8 Jun 2017 15:40
8 June 2017
Savannah Petroleum PLC
("Savannah" or the "Company")
Statement Regarding Suspension
Savannah Petroleum PLC ("Savannah") this afternoon announces that it has entered into a binding exclusivity agreement with a West African focused business (the "Target") in relation to the potential acquisition of substantially all of their oil and gas assets in the region (the "Proposed Transaction"). A detailed transaction structure has also been agreed in outline with the Target.
Savannah has been undertaking legal, financial and technical due diligence on the Proposed Transaction since January 2017. As part of the Proposed Transaction it is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor. Due to commercial sensitivities, Savannah is at this stage unable to provide further details in relation to the Proposed Transaction, but will provide further updates in due course and is seeking to complete the Proposed Transaction on an accelerated timescale.
If completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies. Accordingly, at the request of the Company, the Company's shares are suspended from trading on AIM with immediate effect and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.
For further information contact:
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Savannah Petroleum | +44 (0) 20 3817 9844 |
Andrew Knott, CEO |
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Jessica Hostage, Corporate Communications |
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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
Hannam & Partners (Financial Adviser) Neil Passmore Chris Byrne Sam Merlin |
+44 (0) 20 7907 8500 |
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Mirabaud (Joint Broker) | +44 (0) 20 7878 3362 |
Peter Krens |
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Rory Scott |
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Stifel Nicolaus Europe Limited (Joint Broker) | +44 (0) 20 7710 7600 |
Callum Stewart Nicholas Rhodes |
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Ashton Clanfield |
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Celicourt Communications | +44 (0) 20 7520 9266 |
Mark Antelme |
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Jimmy Lea |
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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.