Savannah Energy confirms that it remains suspended from trading on AIM, with a revised cancellation date of 2 April 2024, whilst it continues to advance the various workstreams, including receipt of in-country approvals, required to complete the acquisition of PETRONAS International Corporation Limited’s energy business in South Sudan. Further updates will be provided as and when appropriate.

PETRONAS’ business involvement in Sudan began in 1995 following an invitation by the Government of Sudan to pursue exploration and development works in its Melut and Muglad Basins. Since then, PETRONAS’ presence in this African nation has expanded in both the upstream and downstream sectors of the country’s oil and gas industry.

In August 2019, a consortium led by CNPC made an oil discovery in South Sudan.

Block 3, located in the north-eastern Upper Nile State, is estimated to contain 300 million barrels of recoverable oil. The exploration well reached a depth of 4,330 feet.

The block is operated by Dar Petroleum Operating Co. (DOPC), a consortium led by CNPC in partnership with Malaysia’s PETRONAS, China’s Sinopec, South Sudan’s Nilepet and Egypt's Tri-Ocean Energy.