(Alliance News) - Savannah Petroleum PLC on Thursday said a court has approved the appointment of administrators to Seven Energy International Ltd, a key step for the acquisition of Seven Energy assets by Savannah.
The British oil & gas company focused around activities in Niger and Nigeria said the High Court of Justice, Business & Property Courts has approved the appointment of administrators to Seven Energy on Wednesday.
Savannah Petroleum said it will now proceed with the final documentation to complete the acquisition of Seven Energy assets.
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. The deal also included restructuring of Seven Energy's existing indebtedness.
Savannah Petroleum shares were down 1.4% in London at 27.22 pence each on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Savannah Resources (SAV)