Savannah Energy, a British independent energy company, has announced the termination of its Share Purchase Agreement (SPA), with PETRONAS International Corporation Limited to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon.
The energy company had on Tuesday, 13 December, announced the SPA for the acquisition of PETRONAS’ asset portfolio in Cameroon and Chad.
However, a statement released on Wednesday, disclosed that both companies Savannah Energy and PETRONAS) have agreed to mutually terminate the SPA as some conditions have not been fulfilled.
The statement reads, “On 13 December 2021, Savannah announced that it had entered into a Share Purchase Agreement (“SPA”) with PETRONAS (E&P) Overseas Ventures SDN. BHD. (“PETRONAS”) to acquire PETRONAS’ upstream and midstream asset portfolio in Chad and Cameroon.
“Completion of the proposed acquisition remained subject to satisfaction of certain conditions precedent which have not yet been satisfied, and Savannah and PETRONAS have, therefore, mutually agreed to terminate the SPA with immediate effect.”
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