REG - Savannah Energy Plc - Chad Upstream Asset Update

Savannah EnergyAnnouncement

24/03/2023 07:00

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RNS Number : 1403U  Savannah Energy Plc  24 March 2023

24 March 2023

 

Savannah Energy PLC

("Savannah" or "the Company")

 

Chad Upstream Asset Update

 

Savannah Energy PLC, the British independent energy company focused around the
delivery of Projects that Matter, notes the Decree issued by the President of
the Republic of Chad dated 23 March 2023, nationalising Savannah Chad Inc's
("SCI") (formerly Esso Exploration and Production Chad Inc ("EEPCI")) upstream
production assets in Chad. On 9 December 2022 Savannah Energy Chad Limited
completed the acquisition of EEPCI. The actions of the Republic of Chad are in
direct breach of the Conventions to which SCI and the Republic of Chad are,
amongst others, party.

 

This Presidential Decree has been issued by the Republic of Chad,
notwithstanding the fact that under SCI's operatorship the historic production
decline was immediately reversed, with daily production averaging 29,349
barrels per day since 9 December 2022, an increase of c.9% as against the
equivalent period prior to Savannah taking control of SCI. Savannah had also
initiated plans to significantly increase production further through an active
investment programme.

 

The Conventions are subject to the jurisdiction of an ICC tribunal, seated in
Paris and the Company intends to pursue all of its legal rights.

 

Savannah remains committed to delivering Projects that Matter in Africa and
expects to provide further updates in due course.

 

 

For further information, please refer to the Company's
website www.savannah-energy.com (http://www.savannah-energy.com/)  or
contact:

 

 Savannah Energy                                                               +44 (0) 20 3817 9844
 Andrew Knott, CEO
 Nick Beattie, CFO
 Sally Marshak, Head of IR & Communications

 Strand Hanson Limited (Nominated Adviser)                                     +44 (0) 20 7409 3494
 James Spinney
 Ritchie Balmer
 Rob Patrick

 finnCap Ltd (Joint Broker)                                                    +44 (0) 20 7220 0500
 Christopher Raggett
 Tim Redfern

 Panmure Gordon (UK) Ltd (Joint                                                +44 (0) 20 7886 2500
 Broker)
 John Prior
 Hugo Rich
 James Sinclair-Ford

 Camarco                                                                       +44 (0) 20 3757 4983
 Billy Clegg
 Owen Roberts
 Violet Wilson

 

About Savannah Energy:

Savannah Energy PLC is an AIM quoted British independent energy company
focused around the delivery of Projects that Matter  in Africa and is
active in Cameroon, Chad, Niger and Nigeria.

 

Further information on Savannah Energy PLC can be found on the Company's
website: www.savannah-energy.com (http://www.savannah-energy.com/) .

 

 

 

 

 

 

 

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