Savannah Petroleum Plc, the British independent oil and gas company focused around activities in Niger and Nigeria, yesterday, announced the completion and acquisition of Seven Energy.
At a court hearing on 13 November, administrators were appointed to Seven Energy International Limited and yesterday effected the transfer of the Seven Assets to group companies controlled by Savannah and AIIM.
Following this step, final long-form documentation with respect to the transaction was executed in accordance with the agreed steps as set out in the implementation agreement, and the transaction has now been completed.
CEO of Savannah Petroleum, Andrew Knott said: “We are very pleased to have completed the Seven Energy transaction. The deal transforms Savannah into a full-cycle E&P company in West Africa and marks the start of a very exciting time for us. We have acquired a business with great people and a strong set of exploration, appraisal, development and production assets, which are expected to be highly cash flow generative for the company.”
Following completion of the transaction, Savannah now owns the Seven Assets, which comprise; an 80 per cent interest in Seven Uquo Gas Limited (“SUGL”) which in turn holds a 40 per cent participating interest in the Uquo field located in South East Nigeria (with SUGL assuming responsibility for all operations of the gas project at the Uquo field following the occurrence of the Frontier Transaction).