Savannah Petroleum has entered into a binding exclusivity agreement with a West African focused business in relation to the potential acquisition of most of their oil and gas assets in the region.
A detailed transaction structure has also been agreed in outline with the unnamed operator.
Savannah has been undertaking legal, financial and technical due diligence on the proposed transaction since January 2017.
As part of the proposal it is envisaged that the transaction consideration will involve a mixture of debt, equity and cash being issued to the vendor.
If completed on the currently envisaged terms, the deal would be classified as a reverse takeover in accordance with the AIM Rules for companies.
Accordingly, at the request of the company, it’s shares are suspended from trading on AIM with immediate effect.
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