6 Jun 2022 07:02
6 June 2022
Savannah Energy PLC
("Savannah" or "the Company")
New Gas Sales Agreement Signed with TransAfam Power Limited
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that the Company's 80% indirectly owned subsidiary, Accugas Limited, has entered into a new gas sales agreement ("GSA") with TransAfam Power Limited ("TAPL") in relation to the provision of gas for use at its power plants in Rivers State, Nigeria.
TAPL is a licensed power generation company in Nigeria and is the core investor in the Afam Power Plc and Afam Three Fast Power plants located in Okoloma, Rivers State, Nigeria with installed capacity of 966MW.
Accugas has entered a GSA with TAPL to supply up to 35 MMscfpd of gas on an interruptible basis for an initial term of three months, with the option to extend for a mutually agreed period. The plant is connected to the Accugas network via the Nigerian Gas Company pipeline from Ikot Abasi and no further tie-in or capital expenditure is required by Accugas to deliver gas to TAPL.
Andrew Knott, CEO of Savannah Energy, said:
"I am delighted to add TAPL as a new customer of Accugas. This represents the second new GSA we have signed this year, bringing our total number of gas customers to seven, as we deliver on our objective to be the gas supplier of choice to the power sector in Nigeria."
Vincent Ozoude, MD/CEO of TransAfam Power Limited said:
"We are excited to start this journey with Accugas Limited which supports our core purpose of improving lives and transforming Nigeria. This relationship with Accugas should go a long way in boosting our plant capacity recovery programme and improved power generation to the country."
For further information, please refer to the Company's website www.savannah-energy.com or contact:
Savannah Energy | +44 (0) 20 3817 9844 | ||||
Andrew Knott, CEO |
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Nick Beattie, Interim CFO |
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Sally Marshak, Head of IR & Communications |
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Strand Hanson (Nominated Adviser) | +44 (0) 20 7409 3494 | ||||
James Spinney |
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Ritchie Balmer |
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Rob Patrick
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finnCap Ltd (Joint Broker) Christopher Raggett Tim Redfern
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Panmure Gordon (UK) Ltd (Joint Broker) John Prior | +44 (0) 20 7886 2500 | ||||
Hugh Rich
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James Sinclair-Ford
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Camarco | +44 (0) 203 757 4980 | ||||
Billy Clegg |
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Owen Roberts Violet Wilson |
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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.
About Savannah Energy:
Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of Projects that Matter in Africa and is active in Cameroon, Chad, Niger and Nigeria.
Further information on Savannah Energy PLC can be found on the Company's website: www.savannah-energy.com.
South East Nigeria Infrastructure Map
http://www.rns-pdf.londonstockexchange.com/rns/7046N_1-2022-6-5.pdf
Savannah Energy (SAVE)