Savannah Energy moves to acquire ExxonMobil’s assets in Chad, Cameroon

Savannah Energy Plc, an African-focused British independent energy company with projects in Nigeria and Niger, has announced that it is in advanced exclusive discussions with ExxonMobil Corporation with respect to the proposed acquisition of the oil major’s entire upstream and midstream asset portfolio in Chad and Cameroon.

In Nigeria, the company has controlling interests in Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South-East Nigeria.

The company said in a statement on Wednesday that the proposed acquisition of ExxonMobil’s assets would include a 40 per cent operated interest in the Doba Oil Project, and an about 40 per cent interest in the Chad-Cameroon oil transportation pipeline.

It said, “If completed on the currently proposed terms, the proposed acquisition would be classified as a reverse takeover transaction in accordance with the AIM Rule 14.

“Accordingly, the company has requested that its ordinary shares be suspended from trading on AIM with immediate effect and will remain so pending publication of an AIM admission document setting out, inter alia, details of the proposed acquisition, or confirmation is provided that discussions around the proposed acquisition have been terminated.”

Savannah Energy said there could be no assurance that agreement between the parties would be reached on mutually acceptable terms and that the proposed acquisition would complete.

It said it would update shareholders regarding the progress made in relation to the proposed acquisition as appropriate.