Africa-focussed Savannah Energy has entered into a share purchase agreement with Petronas International, it announced on Monday, to acquire Petronas’ entire oil and gas business in South Sudan through the acquisition of Petronas Carigali Nile (PCNL) for up to $1.25bn in cash.
The AIM-traded firm said it expected to finance the consideration through a combination of the enlarged group’s available cash resources and debt.
It said it remained…