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Share Price: 3.40

Bid: 3.30

Ask: 3.50

Change: -0.05 (-1.45%)

Spread: 0.20 (6.061%)

Open: 3.40

High: 3.40

Low: 3.40

Prev. Close: 3.45

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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

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

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