• Monday, May 20, 2024
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Savannah Petroleum changes name to Savannah Energy

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Savannah Petroleum plc, the British independent oil and gas company focused around activities in Nigeria and Niger, has changed its name to Savannah Energy plc.

“The name change to Savannah Energy is reflective of the asset portfolio and business model development that we have seen over the course of recent years,” Andrew Knott, CEO of Savannah Energy, said.

“Savannah is now a major supplier of gas for domestic power projects in Nigeria and we expect to be able to strongly grow this business over the course of the coming years in a similar manner to our plans for our business in Niger,” he said.”

The change of name reflects the company’s increasingly diversified asset portfolio. Savannah is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the company currently provides gas to power stations accounting for over 10% of Nigeria’s power generation capacity and operates one of the largest privately-owned gas transportation and distribution system in sub-Saharan Africa.

Read Also: Savannah Energy records $17.8m 2019 maiden revenues

In Niger, Savannah is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term.

Trading in the company’s shares on AIM will commence under the new name Savannah Energy and the company’s ticker will change to ‘SAVE’ with effect from 8 am Monday, April 20, 2020. The company’s International Securities Identification Number (ISIN) and The stock exchange daily official list (SEDOL) will remain unchanged.