Savannah Strikes Nigerian Gas Sales Deal
Feb 5, 2021 9:00:am
Summary
by: Joe Murphy
West Africa-focused Savannah Energy has signed an agreement to sell gas from its majority-owned Uquo field in Nigeria to Egypt s Mulak Energy, for compression and subsequent .
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Customer Benefits include 40% Saving in Energy Costs and 30% Reduction in Carbon Footprint[1] Savannah Energy PLC ( Savannah or the Company ), the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce that its Accugas subsidiary has entered into a new gas sales agreement ( GSA ) with Mulak Energy Limited ( Mulak ). The GSA is initially for a seven-year term. It envisages the supply of gas produced by Savannah s majority-owned Uquo field for an initial two-year period on an interruptible basis (the Interruptible Gas Delivery Period ) and the subsequent five years on a firm contract basis (the Firm Delivery Period ). During the Interruptible Gas Delivery Period, Mulak is able to nominate a maximum daily quantity of up to 2.5 MMscfpd. Volumes in the Firm Delivery Period will be agreed by the parties before the end of the Interruptible Gas Deliv
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company s obligations under Article 17 of those Regulations.
Savannah Energy PLC is an AIM market listed African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, with a focus on delivering material long term returns for stakeholders. In Nigeria, the Company has controlling interests in the cash flow generative Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South East Nigeria, which provides gas contributing to over 10% of Nigeria s daily national average power generation. In Niger, the Company has interests in two large PSC areas located in the highly oil prolific Agadem Rift Basin of South East Niger, where the Company has made five