Continental Focus, International Reach

Savannah to Raise Cash

Sunday, January 27, 2019

Savannah Petroleum intends to conduct an accelerated bookbuild to raise gross proceeds of approximately $23 million by way of a placing of new ordinary shares of £0.001 each in the company.

At current prices, the new Ordinary Shares issued pursuant to the Placing are expected to represent approximately 7% of its current issued share capital.

The Bookbuild will open with immediate effect.

Mirabaud Securities and H&P Advisory are acting as joint bookrunners in relation to the Placing.  Shore Capital Stockbrokers is acting as Lead Manager.

Savannah intends to use the proceeds of the Placing to fund working capital.