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Glad Tidings! Savannah Petroleum Plans To Buy Seven Energy

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Glad Tidings! Savannah Petroleum Plans To Buy Seven Energy

Glad Tidings! Savannah Petroleum Plans To Buy Seven Energy
October 03
08:25 2017

Seven Energy, the Nigerian exploration and production firm also active in gas distribution, is counting more than ever on a happy ending to its negotiations with junior Savannah Petroleum. Savannah, which is active in the Agadem basin of Niger, has shown interest in purchasing Seven Energy’s permits OML 4, 38 and 41, and OPL 905, 907 and 917.

For over a year, Seven Energy’s output at these blocks has dwindled to almost nothing due to the protracted closure of the Forcados terminal following attacks from armed groups in the region. The company’s finances have been battered by exchange rates.

Its clients pay for their gas in local nairas which Seven Energy needs to then convert into dollars. The company has been headed since March by Indian national Manish Maheshwari, a former Essar Oil executive (AEI 791). For its part, Savannah is looking for funds to buy Seven Energy’s blocks (AEI 797).

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