Page 17 - AfrOil Week 50 2022

AfrOil NEWS IN BRIEF AfrOil

business new africa bna/IntelliNews

Completion of the proposed acquisition the AIM Admission Document. The field now has a production level of 4.5mn
remained subject to satisfaction of certain con- Further information on the Petronas Assets: cubic metres per day of natural gas, 500 tonnes
ditions precedent which have not yet been satis- The following information is included in accord- per day of LPG and 800 tonnes per day of con-
fied, and Savannah and Petronas have, therefore, ance with the disclosure requirements of Sched- densate. The figures exceeded expectations.
mutually agreed to terminate the SPA with ule Four to The AIM Rules for Companies: As Production in Tinrhert started in July 2022.
immediate effect. at 30 June 2022, PCNL reported unaudited total The project includes the construction of a
Savannah Energy, December 13 2022 assets of $994.0mn and net assets of $492.0mn. network to connect 36 gas wells in Tinrhert field.
For the years ended 31 December 2019-21, Separation facilities and pressure operations
Savannah Energy signs PCNL reported average audited profit after tax took place in the adjacent Ohanet field.
of $130.6mn.
bna/IntellNews, December 15 2022
SPA with Petronas for course. Predator preparing to
Further announcements will be made in due
South Sudan portfolio Savannah Energy, December 12 2022

Savannah Energy, the British independent drill MOU-2 well in Guercif
energy company focused around the delivery of PROJECTS & COMPANIES onshore northern Morocco
Projects that Matter in Africa, has entered into a
Share Purchase Agreement (SPA) with Petronas Production starts at Predator Oil & Gas, the Jersey based Oil and
to acquire Petronas’ entire oil and gas business Gas Company with near-term gas operations
in South Sudan through the acquisition of Pet- Algeria’s Tinrhert gas field focussed on Morocco, has provided an update on
ronas Carigali Nile Ltd (PCNL), for a total cash progress towards the commencement of drilling
consideration of up to $1.25bn, subject to certain Algeria’s state energy group, Sonatrach, of the high impact/high reward MOU-2 well in
completion adjustments. The Transaction Con- announced the completion of production Guercif onshore northern Morocco.
sideration is expected to be financed through a start-up of the Tinrhert and Ohanet gas fields in Initial mobilisation of the Star Valley Rig 101
combination of the enlarged Group’s available Algeria, according to a press release on Wednes- equipment to the MOU-2 drilling location has
cash resources and debt. The Transaction is con- day, December 14. commenced and long lead items, including well-
ditional upon the satisfaction of certain condi- The project was completed jointly with Petro- heads and other well equipment and materials,
tions precedent including, inter alia, approval of fac, which supported a new inlet separation and have been successfully imported and delivered to
the Government of the Republic of South Sudan, compression centre and extended the existing the Group’s secure warehouse facilities in Guer-
the approval of Savannah’s shareholders and central processing facility. The National Corpo- cif. Remaining materials and inventory are in
re-admission to trading on AIM taking effect. ration for Civil Engineering also partnered to transit and will arrive on location in the coming
Completion of the Transaction would result construct the facility. days.
in the Company acquiring PCNL’s interests in
three Joint Operating Companies (JOCs) which
operate Block 3/7 (40% working interest), Block
1/2/4 (30% WI) and Block 5A (67.9% WI), in
South Sudan. The Petronas Assets comprise of
interests in 64 producing fields, with first pro-
duction having commenced in 1999. In 2021,
the Petronas Assets produced an average gross
153,200 bpd of oil. Major partners in the JOCs
include CNPC, Sinopec, ONGC and Nilepet, the
national oil company of South Sudan.
The Transaction constitutes a reverse take-
over transaction pursuant to AIM Rule 14 and,
accordingly, per the above, will be subject to,
inter alia, shareholder approval. Trading in the
Company’s ordinary shares will be suspended
from trading on AIM with effect from 7:30 a.m.
this morning, and will remain so pending publi-
cation of an AIM Admission Document setting
out, inter alia, details of the Transaction, or con-
firmation is provided that the Transaction has
been terminated.
The Company intends to publish an AIM
Admission Document in H1 2023, which will
contain a notice of general meeting at which
shareholder approval shall be sought, and, fol-
lowing which publication, the Company would
seek restoration to trading on AIM of its ordi-
nary shares. Full details on the conditions to
completion of the Transaction will be set out in

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