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Savannah Petroleum (SAVE)

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Thursday 13 July, 2017

Savannah Petroleum

Statement Regarding Media Speculation

RNS Number : 9639K
Savannah Petroleum PLC
13 July 2017
 

13 July 2017

Savannah Petroleum PLC

("Savannah" or the "Company")

 

Statement Regarding Media Speculation

 

Further to the "Statement Regarding Suspension" announcement on 8 June 2017, Savannah notes recent media speculation regarding the identity of the West African focused business (the "Target") with which it has entered into a binding exclusivity agreement in relation to the potential acquisition of substantially all of their oil and gas assets in the region (the "Proposed Transaction").

 

Savannah confirms that the Target is Seven Energy International Limited, a Nigerian focused oil and gas company.  Savannah will provide further updates in due course and continues to seek to complete the Proposed Transaction on an accelerated timescale.

 

As previously announced, if completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies.  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.

 

For further information contact:

 

 

Savannah Petroleum  

+44 (0) 20 3817 9844

Andrew Knott, CEO

 

Jessica Hostage, Corporate Communications

 

 

 

Strand Hanson (Nominated Adviser)

+44 (0) 20 7409 3494

Rory Murphy     

 

James Spinney

 

Ritchie Balmer

 

Hannam & Partners (Financial Adviser)

Neil Passmore

Chris Byrne

Sam Merlin

 

PJT Partners (Financial Adviser)

David Riddell

Matthew Slaffer

Brad Knudtson

 

 

+44 (0) 20 7907 8500

 

 

 

 

+44 (0) 20 3650 1100

 

 

Mirabaud (Joint Broker)

+44 (0) 20 7878 3362

Peter Krens

 

Rory Scott

 

 

 

Stifel Nicolaus Europe Limited (Joint Broker)

+44 (0) 20 7710 7600

Callum Stewart

Nicholas Rhodes

 

Ashton Clanfield

 

 

 

Celicourt Communications      

+44 (0) 20 7520 9266

Mark Antelme

 

Jimmy Lea

 

 

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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