Savannah Energy Plc has announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon.
The deal includes operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.).
Savannah also announced the publication of a Supplemental Admission Document in relation to the ExxonMobil Transaction.
The announcement follows Savannah’s 13 December 2021 announcement of the signing of a Share Purchase Agreement (SPA), with ExxonMobil, which has an economic effective date of 1 January 2021, and the publication of its 31 December 2021 Admission Document containing details on, inter alia, the ExxonMobil Transaction.
The ExxonMobil Transaction constituted a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, was subject to, inter alia, shareholder approval which was granted on 24 January 2022. The ExxonMobil Transaction has now been completed.
Following the completion of the ExxonMobil Transaction, Savannah now owns a 40 per cent interest in the Doba Oil Project and an effective 40 per cent indirect interest in the Chad-Cameroon export transportation system.
The Doba Oil Project comprises interests in seven producing fields – Kome, Miandoum, Bolobo, Moundouli, Maikeri, Nya and Timbre – with a combined gross 2P Reserve base of 142.3 MMbbls as at 1 October 2022 and expected 2022 gross production of 28.0 Kbopd.
The Chad-Cameroon export transportation system comprises a 1,081 km pipeline and the Kome Kribi 1 floating storage and offloading facility, offshore Cameroon (along with all associated facilities). The Chad/Cameroon pipeline is 30″ in diameter with a nameplate capacity of 250 Kbopd and an estimated pipeline throughput in 2022 of 124 Kbopd, from more than 15 fields;
Strand Hanson Limited is acting as Financial & Nominated Adviser to the Company in connection with the ExxonMobil Transaction.
Commenting. CEO of Savannah Energy, Andrew Knott said, “We are delighted to announce the completion of our $407 million acquisition of ExxonMobil’s upstream and midstream businesses in Chad and Cameroon. I would like to warmly welcome our new employees to the Savannah family and look forward to building our in-country businesses with them as we embrace the multiple growth opportunities available to us.”
