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Savannah Petroleum confirms it intends to raise up to $125M through placing Wednesday, December 20, 2017 12:32:30 PM (GMT)
The use of proceeds for the placing remains as previously described by Savannah, as adjusted for:
The additional share consideration to be paid to holders of the SSNs and Seven's second bilateral facility (reducing cash requirements by c$50M)
Changes to the proposed Niger work programme, including the removal of the acquisition of 3D seismic and a reduction in the number of wells to be drilled in 2018 from five to three; and
Working capital optimisation
Savannah confirms that there is not expected to be any impact on its previously announced dividend plans, the expected CPR asset cash flow generation profile following completion of the Agreed Transaction or the Enlarged Group's planned H1 2018 activities
Update regarding Seven Energy transaction:
consideration of $42.5M in cash (previously $87.5M) and $109.5M in new Ordinary Shares (previously $52.5M) will now be paid to the holders of the SSNs
the lender of the second bilateral facility will receive consideration of $3.5M in cash (previously $7.3M) and $9.2M in new Ordinary Shares (previously $4.4M)
$20M new capital contribution from the SSNs will be exchanged for a new $26.7M Savannah share issuance (previously $25M)
Industries: Oil & Gas Exploration & Production Primary Identifiers: SAVP-GB Related Identifiers: SAVP-GB Subjects: Mergers and Acquisitions, M&A Other Announcements, Secondaries, Syndicate Related Stories: