Savannah Energy Terminates SPA for PETRONAS’ Chad and Cameroon portfolio

Savannah has announced the completion of the proposed acquisition of PETRONAS’
upstream and midstream asset portfolio in Chad and Cameroon that remained subject to the satisfaction of certain conditions precedent which have not yet been satisfied with both companies having mutually agreed to terminate the SPA with immediate effect

In Chad the SPA included the transfer of PCCEPI’s shares and interests in PETRONAS Carigali Chad (EP) Inc., DOBA Pipeline Investment Inc. (a shareholder in both Tchad Oil Transportation Company and Cameroon Oil Transportation Company), and PETRONAS Chad Marketing Inc, to Savannah Energy Chad Limited.

Meanwhile, Savannah Energy says Savannah’s acquisition of ExxonMobil’s interest in the
Doba fields and the TOTCO Pipeline completed on 9 December 2022 was conducted in full conformity with the requirements of the governing documents and the applicable law