Savannah Energy is a British company that operates in Nigeria, Cameroon and Niger in 2024.
2024: Consolidation of 100% at Stubb Creek Oil Field in Nigeria
In March 2024, it was announced that London-based Savannah Energy is buying back all shares of an oil field in Nigeria from local and Chinese investors
The total amount of the transaction will be 61.5 million. dollars Savannah Energy agreed to pay $52 million in cash for a stake in the Chinese-owned Stubb Creek oil and gas field and $9.5 Sinopec International Petroleum Exploration and Production Corporation million for shares owned by Jagal Energy (). Nigeria As a result, the company will receive 49% of the shares.
Thus, the British will consolidate all 100% of the shares of the field operator: a subsidiary of Savannah Universal Energy Resources Limited already owns 51% of the shares.
The deal will be funded by a loan from Standard Bank of South Africa.
The deal will provide more gas available for sale to Savannah's Nigerian gas processing and distribution subsidiary Accugas Limited, which supplies about a fifth of the gas used by Nigeria's power plants.
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