{"id":23867,"date":"2024-03-19T15:04:29","date_gmt":"2024-03-19T15:04:29","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=23867"},"modified":"2024-03-19T15:04:29","modified_gmt":"2024-03-19T15:04:29","slug":"savannah-energy-acquires-49-stake-in-stubb-creek-oil-and-gas-field-in-akwa-ibom","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/03\/19\/savannah-energy-acquires-49-stake-in-stubb-creek-oil-and-gas-field-in-akwa-ibom\/","title":{"rendered":"Savannah Energy Acquires 49% Stake in Stubb Creek Oil and Gas Field in Akwa-Ibom"},"content":{"rendered":"
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Savannah Energy, a British independent energy company focused on impactful projects, has completed agreements worth $60 million to acquire a 49% stake in the Stubb Creek oil and gas field in Akwa-Ibom, Nigeria, from Sinopec International Petroleum Exploration and Production Corporation (SIPC).<\/p>\n

This transaction will grant Savannah Energy complete ownership of the Stubb Creek oil and gas field, as its affiliate Universal Energy Resources Limited already holds a 51% stake in the field. The company announced this significant consolidation of its assets in Nigeria through a formal statement.<\/p>\n

As per the details provided by Savannah Energy, the acquisition involves a cash payment of $52 million to acquire the stake from Sinopec, along with an additional $9.5 million to purchase shares from Jagal Energy.<\/p>\n

Key Highlights of the Deal:<\/strong><\/p>\n

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  • Savannah Energy PLC signed separate Share Purchase Agreements (SPAs) with SIPC and Jagal Ventures Limited to acquire 100% of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC).<\/li>\n
  • The SPA with SIPC involves Savannah Energy SC Limited acquiring a 75% equity interest in SIPEC for cash consideration of US$52 million.<\/li>\n
  • Additionally, the SPA with Jagal entails Savannah Energy SC Limited acquiring a 25% equity interest in SIPEC for cash consideration of US$7.5 million, along with US$2 million in deferred cash consideration payable in eight equal quarterly installments post-completion.<\/li>\n
  • The financing for the deal will be facilitated through a debt agreement from Standard Bank of South Africa, combined with Savannah Energy’s existing cash resources.<\/li>\n<\/ul>\n

    Future Projections:<\/strong><\/p>\n

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    • Savannah Energy anticipates a significant increase in gross production from the Stubb Creek oil and gas field within the next 12 months following the completion of this transaction.<\/li>\n
    • The company aims to raise production from 2.7 Kbopd to 4.7 Kbopd through a de-bottlenecking program.<\/li>\n<\/ul>\n

      Savannah Energy, with operations in Nigeria, Niger, and Cameroon, continues to expand its presence and strengthen its portfolio in the energy sector.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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      Savannah Energy, a British independent energy company focused on impactful projects, has completed agreements worth $60 million to acquire a 49% stake in the Stubb Creek oil and gas field in Akwa-Ibom, Nigeria, from Sinopec International Petroleum Exploration and Production Corporation (SIPC). This transaction will grant Savannah Energy complete ownership of the Stubb Creek oil […]<\/p>\n","protected":false},"author":12,"featured_media":23868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,180],"tags":[],"class_list":["post-23867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=23867"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23867\/revisions"}],"predecessor-version":[{"id":23870,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/23867\/revisions\/23870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/23868"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=23867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=23867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=23867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}