Savannah Energy terminates Petronas South Sudan deal
London, August 07, 2024, (Oilandgaspress) ––On 12 December 2022, Savannah announced that it had entered into a sale and purchase agreement with PETRONAS International Corporation Limited (“PETRONAS”) to acquire its entire oil and gas business in South Sudan (the “PETRONAS Assets”). Despite the substantial efforts of all parties since that time, it has not been possible to complete the proposed transaction on the envisioned terms and the original sale and purchase agreement is terminated. PETRONAS has announced today that it has served notice to unilaterally withdraw from its interests in the relevant exploration & production sharing agreements.
However, Savannah remains in active discussions with the relevant parties around an alternative potential transaction in relation to an acquisition of the PETRONAS Assets. Such alternative potential transaction, should it be concluded, (or a reversion to the original transaction), would still constitute a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly would be subject to, inter alia, shareholder approval. Trading in the Company’s ordinary shares will therefore remain suspended from trading on AIM pending publication of an AIM Admission Document setting out, inter alia, details of the proposed alternative transaction, or confirmation is provided that the proposed alternative transaction is not proceeding.
A further update on progress, and associated matters, is expected to be made in early September.
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