Savannah Energy Regulatory News (SAVE)

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Savannah Energy PLC ("Savannah" or the "Company")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

40 Bank Street

London E14 5NR

United Kingdom

COUNTRY OF INCORPORATION:

England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.savannah-energy.com

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Savannah is an AIM-quoted, British energy company focused around the delivery of Projects that Matter in Africa.

In Nigeria, the Company has a significant interest in a large-scale integrated oil and gas production and distribution business which is currently supplying gas to enable over approximately 24% of Nigeria's thermal power generation. In Niger, the Company holds a significant production sharing licence, covering the R1234 PSC area, comprising over 13,655 km2 in the country's main petroleum basin, the Agadem Rift Basin.

As detailed in the Company's admission document dated 31 December 2021, Admission is being sought in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon (the "Exxon Acquisition"), which constituted a reverse takeover under AIM Rule 14 and which was approved by Shareholders on 24 January 2022. Further details will be set out in the Company's supplemental admission document.

The Company's proposed acquisition of PETRONAS (E&P) Overseas Ventures SDN. BHD.'s interest in the same assets in Chad and Cameroon is ongoing, and is not a condition of the Exxon Acquisition. Accordingly, this Schedule One announcement and Admission relates solely to the Exxon Acquisition.

The Company currently operates from offices in the UK (London), Nigeria (Lagos, Abuja, and Uyo) and Niger (Niamey) and, on completion of the Exxon Acquisition, the enlarged group will also operate in Chad and Cameroon.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

1,306,098,819 ordinary shares of 0.1 pence each ("Ordinary Shares")

No Ordinary Shares held in treasury

There are no restrictions as to transfer of the Ordinary Shares

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

No capital to be raised on Admission

Anticipated market capitalisation on Admission: £323 million (based on the mid-market closing price of an Ordinary Share of £0.247 on 6 December 2022, being the last practicable date prior to this announcement)

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

9.6%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

None

THE COMPANY HAS APPLIED FOR THE VOLUNTARY CARBON MARKET DESIGNATION (Y/N)

N

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Current Directors:

Stephen ("Steve") Ian Jenkins - Independent Non-Executive Chair

Rt. Hon. Sir Stephen Rothwell O'Brien - Independent Non-Executive Vice Chair

Andrew Allister Knott - Chief Executive Officer 

Nicholas ("Nick") Beattie - Chief Financial Officer

David Clarkson - Independent Non-Executive Director

Marco ("Mark") Iannotti - Independent Non-Executive Director

Proposed Directors:

Sarah Louise Clark - Proposed Independent Non-Executive Director

Dr Djamila Ferdjani - Proposed Independent Non-Executive Director

Sylvie Christine Michelle Rucar's proposed appointment on Admission has been delayed for personal reasons and will now join the Company's Board at a date to be determined in 2023.

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Notes:

1 Cavendish Fiduciary (Jersey) Limited is the holding company for the Company Employee Benefit Trust shares.

2 Held directly and through Lothian Capital Partners 1, Lothian Investment Partners and Ariadne Petroleum Limited, which are 100% beneficially and legally owned by Andrew Knott.

3 There are not expected to be any new Ordinary Shares issued prior to or on Admission, however shareholders may buy or sell Ordinary Shares in the market.

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) 30 June 2022

(iii) 30 June 2023 - Audited Annual Report for the year ended 31 December 2022

30 September 2023 - Unaudited Interim Report for the six months ending 30 June 2023

30 June 2024 - Audited Annual Report for the year ended 31 December 2023

EXPECTED ADMISSION DATE:

13 December 2022

NAME AND ADDRESS OF NOMINATED ADVISER:

Strand Hanson Limited

26 Mount Row

London W1K 3SQ

United Kingdom

NAME AND ADDRESS OF BROKER:

finnCap Ltd

1 Bartholomew Close

London EC1A 7BL

United Kingdom

Panmure Gordon (UK) Limited

One, New Change

London EC4M 9AF

United Kingdom

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The admission document published on 31 December 2021 is available on the Company's website and contains full information on, inter alia, the Company and the Exxon Acquisition up to that date. The supplemental admission document will contain details of any material changes to the Company and the Exxon Acquisition since 31 December 2021, as well as details on Admission, and will also be made available on the Company's website.

The Company's website can be found at: www.savannah-energy.com

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

The Quoted Companies Alliance Corporate Governance Code

DATE OF NOTIFICATION:

7 December 2022

NEW/ UPDATE:

Update