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SAVANNAH ENERGY PLC

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Savannah Energy Signs Agreements With Exxon, Petronas to Acquire Portfolios

12/13/2021 | 12:19pm EDT

By Joe Hoppe

Savannah Energy PLC said Monday that it has signed separate share purchase agreements with Exxon Mobil Corp. and Petronas Overseas Ventures Bhd., acquiring their entire upstream and midstream portfolios in Chad and Cameroon, respectively.

The oil-and-gas company said completion of the acquisitions will lead to Savannah acquiring a 75% controlling interest in the Doba oil project, and an effective 70% indirect controlling interest in the Chad-Cameroon export transportation system.

In 2020, the Doba oil project produced an average gross of 33.7 thousand barrels of oil per day, while the pipeline transported a gross 129.2 thousand barrels of oil per day.

Due to their size and nature, both acquisitions individually constitute reverse takeover transactions and are subject to shareholder approval. A general meeting will be convened around Dec. 17, following which the company plans to restore its shares to trading on London's AIM.

"Under our stewardship, we expect these assets in aggregate to generate positive free cashflow and fiscal revenues for Chad and Cameroon for a further 25 plus years," Chief Executive Andrew Knott said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

12-13-21 1219ET

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION 0.79% 91.86 Delayed Quote.50.12%
LONDON BRENT OIL 0.94% 112.54 Delayed Quote.42.93%
PETRONAS GAS BERHAD -3.23% 16.8 End-of-day quote.-6.67%
SAVANNAH ENERGY PLC 0.55% 36.35 Delayed Quote.61.56%
WTI 1.22% 110.515 Delayed Quote.44.84%
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Financials (USD)
Sales 2021 203 M - -
Net income 2021 9,90 M - -
Net Debt 2021 366 M - -
P/E ratio 2021 47,5x
Yield 2021 -
Capitalization 592 M 592 M -
EV / Sales 2021 4,73x
EV / Sales 2022 1,77x
Nbr of Employees 211
Free-Float 87,1%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 36,35 GBX
Average target price 82,50 GBX
Spread / Average Target 127%
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Managers and Directors
Andrew Allister Knott Chief Executive Officer & Executive Director
Stephen Ian Jenkins Non-Executive Chairman
Antoine Richard Chief Operating Officer
David Lawrence Jamison Independent Non-Executive Director
Mark Iannotti Independent Non-Executive Director
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