Seven Energy International Limited said it has received notification from the Nigerian Department of Petroleum Resources to sell its Seven Assets.
The approval which was signed by President Muhammadu Buhari sanctions the transfer of the (SEIL’s entire interests in Seven Uquo Gas Limited, Universal Energy Resources Limited and Accugas Limited) to Savannah Energy or any of its subsidiary companies.
The company said the consent is subject to the payment of all taxes due in relation to the Transaction within 90 days of the receipt of the approval letter conveying the Consent.
The receipt of the Consent represents the satisfaction of a significant condition precedent for the Transaction. The principal remaining conditions precedent for the Transaction relate to the execution of long-form documentation in relation to the Accugas debt restructuring and the Frontier Swap, following which the Transaction completion process is expected to commence.
Andrew Knott, CEO of Savannah Petroleum plc, said: “The receipt of Consent in relation to the Seven Energy Transaction is a significant milestone for Savannah. I would like to take the opportunity to thank the Federal Government of Nigeria for their support in relation to the Transaction. I look forward to working with all stakeholders as we advance the Seven Assets.”