Source - Alliance News

Savannah Energy PLC on Monday said it entered into a share purchase agreement with Petronas International Corp Ltd to buy the company’s oil and gas business in South Sudan for $1.25 billion.

The Africa-focused energy company seeks to buy Petronas Carigali Nile Ltd from Petronas via a reverse takeover. It requires approval from the government of South Sudan and Savannah Energy’s shareholders.

The announcement comes three days after Savannah completed its $407 million acquisition of US oil major Exxon Mobil Corp’s entire upstream and midstream asset portfolio in Chad and Cameroon, where Savannah will now own a 40% interest in the Doba oil project and a 40% indirect interest in the Chad-Cameroon export transportation system.

Following Monday’s announcement, Savannah Energy shares are suspended from AIM trading since 0730 GMT on Monday.

The company seeks to publish an AIM admission document in the first half of 2023, which will include a general meeting notice and seek restoration to trading.

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