Nigeria: Savannah updates gas-for-oil swap
Savannah Petroleum, further to a statement released in September regarding the gas-for-oil swap in Nigeria with Frontier Oil and the buy-out of minority shareholders in Universal Energy Resources, has issued a new update.
Savannah has confirmed that it is seeking certain further amendments to the terms of the transaction, which the Board considers to be in Savannah’s immediate commercial interests and are expected to significantly enhance the company’s competitive position in Nigeria.
As such, finalization of the Implementation Agreement will now take place once these amendments have been agreed and announced. Savannah continues to anticipate that formal transaction completion will occur Q4, which will be followed in due course by the publication of a supplemental admission document.