Strand Hanson advises Savannah Petroleum on the completion of the Seven Energy transaction
News 25 November 2019
Savannah Petroleum plc, the British independent oil & gas company focused around activities in Niger and Nigeria, has completed the Seven Energy transaction, resulting in the transfer of Seven Energy’s Nigerian assets to group companies controlled by Savannah and African Infrastructure Investment Managers.
Following the transaction, Savannah now owns, inter alia, an 80 per cent. interest in Seven Uquo Gas Limited, which holds a 40 per cent. interest in the Uquo gas field; a 51 per cent. interest in the Stubb Creek field – both located in South East Nigeria; and an 80 per cent. interest in the Accugas midstream business, comprising the 200 mmscfd Uquo gas processing facility, a c. 260 kilometre pipeline network and long-term gas sales agreements with downstream customers.
Contracted production net to Savannah is now approximately 20,000 boepd.
Andrew Knott, CEO of Savannah Petroleum, said:
“We are very pleased to have completed the Seven Energy Transaction. The deal transforms Savannah into a full-cycle E&P company in West Africa and marks the start of a very exciting time for the business. We have acquired a strong set of exploration, appraisal, development and production assets which are expected to be highly cash flow generative for the Company.”
James Spinney, Head of Capital Markets at Strand Hanson, said:
“We are delighted to have worked alongside the Savannah team to deliver this transformational transaction, which positions the company as a significant West African producer.”