Article length: 509 words
Nigeria: Savannah completes Seven acquisition
AIM-listed Savannah Petroleum has finally completed the acquisition of Seven Energy’s assets, with the appointment of administrators to Seven Energy International Limited. The complex transaction, first announced in July 2017, involves the acquisition by Savannah of Seven Energy’s assets and the restructuring of Seven Energy’s debt. Seven had run into financial difficulties related to the closure of the Forcados terminal and non-payment for its gas supply to power stations, but the company’s assets in south-east Nigeria are a rare example of a project to monetise stranded gas for the domestic market instead of for exports.
Credit value: 6