Savannah Petroleum confirms acquisition talks with Seven Energy for Niger assets

Savannah Petroleum announced on Friday it had entered into a binding exclusivity agreement with Seven Energy International regarding a potential acquisition of its oil and gas assets in Nigeria.

The group confirmed as a result of the ongoing discussions around the proposed acquisition its shares were suspended from trading on London's AIM market until the publication of an admission document or until it confirmed talks had ceased.

Savannah also supplied an update on its operations in Niger.

Security teams and equipment were in place at the firm's licence in the Agadem basin, East Niger, with drilling at its Bushiya exploration project set to commence upon the company's readmission to trading.

As of 0820 BST, the suspended shares were 34.62p.