Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, provides the following update.
The Proposed Acquisitions
Further to its announcements of 13 December 2021, the Company now intends to publish an AIM Admission Document in respect of the Exxon Acquisition and the Petronas Acquisition on or around 22 December 2021, following which point the Company will seek restoration to trading on AIM of its ordinary shares.
Niger Licence Approval
As announced in the Group's 2021 Half Year Results, on 30 September 2021, the Company reached an agreement in principle with the Niger Ministry of Petroleum to formally renounce the R1/R2 PSC and the R3/R4 PSC and to combine the R1/R2 PSC Area with the R3/R4 PSC Area into one amalgamated R1234 PSC. Following this agreement, the amalgamated R1234 PSC was approved by the Council of Ministers in Niger on 16 December 2021 and is now subject to the payment of a signature bonus by the Company. The Company anticipates that the R1234 PSC will become effective in Q1 2022 and will reset the Company's licence validity to up to 10 years for the exploration phase, comprising an initial term of four years, with the option to extend this term by two further terms of two years each. In addition, one of these three terms can be extended by the Company for a further two years.
