Mirabaud has worked with Savannah for over five years. In July 2014 Mirabaud acted as joint bookrunner in Savannah’s IPO on AIM, successfully raising US$50m to fund the acquisition of exploration acreage in Niger. Over the subsequent years Mirabaud has acted as broker to Savannah, raising a total of US$75m over the course of 2015-16 to double its acreage position and fund exploration activities, including Savannah’s maiden exploration drilling programme. This campaign recorded a remarkable five oil discoveries out of five, and at time of writing Savannah is in the process of developing the discoveries for commercial production.
SEVEN ENERGY RTO
In July 2017 Savannah announced that it was in talks with major Nigerian gas producer Seven Energy with respect to a possible reverse takeover (of Seven by Savannah). In December 2017 Mirabaud, acting as joint bookrunner, successfully raised US$125m of new equity to finance the transaction. The acquisition has transformed Savannah, cementing it firmly into the top ten producers listed in London. Maturing from explorer to producer, Savannah’s financial future has been secured, to the extent that the company has committed to becoming one of the few dividend paying stocks on AIM.