By G9ija
The proposed marriage between Savannah Energy and PETRONAS Chad and Cameroon which would have the seen the former acquire the later has hit the rocks.
A statement from Communications Manager, Savannah Energy, Okwudili Onyia, cited that condition precedent to the execution of the share purchase agreement have not been met.
According to Onyia, “Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to terminate the SPA with immediate effect.”
The full text of the statement reads, “On 13 December 2021, Savannah announced that it had entered into a Share Purchase Agreement (“SPA”) with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS”) to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon. Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to terminate the SPA with immediate effect.”
