Savannah Energy PLC - energy company focused on projects in Africa - Says that its shares remain suspended as it completes the ‘various workstreams’ associated with its acquisition of oil and gas assets in South Sudan. 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 $1.25 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.

Savannah says it will publish an AIM Admission Document in the third quarter of 2024, and will release a further update on the South Sudan acquisition within the next four weeks. Publication of the AIM document requires the release of the company’s audited results for 2023, the company explained in a previous statement. The proposed transaction also requires the receipt of written approval from the government of South Sudan.

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

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