(Alliance News) - Savannah Petroleum PLC said on Friday that the final long-form Seven Energy Group financial restructuring documentation has been agreed and the completion process of the transaction has now commenced.
The oil & gas company said it has agreed on final long-form documentation for the financial restructuring of Seven Energy Group, a Nigerian gas company. This represents the satisfaction of the last material commercial condition precedent in relation to transaction, the company said.
As part of the process, court hearing has been scheduled for November 13, at which Seven Energy will request the appointment of administrators to affect transfer of its assets to the companies controlled by Savannah.
Andrew Knott, Savannah's chief executive officer, said: "The agreement and signature of the Seven Energy financial restructuring represents a significant milestone in the Seven Energy transaction, and is the trigger for us to move into the pre-agreed transaction completion phase."
In 2017, Savannah agreed to acquire assets from Seven Energy in a deal which would see the London-listed firm take a 40% interest in the Uquo oil and gas field in Nigeria and a 63% interest in Seven Energy's subsidiary Universal Energy Resources Ltd, which has a 51% interest in the Stubb Creek oil and gas field in the south-east Niger delta.
Savannah Petroleum shares were up 12% in London at 26.40 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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