Savannah struck a deal to acquire Petronas’ South Sudan assets in December 2022. It had hoped to publish its AIM admission documents on the deal by September 30. Today, it has pushed that back to the fourth quarter of the year.
The statement from the South Sudanese presidency valued the agreement at $3bn. According to Kiir, Caltech will partner with the government to buy Petronas’ entire portfolio in the country for $1.25bn.
A statement from Chad’s hydrocarbons ministry said the event symbolised the “deep friendship” between the two countries.
R3 should provide around 5,000 barrels per day of production for Savannah, with plateau running for eight years.
Chad has said it is holding talks with Cameroon on increasing stakes in COTCO and how to share management.
A letter, signed by the Chadian president’s secretary general, Gali Ngothe Gatta, said a number of “Cameroonian personalities” had flocked to Savannah. The company and its backers were interfering with Chadian officials, he said.
SNH and Savannah Midstream also pledged to support each other as shareholders in COTCo.
The country attributed increased production to “local Chadian managers who were no longer restrained by ExxonMobil’s pre-exit policies”.
The Niger-Benin export pipeline will serve to unlock developments in Niger. The line is 75% complete, Savannah reported, and should be fully operational in the fourth quarter of this year.
At the same time that Savannah was announcing the cancellation of its deal to buy the Petronas assets in Chad, it set out an even more ambitious plan with the Malaysian company.
The move by Chad came despite the fact that Savannah had reversed production decline, the company said. Production reached 29,349 barrels per day since December 9, it said, up by 9%.
Fenikso, previously known as Lekoil, has settled its disputes with its former CEO, with half its board also stepping down.
It took only days for Savannah Energy’s plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobil’s (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronas’ (KLSE:PETGAS) interests in South Sudan.
Savannah Energy has signed another gas sales agreement in Nigeria with Notore Chemical Industries.
Savannah Energy has signed a second gas sales agreement this year via its Accugas subsidiary.
Viaro Energy has appointed Steve Jenkins as its non-executive chairman, following the departure of Roger Tucker.
The events of the past two years have accelerated mergers & acquisitions trends in Africa, and 2022 is already witnessing increased deals activity.
High energy prices have revived interest in Africa’s oil and gas, but financing remains painfully hard to secure, amid ESG uncertainty.
Savannah Energy has added another string to its bow with a deal to build a wind farm in Niger.
Savannah Energy has agreed to provide a convertible facility agreement to Lekoil, which intends to redouble its efforts to seize back control of its Nigerian subsidiary.
Savannah Energy has signed a new gas sales agreement in Nigeria, via its Accugas subsidiary.
Savannah Energy has formalised its purchase plans in Chad, striking a $626 million deal with ExxonMobil and Petronas.
Savannah Energy has begun gas sales to a power plant in Rivers State, Nigeria, via its Accugas subsidiary.
Savannah Energy increased revenues and adjusted EBITDA on higher volumes but is waiting a number of catalysts for change.