Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Savannah Petroleum hints on final approval to acquire Seven Energy Assets

Fikayo Owoeye by Fikayo Owoeye
October 12, 2018
in Business News, Company News
Nigerian National Petroleum Corporation, Crude oil, oil production
Share on FacebookShare on TwitterShare on Linkedin

UK based Savannah Petroleum has revealed that plans to acquire Nigeria’s Seven Energy Assets will be completed by before the end of the year.

In a press release signed by the Savannah Energy CEO, Andrew Knott, noted that the final approval is coming after the submission of a revised terms on the Transaction detailing the additional acquisitions, as announced by the Company on 20 September 2018, to the Nigerian Department of Petroleum Resources (DPR).

RelatedPosts

Chief Justice: NBA calls for reforms as Nigeria swears in new CJN 

Customs seizes N1.3bn worth of smuggled goods in Ogun between May and June

Noting that the DPR has informed the company of its completion on due diligence in relation to acquisition, and it is fully satisfied with, the transaction.

Knott further revealed that the application for Ministerial Consent for the Transaction is currently being processed with the DPR for further transmission to the office of the Minister of State for Petroleum Resources for final approval.

Savannah Petroleum had last year completed a $125m fund-raise to help it fund its proposed acquisitions, drilling campaign in Nigeria and for general corporate purposes.

The company  placed a 266,462,000 new ordinary shares at a price of 35p per share in two tranches. Part of the proceeds will support its planned reverse takeover of certain oil and gas assets in Nigeria held by Seven Energy International Limited.

Seven Energy ran into troubled waters after several defaults on its debt-servicing obligations, the company decided to entered into a transaction for a comprehensive capital restructuring, part of which is to sell most of its assets.

Seven Energy is an indigenous company established in 2004, with headquarters in Lagos and London and wholly-owned midstream company, Accugas. The company’s portfolio consists of a diversified portfolio of onshore oil and gas interest with substantial reserves and resources base in southeast and Niger Delta with three highly prospective assets in the Anambra Basin.

Related

Tags: Savannah PetroleumSeven Energy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Chief Justice: NBA calls for reforms as Nigeria swears in new CJN 
    •  Investors in MTN Public Offer gain N35 billion in 6 months
    • Crypto Focused Hedge Funds are Shorting USDT – Reports

    Follow us on social media:

    Recent News

    Chief Justice: NBA calls for reforms as Nigeria swears in new CJN 

    Chief Justice: NBA calls for reforms as Nigeria swears in new CJN 

    June 28, 2022
    : MTN-Nigeria-CEO-Karl-Toriola

     Investors in MTN Public Offer gain N35 billion in 6 months

    June 28, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com