StockMarketWire.com - Savannah Petroleum said authorities in Nigeria had approved the transfer of assets from Seven Energy International to the company.

The consent, offered by president Muhammadu Buhari via the Nigerian Department of Petroleum Resources, was subject to the payment of all transaction-related taxes within 90 days of the receipt of the approval.

It represented the satisfaction of a significant condition precedent for the transaction, Savannah said.

The principal remaining conditions related to the execution of long-form documentation for the Accugas debt restructuring and the 'frontier swap', it added.

'The receipt of consent in relation to the Seven Energy transaction is a significant milestone for Savannah,' chief executive Andrew Knott said.




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