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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Savannah Resources (SAV)