Placing, subscription raising of USD 65 million and restoration to trading on AIM.
Savannah Energy PLC (Savannah) has announced its successful placing, subscription raising of USD 65 million and restoration to trading on AIM.
In addition, Savannah has entered into agreements to acquire ExxonMobil's and PETRONAS's upstream and midstream assets in Chad and Cameroon for considerations of USD 360 million and USD 266 million, respectively.
In aggregate, Savannah has agreed to acquire:
- a 75.00% participating interest in the Doba Oil Project in Chad, which comprises seven producing oil fields with 186.5 million stock tank barrels of 2P reserves and 2C resources. These produced an average gross daily production of 33.7 thousand barrels of oil per day (Kbopd), net 25.3 Kbopd in 2020
- a 70.34% equity interest in the company which owns the 178 km section of the Chad-Cameroon export transport system (ETS), that runs from the Doba Oil Project in Chad to the Cameroon border
- a 70.83% equity interest in the company which owns the 903 km section of the Chad-Cameroon ETS, that runs from the Cameroon border through to the export facilities, including the Kome Kribi 1 floating storage and offloading unit.
Due to their size and nature, both the Exxon and the PETRONAS acquisitions individually constitute as reverse takeover transactions under AIM Rule 14.
Crowe's role and team
Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Monty Cann and Ashley Sofocleous.
Client quote
The Capital Markets team at Crowe used their sector expertise to produce an efficient service throughout the transaction, enabling us to meet the tight deadlines stipulated for a successful restoration to trading onto AIM. We would certainly recommend them to other companies looking to list in London.
Nick Beattie, Deputy Chief Financial Officer, Savannah Energy PLC
