Savannah Petroleum PLC, the British independent energy company focused around activities in Nigeria and Niger, has announced that it is changing its name to Savannah Energy PLC.
According to a press statement made available to Marine & Petroleum Nigeria, the change of name reflects the company’s increasingly diversified asset portfolio.
It said that “Savannah is now a leading energy producer in Nigeria and, via its controlling interest in the Accugas midstream business, the Company currently provides gas to power stations accounting for over 10% of Nigeria’s power generation capacity and operates one of the largest privately-owned gas transportation and distribution systems in sub-Saharan Africa.”
In Niger, Savannah is focused on developing its flagship assets in the prolific Agadem Rift Basin, with plans to deliver first oil in the near term.
The statement further clarified that trading in the company’s shares on AIM will commence under the new name Savannah Energy PLC and the company’s ticker will change to ‘SAVE’ with effect from 8am Monday 20 April 2020. The Company’s ISIN and SEDOL will remain unchanged.
While assuring shareholders that their holdings will be unaffected by the change of name, Andrew Knott, CEO of Savannah Energy, said: “The name change to Savannah Energy is reflective of the asset portfolio and business model development that we have seen over the course of recent years. Savannah is now a major supplier of gas for domestic power projects in Nigeria and we expect to be able to strongly grow this business over the course of the coming years in a similar manner to our plans for our business in Niger.”