(Alliance News) - Oil & gas firm Savannah Petroleum PLC said Friday it is in the final stages of getting consent for its Seven Energy Finance Ltd transaction, with other aspects of operations also progressing well.
Within regard its Seven Energy transaction in Nigeria, Savannah explained it was in the "final stages" of the ministerial consent process. Once received, the transaction will complete in line with an implementation agreement signed in February.
In 2017, Savannah agreed to buy an interest in two assets of Seven Energy as well as taking a 20% interest in Accugas Ltd for USD270 million.
The firm added it was also making "good progress" for its other workstreams for its Seven Energy interests. This includes the finalisation of long-form documentation for the African Infrastructure Investment Managers investments and Accugas debt restructure.
In Niger, Savannah expects its planned Amdigh-1 well test to be approved following the completion of the Seven Energy transaction. Timing of this test, however, depends on its ability to secure the long-lead items needed to undertake the operations.
Shares in Savannah were 2.0% lower at 4.78 pence in London on Friday.
