The British independent energy company Savannah Energy PLC has announced that it has entered into a Share Purchase Agreement (“SPA”) with PETRONAS International Corporation Limited (“PETRONAS”) to purchase all of PETRONAS’ oil and gas assets in South Sudan through the acquisition of Petronas Carigali Nile Limited (“PCNL”) for a total cash consideration of up to U.S.

It is expected that a mix of the enlarged Group’s available financial resources and debt will be used to pay for the Transaction Consideration. The completion of the Transaction is subject to the satisfaction of certain preconditions, including, but not limited to, permission by the Government of the Republic of South Sudan, shareholder approval, and reinstatement of trading on AIM.

Upon completion of the Transaction, the Company would take ownership of PCNL’s interests in three Joint Operating Companies (“JOCs”) that manage the South Sudanese blocks 3/7 (40% working interest (“WI”)), 1/2/4 (30% WI”), and 5A (67.9% WI). The first production of the 64 producing fields that make up the PETRONAS Assets started in 1999. The PETRONAS Assets generated an average gross of 153.2 Kbopd in 2021. CNPC, Sinopec, ONGC, and Nilepet, South Sudan’s national oil company, are significant JOC partners.

According to AIM Rule 14, the Transaction qualifies as a reverse takeover transaction, and as a result, it will require, among other things, shareholder approval. As of today morning at 7:30 a.m., trading in the Company’s ordinary shares will be suspended on AIM. This suspension will last until either an AIM Admission Document that includes information on the Transaction is published or confirmation that the Transaction has been canceled is supplied. In H1 2023, the company plans to issue an AIM Admission Document that will include a notice of the general meeting where shareholder approval will be sought. After that publication, the company would seek to reinstate the trading of its ordinary shares on AIM.