Savannah Energy PLC, the British independent energy company focused around the delivery
of Projects that Matter, notes the Decree issued by the President of the Republic of Chad dated 23
March 2023, nationalising Savannah Chad Inc’s (“SCI”) (formerly Esso Exploration and Production Chad
Inc ("EEPCI”)) upstream production assets in Chad. On 9 December 2022 Savannah Energy Chad
Limited completed the acquisition of EEPCI. The actions of the Republic of Chad are in direct breach of
the Conventions to which SCI and the Republic of Chad are, amongst others, party.
This Presidential Decree has been issued by the Republic of Chad, notwithstanding the fact that under
SCI’s operatorship the historic production decline was immediately reversed, with daily production
averaging 29,349 barrels per day since 9 December 2022, an increase of c.9% as against the equivalent
period prior to Savannah taking control of SCI. Savannah had also initiated plans to significantly increase
production further through an active investment programme.
The Conventions are subject to the jurisdiction of an ICC tribunal, seated in Paris and the Company
intends to pursue all of its legal rights.
Savannah remains committed to delivering Projects that Matter in Africa and expects to provide
further updates in due course.