Continental Focus, International Reach

Savannah Updates Seven Energy Transaction

Friday, October 12, 2018

Savannah Petroleum PLC, provided an update on the process of obtaining Ministerial Consent in relation to approval of the Seven Energy Transaction (the “Transaction”).

Following submission of the revised terms of the Transaction detailing the additional acquisitions, as announced by the company on September 20 to the Nigerian Department of Petroleum Resources (DPR), the company confirmed that the DPR has informed Savannah that it has now completed its due diligence in relation to, and is fully satisfied with, the Transaction.

Further, the application for Ministerial Consent for the Transaction is currently being processed with the DPR for further transmission to the office of the Minister of State for Petroleum Resources for final approval.

As per the announcement on September 20, the company continues to anticipate that the Implementation Agreement will be executed by the interested parties by the end of October 2018.

Savannah therefore continues to expect the Transaction, including the Ministerial Consent process, to complete during Q4 2018.

Unless otherwise defined, capitalized terms are as per the company’s Admission Document dated December 22, 2017.


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