Savannah Petroleum has received ministerial consent for the transfer of Seven Assets (SEILs entire interests in Seven Uquo Gas, Universal Energy Resources and Accugas) to Savannah or any of its subsidiary companies. The Consent is subject to the payment of all taxes due in relation to the Seven Energy Transaction (the ‘transaction) within 90 days of the receipt of the approval letter conveying the Consent.
The receipt of the Consent represents the satisfaction of a significant condition precedent for the transaction. The outstanding conditions precedent at the moment is the execution of long-form documentation in relation to the Accugas debt restructuring and the Frontier Swap, following which the transaction completion process will commence.
