19th Aug 2019 10:12
(Alliance News) - Savannah Petroleum PLC on Monday said transfers of assets from Seven Energy International Ltd has been approved by the Nigerian Department of Petroleum Resources.
Savannah shares were trading 51% higher in London on Monday at 18.80 pence each.
In 2017, Savannah agreed to buy an interest in two assets of Seven Energy.
As anticipated, the transfer is now subject to the payment of all taxes due within 90 days of the receipt of the approval letter, Savannah said.
The receipt of assets represents the satisfaction of a significant condition, Savannah explained, relating to the execution of long-form documentation, following which the transaction completion process is expected to commence. This completion process will follow pre-agreed steps as set out in the legally binding Implementation agreement which was signed in February, the company noted.
"The receipt of consent in relation to the Seven Energy transaction is a significant milestone for Savannah," said Chief Executive Andrew Knott. "I look forward to working with all stakeholders as we advance the Seven Assets."
Related Shares:
SAVP.L