Niger-based Savannah Petroleum Plc said it has received the approval of Nigeria’s Department of Petroleum Resources, DPR to Seven Energy Assets acquisition.
Savannah Petroleum PLC is an AIM-listed oil and gas company with exploration and production assets in Niger and Nigeria.
The company is bidding to acquire interests in the cash flow generative Uquo and Stubb Creek oil and gas fields and a 20% interest in the Accugas midstream business in South East Nigeria from Seven Energy.
The company said in the statement “that the DPR has informed Savannah that it has now completed its due diligence in relation to, and is fully satisfied with, the Transaction.
Further, the application for Ministerial Consent for the Transaction is currently being processed with the DPR for further transmission to the office of the Minister of State for Petroleum Resources for final approval.As per the announcement on 20 September 2018, the Company continues to anticipate that the implementation Agreement will be executed by the interested parties by the end of October 2018. Savannah, therefore, continues to expect the Transaction, including the Ministerial Consent process, to complete during Q4 2018.”