Savannah Petroleum (SAVP), the AIM listed oil and gas company with exploration and production assets in Nigeria and Niger on Monday said it has received ministerial consent for its Seven Energy transaction.
The company announced that President Muhammadu Buhari gave approval for the transfer of the Seven Assets (Seven Energy’s entire interests in Seven Uquo Gas Limited, Universal Energy Resources Limited and Accugas Limited) to Savannah or its subsidiary companies.
The Consent is subject to the payment of all taxes due in relation to the Transaction within 90 days.
Andrew Knott, CEO of Savannah Petroleum plc, in his comments said, “The receipt of Consent in relation to the Seven Energy Transaction is a significant milestone for Savannah.”
He added: “I would like to take the opportunity to thank the Federal Government of Nigeria for their support in relation to the Transaction. I look forward to working with all stakeholders as we advance the Seven Assets.”
Savannah is to purchase Seven Energy’s assets and restructure its indebtedness and told investors it will provide updates on the transaction in due course.