SAVP.L Regulatory News (SAVP)

The following amendments have been made to the 'Savannah Successfully Raises c.US$23 million' announcement released on 24 January 2019 at 07:57 under RNS No 9835N.

The date of admission to trading on AIM of the Placing Shares has been amended to 28 January 2019 from 25 January 2019.

All other details remain unchanged.

The full amended text is shown below

24 January 2019

Savannah Petroleum PLC

("Savannah" or "the Company")

Savannah Successfully Raises c.US$23 million

Savannah Petroleum PLC, the British independent company focused around activities in Niger and Nigeria, is pleased to confirm the successful completion of its proposed placing, as announced on 23 January 2019 (the "Placing").

A total of 62,800,000 new ordinary shares of par value £0.001 each in Savannah Petroleum ("Ordinary Shares") have been placed with existing and new institutional shareholders as well as with Company Directors at a price of 28 pence per new Ordinary Share pursuant to the Placing (the "Placing Shares"), raising gross proceeds of c.US$23 million. The Placing Shares represent approximately 8 per cent. of the Company's current issued share capital and will be admitted to trading on AIM on 28 January 2019.

Total Voting Rights

Following the issue of the Placing Shares, the Company will have 879,769,427 Ordinary Shares in issue and there are no shares held in treasury. This will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Rules and the Transparency Rules.

Related Party Transaction

Andrew Knott, Isatou Semega-Janneh, David Clarkson, Steve Jenkins and Mark Iannotti (together the "Participating Directors") have agreed to subscribe for, in aggregate, 2,101,000 Placing Shares, representing c.3.3 per cent. of the gross proceeds of the Placing. The Participating Directors' respective interests in the Company following the Placing are set out in the table below. Mr Knott's participation in the Placing is via Ariadne Petroleum Limited, a company in which he is the 100 per cent. beneficial and legal owner.

The participation in the Placing by the Participating Directors is deemed a related party transaction in accordance with the AIM Rules for Companies by virtue of their status as Directors of the Company. The independent Directors other than the Participating Directors consider, being the Rt. Hon. Sir Stephen O'Brien, David Jamison and Michael Wachtel, consider, having consulted with the Company's nominated advisor, Strand Hanson Limited, that the terms of the Participating Directors' participation in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.

Andrew Knott, CEO of Savannah Petroleum plc, commented:

"I am delighted to announce the successful conclusion of this well supported fundraise. Savannah highly values the ongoing support it has received from its existing shareholders and welcomes its new investors as shareholders in the Company. We now look forward to the completion of the Seven Energy Transaction, as well as to resuming drilling activities in Niger, both of which I and the Board see as key value enhancing events for Savannah in 2019.

I look forward with great excitement to the year ahead, which I expect to be a very successful year for our shareholders."

Unless otherwise defined, capitalised terms in this announcement have the same meaning ascribed to them as in the Company's Admission Document dated 22 December 2017.

Notes to Editors:

About Savannah Petroleum

Savannah Petroleum PLC is an AIM listed oil and gas company with exploration and production assets in Niger and Nigeria. Savannah's flagship assets include the R1/R2 and R3/R4 PSCs, which cover c.50% of the highly prospective Agadem Rift Basin ("ARB") of South East Niger, acquired in 2014/15. The Company is in the process of acquiring interests in the cash flow generative Uquo and Stubb Creek oil and gas fields and an interest in the Accugas midstream business in South East Nigeria from Seven Energy.

Further information on Savannah Petroleum PLC can be found on the Company's website: http://www.savannah-petroleum.com/en/index.php

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This press release is for informational purposes only and shall does not constitute or form part of any prospectus, offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities the United States or in any other jurisdiction, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever relating to any securities.

Neither this announcement nor any copy of it may be made or transmitted into the United States of America, or distributed, directly or indirectly, in the United States of America. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada or Japan or to any persons in any of those jurisdictions, except in compliance with Applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian or Japanese securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. This announcement does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States of America, Australia, Canada or Japan or in any jurisdiction in which such offer or solicitation is unlawful.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offer of the securities in the United States. The securities referred to herein have not been registered under the applicable securities laws of Canada, Australia or Japan or and, subject to certain exceptions, may not be offered or sold within Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan.

Neither the Company, Mirabaud Securities Limited, H&P Advisory Limited, Shore Capital Stockbrokers Limited or any of their respective parent or subsidiary undertakings, or the subsidiary undertakings of any such parent undertakings, or any of such person's respective directors, officers, employees, agents, affiliates or advisers or any other person ("their respective affiliates") accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, Mirabaud Securities Limited, H&P Advisory Limited, Shore Capital Stockbrokers Limited and their respective affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.

Forward-looking statements

This announcement contains statements that constitute forward-looking statements, beliefs or opinions, including statements relating to business, financial condition and results of operations of Savannah. These statements may be identified by words such as "expectation", "believe", "estimate", "plan", "target", "intend," "may," "will," "should" or "forecast" and similar expressions or the negative thereof; or by the forward-looking nature of discussions of strategy, plans or intentions; or by their context. All statements regarding the future involve known and unknown risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding Savannah's present and future business strategies as well as the environment in which Savannah expects to operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and Savannah does not accept any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this announcement speak only as at the date of this announcement and Savannah and its affiliates expressly disclaim any obligation or undertaking to review or release any updates or revisions to these forward-looking statements to reflect any change in Savannah's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement or to update or to keep current any other information contained in this announcement or to provide any additional information in relation to such forward-looking statements, unless required to do so by applicable law.