- Savannah Petroleum said final long-form documentation for a restructuring of Seven Energy had been completed and a court date set to facilitate its acquisition of assets from the company.

Savannah Petroleum said the document signing represented the satisfaction of the last material commercial condition precedent in relation to its deal with Seven Energy.

A court hearing had been scheduled for 13 November, at which Seven Energy would request the appointment of administrators in order to effect the transfer of assets to companies controlled by Savannah and AIIM.

'The agreement and signature of the Seven Energy financial restructuring represents a significant milestone in the Seven Energy transaction, and is the trigger for us to move into the pre-agreed transaction completion phase,' chief executive Andrew Knott said.

'I would like to thank all of the stakeholders involved in the financial restructuring, and look forward to continuing to work with them as we advance the Seven assets.'

At 8:31am: [LON:SAVP] Savannah Petroleum Plc share price was +1.8p at 25.5p

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