5 April 2024
Savannah Energy
PLC
("Savannah" or "the Company")
South Sudan Acquisition
Update
Further to the Company's
announcement on 28 March 2024, the Company provides the following
additional information on its proposed acquisition of PETRONAS
International Corporation Limited's energy business in South Sudan
through the acquisition of Petronas
Carigali Nile Limited ("PCNL") (the "Proposed Transaction"), as
first announced by the Company on 12 December
2022.
Completion of the Proposed
Transaction remains subject to satisfaction of certain conditions
precedent, principally the receipt of written approval for the
Proposed Transaction from the Government of South Sudan. Following
receipt of this approval, Savannah would then progress to finalise
an AIM Admission Document to facilitate seeking a restoration to
trading on AIM of the Company's ordinary shares.
Publication of the AIM Admission
Document requires the release of the Company's FY 2023 audited
annual results, together with the finalisation of the audit of the
financial statements for FY 2023 of PCNL. It is currently
anticipated, therefore, that the AIM Admission Document, together
with Notice of General Meeting to approve completion of the
Proposed Transaction pursuant to AIM Rule 14, would be published in
late Q2 2024 /early Q3 2024.
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
Nick Beattie, CFO
Sally Marshak, Head of IR &
Communications
Strand Hanson (Nominated Adviser)
+44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Rob Patrick
Cavendish Capital Markets Ltd (Joint
Broker)
+44 (0) 20 7220 0500
Derrick Lee
Tim Redfern
Panmure Gordon (UK) Ltd (Joint
Broker)
+44 (0) 20 7886 2500
Hugh Rich
James Sinclair-Ford
Camarco
+44 (0) 20 3757 4983
Billy Clegg
Owen Roberts
Violet Wilson
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended
("MAR").
About Savannah
Energy:
Savannah Energy PLC is a British
independent energy company focused around the delivery of
Projects that
Matter in Africa.