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Share Price: 3.35

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IN BRIEF: Savannah Energy in talks with Exxon over African asset deal

Wed, 02nd Jun 2021 14:29

Savannah Energy PLC - projects in Niger and Nigeria - Says it is in talks to acquire US oil major Exxon Mobil Corp's entire upstream and midstream asset portfolio in Chad and Cameroon. The potential acquisition is in a stage of "advanced exclusive discussions". It would involve Savannah taking a 40% operated interest in the Doba oil project in Chad, and a 40% stake in the Chad-Cameroon oil transportation pipeline.

If completed on the proposed terms, the acquisition would be classed as a reverse takeover of Savannah under AIM rules, and therefore Savannah's shares have been suspended from trading in London.

Current stock price: 19.25 pence, up 6.9% Wednesday before suspension

Year-to-date change: up 41%

By Will Paige; willpaige@alliancenews.com

More News

15 Apr 2024 11:49

EARNINGS: Mobeus VCT has good 2023; Itaconix, Engage XR narrow losses

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:

9 Apr 2024 16:04

TRADING UPDATES: Beowulf consolidates Vardar; GIF outpaces benchmark

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

12 Mar 2024 14:21

Savannah Resources upbeat about drilling results from Pinheiro deposit

(Alliance News) - Savannah Resources PLC on Tuesday reported results from drilling at the Pinheiro deposit in its Barroso lithium project in northern Portugal.

12 Mar 2024 11:12

AIM WINNERS & LOSERS: Savannah progresses but Portugal politics mired

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

4 Mar 2024 19:06

TRADING UPDATES: StreaksAI CEO Blows resigns, replaced by chair

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

26 Feb 2024 20:17

TRADING UPDATES: Begbies trading in line; Probiotix inks partnership

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

8 Feb 2024 21:25

TRADING UPDATES: Nexxen expands partnership; Geiger considers listing

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

30 Jan 2024 13:49

Savannah Resources reassured by legal review as Barroso advances

(Alliance News) - Savannah Resources PLC on Tuesday reported continued progress on key workstreams, and "confidently" reaffirmed its legal position in response to the 'Operation Influencer' investigation in Portugal.

5 Dec 2023 11:36

IN BRIEF: Savannah Resources drill programme on track at Barroso

Savannah Resources PLC - Lithium development company focused on the Barroso project in Portugal - Says it is on track with the first phase of its 2023/2024 drilling programme, despite a period of bad weather. Says that as of November 30, it has completed 24 of the planned 60 holes. Adds infill drilling for future JORC resource upgrades has been completed, with results to be reported "in due course."

7 Nov 2023 18:18

Savannah Resources continues despite visit from Portuguese officials

(Alliance News) - Savannah Resources PLC on Tuesday said its work is continuing at the Barroso lithium project, whilst Portuguese investigating officials visited some of its sites.

6 Nov 2023 18:06

IN BRIEF: Savannah Resources sees strong interest in Barroso project

Savannah Resources PLC - lithium development company focused on the Barroso project - Reports commercial interest in the project and its spodumene lithium offtake has been strong for a number of years. To quantify this interest, initiated a strategic partnering process in July, in which interested parties were invited to submit proposals outlining how they could assist Savannah with financing the project's development. Due to the high number of positive responses, appoints Barclays Bank PLC and Barrenjoey as joint financial advisers to lead on the next phase of the process.

23 Oct 2023 13:33

Savannah Resources begins drilling at flagship Portugal lithium asset

(Alliance News) - Savannah Resources PLC on Monday said that its 2023/24 drilling programme at the Barroso lithium project in Portugal is now underway.

2 Oct 2023 13:55

EARNINGS AND TRADING: Henderson Eurotrust net asset value per share up

(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week and not separately reported by Alliance News:

29 Sep 2023 14:29

EARNINGS: Beacon Energy and Kefi Gold & Copper losses widen

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:

18 Sep 2023 16:13

IN BRIEF: Savannah Resources not in sale process despite media reports

Savannah Resources PLC - lithium development company - Denies reports from Portuguese press that it is in a sale process. Says it is not in a sale process regarding the Barroso lithium project nor the company itself. Reiterates that on September 6, it had said that it received "significant" commercial interest in the project for several years and that there has been additional interest since the completion of a new positive scoping study. "Savannah is focusing on identifying groups which are willing to assist with the financing of the project's construction and bring complementary skills or additional opportunities to a long-term partnership with Savannah," firm says.

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IN BRIEF: Savannah Energy in talks with Exxon over African asset deal

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