed Transaction will involve the acquisition by Savannah of the following Seven Group interests:

- 40 per cent. participating interest in the Uquo oil & gas field;
- 62.5 per cent. interest in Universal Energy Resources Limited ('UERL'), which holds a 51 per cent. participating interest in the Stubb Creek oil & gas field; and
- An interest in the Accugas midstream business, a c.260km gas pipeline network and associated gas processing infrastructure, potentially in conjunction with certain third-party investors.
The Lock-up Agreement also envisages the following:

- the US$24.1m first bilateral facility agreement to SEFL being exchanged into a US$20m facility to be reinstated at the Accugas level, on a non-recourse basis to the Company;
- US$7.3m in cash and US$4.4m in newly issued Savannah shares being paid to the lender of the second bilateral facility agreement to SEFL as consideration for the release of this loan; and
- the exchange of the Seven Group's 10.50 per cent. senior secured notes due 2021 into US$15m of notes to be issued at the Accugas level and US$85m of notes to be issued at a Savannah subsidiary company level, both on a non-recourse basis to the Company.

Andrew Knott, CEO of Savannah Petroleum, said:

'We are pleased to have reached this milestone in the Agreed Transaction with the signature of the Lock-up Agreement, which represents the culmination of many months of hard work by Savannah, Seven, its stakeholders and the respective advisory teams. The work relating to Savannah's Admission Document remains ongoing and we look forward to providing more detailed updates in the coming weeks.'

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

Mergers and Acquisitions News in Nigeria >>

Australia >>  7/9/2020 - Worley has acquired Ferrovial’s 50% shareholding of TW Power Services Pty Ltd (TWPS) for a cash consideration of $20 million, increasing its stake to ...
United Kingdom >>  7/6/2020 - Summary
- The boards of directors of Viaro Energy and RockRose are pleased to announce that they have reached agreement on the terms of a recomm...


United States >>  7/5/2020 -  Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway Inc., today announced it has executed a definitive agreement to acquir...
Brazil >>  7/3/2020 - Petrobras, in continuation of the communique released on May 15, 2020, informs the beginning of the binding phase regarding the sale of its remaining ...

Brazil >>  7/3/2020 - Petrobras has started the opportunity disclosure stage (teaser), regarding the sale of its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO...
Germany >>  7/1/2020 - Rolf Martin Schmitz, CEO of RWE AG: "This is the day we have been working towards for two years. The new RWE has been completed. It is a new, bigger a...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  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 | 14 | 15 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.