17th May 2024 14:20
Savannah Energy PLC - energy company focused on projects in Africa - Says that its shares remain suspended as it completes the "various workstreams" associated with its acquisition of oil and gas assets in South Sudan. In December 2022, Savannah entered a share purchase agreement with Petronas International Corp to acquire the latter's entire oil and gas business in South Sudan for a total consideration of USD1.25 billion. Petronas is a Kuala Lumpur-based oil and gas company. The deal constitutes a reverse takeover, and Savannah's shares have been suspended since December 2022 as a result. The deal comprises interests in 64 oil producing fields, which together produced an average of 153,200 barrels of oil per day in 2021. Read More
