Dipo Olowookere
By Dipo Olowookere
The management of Savannah Petroleum Plc has announced the change of name of the company to Savannah Energy Plc.
The rebranding, according to a statement issued by the firm, was done to majorly reflect its asset portfolio and business model development in recent times.
Savannah Energy is a British independent oil and gas company focused around activities in Nigeria and Niger.
As a result of the change, trading in the company’s shares on AIM will commence under the new name Savannah Energy PLC and the company’s ticker will change to SAVE with effect from 8am of Monday, April 20, 2020.
Also, the company’s International Securities Identification Number (ISIN) and the stock exchange daily official list will now be SEDOL.
Savannah Energy is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the company currently provides gas to power stations accounting for over 10 percent of Nigeria’s power generation capacity and operates one of the largest privately-owned gas transportation and distribution system in sub-Saharan Africa.
In Niger, Savannah Energy is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term.
Commenting on the latest development, the Chief Executive Officer of Savannah Energy, Mr Andrew Knott, stated that, “The name change to Savannah Energy is reflective of the asset portfolio and business model development that we have seen over the course of recent years.
Mr Knott added that, “Savannah is now a major supplier of gas for domestic power projects in Nigeria and we expect to be able to strongly grow this business over the course of the coming years in a similar manner to our plans for our business in Niger.”
