The Shares Purchasing Agreement that Savannah Energy Plc had previously agreed into with PETRONAS to purchase ExxonMobil’s upstream and midstream asset portfolio in Chad and Cameroon has been canceled, according to the company.
The two companies said in a statement that the fulfilment of a few requirements still needed to be met before the planned merger could be completed.
The completion of Savannah’s acquisition of the assets, including operatorship of the upstream assets through the purchase of the existing operator, Esso Exploration and Production Chad Inc., had been previously announced.
Savannah had previously announced that it had signed an SPA with ExxonMobil, with an economic effective date of January 1, 2021, and published its December 31, 2021, Admission Document, which contained information on the ExxonMobil transaction, among other things.