ENR Advisory advised Savannah Energy Plc (Savannah), a United Kingdom company on the Nigerian law aspects of its acquisition of the entire issued share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC), a joint venture between Sinopec International Petroleum Exploration and Production Corporation (SIPC) and Jagal Ventures Limited (Jagal).

SIPEC holds a 49% participating interest in Petroleum Mining Lease 20 (formerly the Stubb Creek Marginal Field) located in Akwa Ibom State, Nigeria, while the other 51% interest is held by Universal Energy Resources Limited, an affiliate of Savannah Energy Plc.

The acquisition is structured as two separate transactions with Savannah Energy SC Limited (a wholly owned subsidiary of Savannah Energy Plc) acquiring both SIPC’s 75% equity interest in SIPEC and Jagal’s 25% equity interest for a total consideration of US$61.5 million.

We are delighted to have supported Savannah on this transaction resulting in the signing of the two Share Sale and Purchase Agreements, and are excited about the consolidation of its interest in PML 20 which unlocks the potential for even more growth in a rejuvenated Nigerian oil and gas sector.

Click the link to read more about this deal : https://www.londonstockexchange.com/news-article/SAVE/consolidation-of-stubb-creek-field-interest/16383375