RNS Number: 7192 S Savannah Petroleum PLC 08 November 2019 8 November 2019. Seven Energy Transaction Progresses to Completion Phase. Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to provide an update in relation to the Seven Energy Transaction..
Savannah Petroleum (SAVP.L) 23.05p £202.8m The British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to announce it has entered into an unsecured loan facility with an initial tranche of US$5m expected to be drawn immediately. · Fixed interest premium of 7% payable on the Principal Amount (and any future amounts drawn), to be paid at maturity ("Interest Premium"); · Principal Amount and associated Interest Premium can be repaid at any point up until the initial loan maturity date of 17 January 2020 by which point they are to be fully repaid; Conditionally convertible and extendable by a further $5m.
Savannah Petroleum Savannah has announced the signature of a loan facility with an initial tranche of $5m expected to be drawn immediately. The terms are a fixed interest premium of 7% payable on the principal amount (and a potential future draw if another $5m) to be paid at maturity, 17th January 2020. The principal amount plus interest can be repaid at any point up to maturity and in the event of not paying or the Seven Energy Transaction not proceeding can be converted at the facility providers discretion at a range of prices. The loan provides liquidity to fund working capital and general corporate purposes ahead of the planned completion of the Seven Energy Transaction which is expected to occur ‘significantly in advance of the maturity date’ when the company expects a cash inflow of $74m.
RNS Number: 3053 Q Savannah Petroleum PLC 18 October 2019 18 October 2019. Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to announce it has entered into an unsecured loan facility with an initial tranche of US $5 m expected to be drawn immediately.. ·Subject to mutual agreement between...
RNS Number: 3201 P Savannah Petroleum PLC 09 October 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to announce that, further to the Company's H1 2019 results and recent progress on the Seven Energy Transaction, an updated corporate presentation is now available on the Company's website. Savannah Petroleum PLC is an AIM listed oil and...
RNS Number: 2871 O Savannah Petroleum PLC 01 October 2019 1 October 2019. Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to provide an update in relation to the Seven Energy Transaction.. Final long-form documentation has been signed by Frontier Oil Limited, Seven Uquo Gas Limited and...
Savannah Petroleum PLC, the British independent oil and gas company focused around activities in Niger and Nigeria, is today pleased to announce its unaudited interim results for the six-month period ended 30 June 2019.. ·Submission of feasibility study to the Ministry of Energy and Petroleum in Niger in relation to the planned R3 East EPS..
Savannah Petroleum After a dearth of good news from Savannah things are looking up, big time, indeed the shares have doubled in exactly a month and will justify going a lot higher again before long. Today they announce the signature of a Niger-Benin pipeline transportation convention between CNPC and the Republic of Niger. The plan is for a 2,000km pipeline from the Agadem Rift Basin to the Atlantic coast in Benin. The pipeline is expected to be complete by the end of 2021 which should be a huge incentive to domestic exploration and production and will ‘transform Niger into a major regional oil producer and deliver an increase in the country’s growth rate’, according to SAVP CEO Andrew Knott. For Savannah this will mean a significant addition to its options for markets for its crude in the future and adds to the domestic option of the Zinder refinery for existing and future crude discoveries.
Savannah Petroleum Plc (SAVP.L) Announced the signature on 15 September 2019 of a Transportation Convention between China National Petroleum Corporation (CNPC) and the Republic of Niger in relation to the planned crude oil export pipeline from the Agadem Rift Basin (ARB) to the Atlantic coast in Benin. The pipeline is expected to run for 2,000.00km from the ARB in Niger to Port Seme on the Atlantic coast in Benin and is CNPC's largest ever cross-border crude oil pipeline investment.
Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to note the signature on 15 September 2019 of a Transportation Convention between China National Petroleum Corporation and the Republic of Niger in relation to the planned crude oil export pipeline from the Agadem Rift Basin to the...
Savannah Petroleum Plc (SAVP.L) Announced that it has appointed Jefferies International Limited and Numis Securities Limited to act as its joint corporate brokers alongside Mirabaud Securities Limited with immediate effect.
Savannah Petroleum PLC, the British independent oil& gas company focused around activities in Niger and Nigeria, is pleased to announce that it has appointed Jefferies International Limited and Numis Securities Ltd to act as its joint corporate brokers alongside Mirabaud Securities Limited with immediate effect.. Savannah Petroleum PLC is an AIM listed...
Savannah Petroleum Savannah has announced receipt of Ministerial Consent for the Seven Energy Transaction and that H.E. President Muhammudu Buhari has approved the asset transfer. These assets include SEIL’s entire interest in Seven Uquo Gas Limited (i.e. Seven’s interest in the Uquo field), Universal Energy Resources Limited (Seven’s interest in the Stubb Creek field) and Accugas limited (the gas processing and distribution business). This represents the satisfaction of a major milestone for the transaction and provides the impetus for legal completion which is expected in the near term. The significance of this support, from the highest political level no less, for Savannah and the transaction should not be underestimated. I can’t think of any other company that has been shown such strong and highly visible support since Buhari’s re-election and this validates the hard work and long hours put in by Savannah personnel. CEO Andrew Knott quite rightly calls this a ‘significant milestone’ for the company which is an underestimation at this stage. This news unlocks everything else tied into the Seven acquisition including the assets in Niger which will now be back in the picture and which I expect will prove to add significant value for the company. This will include I imagine the Amdigh-1 well test which has been waiting on the blocks for transaction completion before getting started. Whilst the market has been worried about this deal not closing it can now look up to the prospect of out performance as the company makes up for lost time. With the deal now closer to completion those long awaited rewards from the deal such as significant and growing free cash flow and growth in Nigeria should start to become apparent. It should also be noted that this will prepare the way for freeing up cash to invest in its world class discoveries in Niger where proven success with the drill bit and an early production system already in the plans give even more potential upside. The farm-out discussions here would I imagine get back on process bringing all the extra value that might come from a new exploration campaign in Niger. Whilst the whole process has taken longer than expected for various reasons I would expect things now to move fast and I expect news from the company to flow thick and fast, there is much to do and management are keen to get back into fully operational status. As for the share price I would expect a substantial rise, the one year high is 35p last October but with a great deal of positive news to filter through I will be setting my sights a good deal higher than that.
Bid
-
-
-
Ask
  • High
    -
  • OPEN
    -
  • VOL
    -
  • MKT CAP
    -m
  • LOW
    -
  • CLOSE
    -
  • AVG VOL
    -
  • SHARES IN ISSUE
    879.77M

Featured Media

Company Profile

SAVANNAH PETROLEUM IS A UK OIL AND GAS COMPANY FOCUSED AROUND THE EXPLORATION, APPRAISAL AND DEVELOPMENT OF THE R1/R2 AND R3/R4 PSC AREAS OF THE AGADEM RIFT BASIN IN SOUTH EAST NIGER.

Classification

Market Indices-

Locations

HQ
40 Bank Street
19th Floor
London
E14 5NR
Watchlist