Business
Publication of Circular and Notice of GM
Publication of Circular and Notice of GM.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1882R Savannah Petroleum PLC 26 February 2019 \n\n26 February 2019\n \nSavannah Petroleum PLC\n(\"Savannah\" or \"the Company\")\n \nPublication of Circular and Notice of GM\nSavannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, announces that it is today posting a circular to shareholders (the \"Circular\") and a form of proxy (\"Form of Proxy\") in relation to a general meeting of the Company (the \"General Meeting\") to be convened in connection with the issuance of Consideration Shares as part of the Seven Energy Transaction.\nThe Circular contains notice of the General Meeting, which will be held at 10.30 a.m. on 14 March 2019 at Novotel London Canary Wharf, 40 Marsh Wall, London E14 9TP. A copy of the Circular and the Form of Proxy will shortly be made available on the Company's website at https://www.savannah-petroleum.com/en/key-documents. \nThe key sections of the Circular have been extracted and included in the announcement below. The Company continues to expect that completion of the Seven Energy Transaction will occur on or before 31 March 2019.\n \nIntroduction\n \nThe Company is a public limited company, was incorporated in the UK on 3 July 2014 and admitted to trading on AIM on 1 August 2014. Savannah is an independent oil and gas company, focused around maximising stakeholder value from activities in Niger and Nigeria. The Company is the holding company of the Existing Group and currently operates from offices in London, UK, and Niamey, Niger. \n \nSince being admitted to trading on AIM, the Company has raised US$274 million, which has funded the acquisition of the R3/R4 PSC, the further development of those Nigerien assets, and the planned acquisition of the Seven Assets from Seven and the Seven Energy Creditor Group (the \"Transaction\").\n \nIts current principal business is the exploration, appraisal and planned expected monetisation of oil located in the R1/R2 and R3/R4 PSC Areas in Niger, which cover c.50% of the highly prospective Agadem Rift Basin (\"ARB\") and where the Company made five discoveries from five wells in its maiden exploration campaign over the course of 2018. The Company is also in the process of finalising the legal completion of the Transaction, which is expected to...