14 July 2017, Sweetcrude, Abuja — Savannah Petroleum, a United Kingdom-based oil and gas firm, Friday, said it has entered into an agreement to acquire a Nigerian firm, Seven Energy International Limited.
The company in a statement to the stock market community in London said it had entered a binding exclusivity agreement with Seven Energy in that regard, June 8, 2017.
The company said the agreement would see it acquire all of Seven Energy’s oil and gas assets in Nigeria.
As a result of the planned acquisition, if it scales through, would be regarded as a reverse takeover, shares of Savannah Petroleum had been suspended on the London’s Alternative Investment Market.
Savannah Petroleum also stated that it would provide further updates, and is seeking to complete the deal on an accelerated timescale.
Seven Energy, an indigenous Nigerian company, was established in 2004, with headquarters in Lagos and London and a wholly-owned midstream company, Accugas.
Seven Energy is an integrated gas company in South-East, Nigeria with upstream oil and gas interests in the region and a flagship midstream gas processing and pipeline infrastructure for distribution of its products — gas and crude oil.
The company’s upstream portfolio consists of a diversified portfolio of onshore oil and gas interests with a substantial reserves and resources base in south east and north west Niger Delta and three highly prospective assets in the Anambra Basin
Its midstream business is run under Accugas, its wholly-owned subsidiary, and is focused on sales and marketing, processing and distribution of gas to the domestic Nigerian market through its major gas processing and distribution infrastructure.