Kirk Lovegrove & Company has advised Savannah Energy on the acquisition of PETRONAS’ entire oil and gas business in South Sudan for a total cash consideration of up to US$1.25bn
Completion of the transaction would result in Savannah acquiring PETRONAS’ interests in three joint operating companies which operate Blocks 3/7 (40% Savannah net working interest ('WI')), Blocks 1/2/4 (30% WI) and Block 5A (67.9% WI), in South Sudan, comprising 64 producing fields with 2021 average gross oil production of 153,000 bopd.
Subject to completion, Savannah’s partners in these assets will include CNPC, Sinopec, ONGC and the national oil company of South Sudan, Nilepet. Completion of the transaction is conditional upon, inter alia, government approval, the approval of Savannah’s shareholders and re-admission of Savannah’s shares to trading on AIM.
Further announcements will be made in due course.
