Niger/Nigeria: Savannah plans $250m placing

Savannah Petroleum has announced plans to raise up to $250m through a share placing with institutional investors to fund the acquisition of Seven Energy’s assets and the expansion of its planned exploration drilling in Niger from three to five wells. London-based Savannah will acquire an interest in the producing Uquo and Stubb Creek oil and gas fields in the south-east Niger Delta and 20% in Seven’s Accugas midstream gas processing business for about $270m.