Savannah Energy Plc, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, says it is in advanced exclusive discussions with ExxonMobil Corporation to acquire its entire upstream and midstream asset portfolio in Chad and Cameroon.

The Proposed Acquisition would include a 40% operated interests in the Doba Oil Project, and about 40% interest in the Chad-Cameroon oil transportation pipeline.

According to a statement by Savannah Energy, in 2020 the Doba Oil Project produced an average gross 33.7 Kbopd, while the Chad-Cameroon pipeline transported a gross 129.2 Kbopd.

Upon completion on the currently proposed terms, the planned acquisition would be classified as a reverse takeover transaction in accordance with the AIM Rule 14, following which the company has requested that its ordinary shares be suspended from trading on AIM with immediate effect. This will remain so, pending publication of an AIM admission document setting out, among others, details of the proposed acquisition, or confirmation is provided that discussions around the Proposed Acquisition have been terminated.

“There can be no assurance that agreement between the parties will be reached on mutually acceptable terms and that the Proposed Acquisition will complete. The Company will update shareholders as to progress made in relation to the Proposed Acquisition as appropriate,” the statement added.