Savannah Energy PLC - energy company focused on projects in Africa - Says its shares remain suspended on AIM, while it advances the "various workstreams" associated with completion of oil and gas assets in South Sudan. Adds that it is working toward publishing an AIM Admission Document in the third quarter of this year. A further update on transaction progress is expected to be made within the next six weeks.

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.

Current stock price: Suspended. Last traded at 26.25 pence in December 2022

By Sophie Rose, Alliance News senior reporter

Comments and questions to

Copyright 2024 Alliance News Ltd. All Rights Reserved.