Savannah Energy follows Chad deal with South Sudan acquisition

LONDON : London-listed Savannah Energy has agreed to buy producing oil fields in South Sudan from Malaysia's state energy firm Petronas for up to $1.25 billion, it said on Monday.

Other shareholders in the South Sudan fields, which have a gross output of 153,000 barrels per day, include China's CNPC and Sinopec, India's ONGC and Nilepet, the national oil company of South Sudan. The deal, which still needs shareholder and regulatory approval, constitutes a reverse takeover because the assets are bigger than the company acquiring them.

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