30 Jul 2015 10:41
30 July, 2015
Savannah Petroleum PLC
("Savannah" or the "Company")
Result of General Meeting and Approval of R3/R4 PSC by Niger Council of Ministers
Savannah Petroleum held a general meeting at 10.30am today to approve the allotment of 17,911,000 new ordinary shares of £0.001 each ("Ordinary Shares") (the "Second Tranche Shares") as part of its recent US$36m equity placing, completion of which was announced to the market on 10 July 2015. The Company is pleased to announce that all resolutions proposed were duly passed and accordingly the Second Tranche Shares will be admitted to trading on AIM on 3 August 2015.
Following the posting of a bank guarantee with the State of Niger, the R3/R4 PSC (the "PSC") was approved by Niger's Council of Ministers on 16 July 2015. In line with the Company's prior guidance, the PSC is expected to be signed by Savannah and the Ministry of Energy and Petroleum by mid-August 2015.
Total Voting Rights
Following the issue of the Second Tranche Shares, the Company will have 193,027,172 Ordinary Shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information contact:
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Savannah Petroleum | +44 (0) 20 3817 9844 |
Andrew Knott, CEO |
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Jessica Hostage, Head of Investor Relations |
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Strand Hanson (Nominated Adviser) | +44 (0) 20 7409 3494 |
Rory Murphy |
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James Spinney |
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Ritchie Balmer |
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Mirabaud (Broker) | +44 (0) 20 7878 3362 |
Peter Krens |
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Rory Scott |
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Celicourt Communications | +44 (0) 20 7520 9266 |
Mark Antelme |
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Jimmy Lea |
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