Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobilโs (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronasโ (KLSE:PETGAS) interests in South Sudan.
Last year was a โpivotal yearโ for Savannah Energy, the company has said announcing its 2019 preliminary results, as revenues flowed from its Nigerian portfolio.
The Nigerian economy has a gas distribution and power generation problem. African Infrastructure Investment Managers (AIIM) is playing a part to tackle this, through its investment alongside Savannah Petroleum in assets previously owned by Seven Energy.
Savannah Petroleum expects to generate free cash flow of around $130 million per year from its recently acquired Nigerian assets, based on calculations from CGG Services.
It has been a long time coming, but Savannah Petroleum has completed its acquisition of Seven Energy, broadening its focus from Nigerien exploration to including Nigerian production.