Source - Alliance News

Savannah Energy PLC - Africa-focused energy company - 80% indirectly owned subsidiary Accugas Ltd enters new gas sales agreement with Notore Chemical Industries PLC. Accugas will supply Notore with up to 10 million standard cubic feet of gas per day to augment its current supplies. Adds that no further capital expenditure is required by Accugas to deliver gas to Notore. ‘The contracted supply is on an interruptible and reasonable endeavours basis, based on gas availability and nominations, for an initial term of one year, with the option to extend for a mutually agreed period,’ Savannah explains.

Notore is a Nigeria-based integrated agro-allied, chemicals and infrastructure company located in the Onne Oil and Gas Free Zone area of Rivers state in southern Nigeria.

Chief Executive Offcer Andrew Knott said: ‘I am pleased to welcome Notore as a new gas customer to Accugas, representing our tenth customer site in total, versus three at the time of our acquisition of the Accugas business in 2019.’

Current stock price: 31.45 pence, up 3.6% in London on Tuesday

12-month change: up 63%

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