2024-06-17 17:46:14
Savannah Power PLC – a project-focused vitality firm in Africa – says its shares stay suspended on AIM, whereas it advances “varied work streams” associated to the completion of oil and gasoline assets in South Sudan. She provides that she is engaged on publishing an admission doc on AIM within the third quarter of this yr. An additional replace on the progress of the transaction is anticipated within the subsequent six weeks.
In December 2022, Savannah entered right into a share buy settlement with Petronas Worldwide Corp to accumulate the latter’s whole oil and gasoline operations in South Sudan for a complete consideration of US$1.25 billion. Petronas is an oil and gasoline firm primarily based in Kuala Lumpur. The transaction constitutes a reverse takeover, which resulted within the suspension of shares in Savannah since December 2022. The transaction consists of pursuits in 64 oil-producing fields that collectively have produced a median of 153,200 barrels of oil per day in 2021.
Present share worth: Suspended. Final traded at 26.25 pence in December 2022.
By Sophie Rose, Senior Journalist at Alliance Information
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