Savannah Petroleum announced the proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (“Seven”) (the “Transaction”) in December 2017. Good progress continues to be made in relation to satisfaction of the relevant conditions precedent ahead of completion of the Transaction. A summary of the assets being acquired is shown below.
Seven Energy holds a 40% interest in the Uquo Field. The remaining 60% interest is held by Frontier Oil, which is also the operator. The Group is the technical and funding partner to Frontier Oil and acts as the project manager for the Uquo Field’s development.
Universal Energy, a 62.5% owned subsidiary of Seven Energy, has a 51% licence interest, and is the operator of the Stubb Creek Field. Sinopec holds the remaining 49% interest in the Stubb Creek Field.
Seven Energy’s wholly-owned midstream business, Accugas, focuses on sales and marketing, processing and distribution of gas to the domestic Nigerian market through our proprietary major gas processing and distribution infrastructure.
Accugas owns the Uquo Gas Processing Facility, which processes gas from the Uquo and Stubb Creek Fields, and a network of pipelines linking the processing facility to Seven Energy's customers.