A British firm, Savannah Petroleum Plc, has announced the completion of the acquisition of Seven Energy International Limited, a Nigerian oil and gas exploration, development, production and distribution group.
The firm’s announcement comes after several defaults on its debt-servicing obligations.
According to the statement, the British firm now owns 80 per cent interests in Seven Uquo Gas Limited, which in turn holds 40 per cent participating interests in the Uquo field located in South-East Nigeria.
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The firm also acquired 80 per cent interests in the Accugas midstream business, comprising the 200 million standard cubic feet per day Uquo gas processing facility.
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