Savannah Energy Plc has said it has terminated the Shares Purchasing Agreement it earlier entered into with PETRONAS to acquire ExxonMobil’s upstream and midstream asset portfolio in Chad and Cameroon.
In a statement on Wednesday, the two firms said completion of the proposed acquisition remained subject to satisfaction of certain conditions which were yet to be satisfied.
Savannah had earlier announced the completion of its acquisition of the assets, including operatorship of the upstream assets through the acquisition of the former operator, Esso Exploration and Production Chad Inc.
The announcement followed Savannah’s Tuesday announcement of the signing of a SPA with ExxonMobil, which has an economic effective date of January 1, 2021, and the publication of its December 31, 2021 Admission Document containing details on the ExxonMobil transaction, among other things.
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