News12 Dec 2024 13:44
Read through SAVE rns you will know why wcat is going up. News mid December, wcat have agm on 19th too.
As previously announced, Savannah continues discussions with the various stakeholders around an alternative transaction structure in relation to the proposed acquisition of the ex-PETRONAS assets in South Sudan. Savannah management believe that any transaction which would ultimately be completed would be on significantly different terms to that envisioned when the transaction was initially announced in December 2022 with the likely involvement of multiple acquiring parties. We continue to believe that a transaction could be potentially accretive to the Company and expect to provide a further update on progress made by mid to late December 2024.
The assets themselves are estimated to have produced an average of 81 Kbopd on a gross basis in 2024 to end October, reduced from approximately 150 Kbopd in FY 2023, given the prolonged downtime experienced by the Bashayer Pipeline Company ("BAPCO") pipeline, which exports a significant portion of the country's oil production.