Savannah Petroleum reports solid progress on Seven Energy transaction

Niger and Nigeria-focussed oil and gas company Savannah Petroleum updated the market on its operations on Friday, reporting that it was now in the final stages of the ministerial consent process over the Seven Energy transaction.

The AIM-traded firm said “good progress” was being made on other transaction workstreams, including the finalisation of long-form documentation in relation to the AIIM Investments, the Accugas debt restructuring and the Frontier swap.

“Following receipt of ministerial consent, transaction completion will occur following the pre-agreed process set out in the legally-binding implementation agreement, which was signed in February by Savannah, Seven Energy International, certain other subsidiaries of Seven Energy, and certain of the creditors of the Seven Group,” the Savannah board said in its statement.

“Completion will be followed in due course by the publication of a supplemental admission document.

“Further updates in relation to the transaction will be published as appropriate.”

In Niger, Savannah said its planned Amdigh-1 well test was expected to be approved by Savannah Niger following the completion of the Seven Energy transaction.

“Timing of the commencement of the well test is expected to be contingent on the procurement of long-lead items necessary for well test operations.

“The company will provide an update on expected timing following completion of the transaction.”