Savannah Looking to Acquire 'West African Focused Business'
Savannah Petroleum plc is entering into a binding exclusivity agreement with ‘a West African focused business’ in relation to the potential acquisition of all of its oil and gas assets in the region, according to a Savannah Petroleum statement.
It is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor. If completed on the currently envisaged terms, the proposed transaction would be classified as a reverse takeover in accordance with the AIM rules for companies.
Due to commercial sensitivities, Savannah has stated that it is unable to provide further details in relation to the proposed transaction, but revealed that it will provide more updates in due course.
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