17th Apr 2020 16:14
(Alliance News) - Savannah Petroleum PLC on Friday said it will be changing its name to Savannah Energy PLC.
The change of name reflects the energy company's increasingly diversified asset portfolio, it said.
Savannah highlighted that it is now a "leading" energy producer in Nigeria.
Through its controlling interest in the Accugas midstream business, it currently provides gas to power stations accounting for over 10% of Nigeria's power generation capacity and operates one of the largest privately-owned gas transportation and distribution systems in sub-Saharan Africa.
Trading in the company's shares on AIM will commence under the new name Savannah Energy and the company's ticker will change to 'SAVE' with effect from Monday next week.
"The name change to Savannah Energy is reflective of the asset portfolio and business model development that we have seen over the course of recent years," said Chief Executive Andrew Knott.
"Savannah is now a major supplier of gas for domestic power projects in Nigeria and we expect to be able to strongly grow this business over the course of the coming years in a similar manner to our plans for our business in Niger," Knott added.
Savannah shares were trading 1.5% higher in London on Friday at 8.02 pence each.
By Evelina Grecenko; [email protected]
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