Savannah Energy is in advanced exclusive discussions with ExxonMobil to acquire its entire upstream and midstream asset portfolio in Chad and Cameroon & Suspension of Trading (19.3000p, +1.3) Wednesday, June 02, 2021 12:01:59 PM (GMT)
Proposed Acquisition, RTO & Suspension of Trading
The Proposed Acquisition would include a 40% operated interest in the Doba Oil Project, and an effective c. 40% interest in the Chad-Cameroon oil transportation pipeline. For reference, in 2020 the Doba Oil Project produced an average gross 33.7 Kbopd and the Chad-Cameroon pipeline transported a gross 129.2 Kbopd.
If completed on the currently proposed terms, the Proposed Acquisition would be classified as a reverse takeover transaction in accordance with the AIM Rule 14, and accordingly, the company has requested that its ordinary shares be suspended from trading on AIM with immediate effect and will remain so pending publication of an AIM admission document setting out, inter alia, details of the Proposed Acquisition, or confirmation is provided that discussions around the Proposed Acquisition have been terminated.