A British company, Savannah Energy PLC, announced, yesterday, that it has acquired 100 per cent of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC) and Jagal Ventures Limited.
A British company, Savannah Energy PLC, announced, yesterday, that it has acquired 100 per cent of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited and Jagal Ventures Limited.
Savannah, in a release, also disclosed that it has published an updated competent persons report compiled by CGG Services Ltd, covering its assets in Nigeria. The Jagal SPA will see Savannah Energy SC Limited acquire a 25 per cent equity interest in SIPEC for cash consideration of $7.5 million, payable on completion, plus $2 million in deferred cash consideration payable in eight equal quarterly installments post-completion.
SIPEC oil production is estimated at an average for 2024 of 1,400 barrels per day. Savannah’s Reserve and Resource base will increase by approximately 46 MMboe following the completion of the SIPEC Acquisition. Zenith Bank Plc has announced the appointment of Dame Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria . She takes over from Dr. Ebenezer Onyeagwu, whose five-year term expires on May 31, 2024, after a very successful tenure. Dame…
A professor of applied economics at Johns Hopkins University, Steve Hanke, has joined scores of tech professionals calling for the release of two Binance executives detailed by Nigeria after it restricted access to several crypto platforms including Binance.
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