Savannah Energy has announced the termination of a recently brokered Share Purchase Agreement (SPA) for PETRONAS’ Chad and Cameroon portfolio.
In a statement signed by the company’s Communications Manager, Okwudili Onyia, the oil and gas firm noted: “On 13 December 2021, Savannah announced that it had entered into a Share Purchase Agreement (“SPA”) with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS”) to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon.
Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to terminate the SPA with immediate effect.”
Savannah Energy PLC, the British independent energy company, had last week, announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.). The firm also announced the publication of a Supplemental Admission Document in relation to the ExxonMobil Transaction.
It however noted, at the time, that the Company’s proposed acquisition of PETRONAS (E&P) Overseas Ventures SDN. BHD.’s interests in the same assets in Chad and Cameroon is not a condition of the ExxonMobil Transaction.
Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of Projects that Matter in Africa, active in Cameroon, Chad, Niger and Nigeria.
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