Savannah Energy Announces Termination Of SPA For PETRONAS’ Chad And Cameroon Portfolio

On 13 December 2021, Savannah announced that it had entered into a Share Purchase Agreement (“SPA”) with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS”) to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon.

Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to terminate the SPA with immediate effect.

BizWatch recalls that Savannah recently announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.) (the “ExxonMobil Transaction”).

Savannah was also pleased to announce that the publication of a Supplemental Admission Document (the “Document”) in relation to the ExxonMobil Transaction was in place.

This announcement follows Savannah’s 13 December 2021 announcement of the signing of a Share Purchase Agreement (“SPA”) with ExxonMobil, which has an economic effective date of 1 January 2021, and the publication of its 31 December 2021 Admission Document containing details on, inter alia, the ExxonMobil Transaction.

The ExxonMobil Transaction constituted a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, was subject to, inter alia, shareholder approval which was granted on 24 January 2022. The ExxonMobil Transaction has now been completed.