(Sharecast News) - Niger and Nigeria-focussed independent oil and gas company Savannah Petroleum updated the market on the Seven Energy transaction on Friday, reporting that final long-form documentation relating to the Seven Energy Group financial restructuring had now been agreed.
The AIM-traded firm said the documentation had been either signed, held to order in escrow or with a contractual obligation on parties to provide signatures prior to transaction completion.
It said the key terms of the financial restructuring were as per its previous announcements, and added that the development represented the satisfaction of the last material commercial condition precedent in relation to the transaction.
As a result, the procedural transaction completion process had now begin in accordance with the pre-agreed sequence.
As part of the process, a court hearing has been scheduled by the High Court of Justice, Business and Property Courts on 13 November, at which Seven Energy International would request the appointment of administrators in order to effect the transfer of the Seven assets to group companies controlled by Savannah and AIIM.
The company said further updates in relation to the transaction would be released as appropriate.
"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," said Savannah chief executive officer Andrew Knott.
"I would like to thank all of the stakeholders involved in the financial restructuring, and look forward to continuing to work with them as we advance the Seven assets."
At 1127 GMT, shares in Savannah Petroleum were up 0.87% at 2.32p.
8 Jul 2016 11:13