, the AIM listed oil and gas company with exploration and production assets in Niger and Nigeria, received ministerial consent for its Seven Energy transaction on Monday.
President Muhammadu Buhari of Nigeria approved 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.
Shares in Savannah Petroleum were trading 49% higher at 18.35p each in early morning trading
Andrew Knott, CEO of Savannah Petroleum plc, commented: "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.
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