Savannah Energy’s Petronas Acquisition Deal Ends

1 min read | August 08, 2024 03:03 AM EDT | By Team Kalkine Media

Google News:

Savannah Energy’s Petronas Acquisition Deal Ends — Image source: shutterstock

Recent News

Brookfield Valuation Debate Intensifies After Major Capital Moves

Canadian National Railway Valuation Question Emerges After Strong Rall...

Pan American Silver Skarn Plan Brings Growth Story Back Ahead

Bank of Montreal Banking Strategy Faces New Digital Growth Moment

Make Kalkine Media
My Trusted Source

Savannah Energy PLC (LSE:SAVE), an energy company with a focus on projects in Africa, has announced the termination of its planned acquisition of Petronas's oil and gas business in South Sudan. Despite considerable efforts by all parties involved, the deal has been called off. Petronas has formally notified Savannah Energy of its decision to withdraw unilaterally from the exploration and production sharing agreements associated with the business.

Ongoing Negotiations for Alternative Transactions

Following the cancellation of the Petronas deal, Savannah Energy has stated that it remains engaged in active discussions with various parties to explore alternative potential transactions. The company is seeking other opportunities that could align with its strategic goals.

Status of Share Suspension

The failed transaction with Petronas would have constituted a reverse takeover for Savannah Energy. As a result of the termination, the company’s shares will continue to be suspended until a new transaction, or other significant developments occur.

Savannah Energy PLC is a British independent energy company that focuses on delivering projects primarily in Africa. The company is involved in both hydrocarbon and renewable energy initiatives, aiming to address energy needs across the continent.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.