Seven Energy, a Nigerian oil and gas operator, restructures its debt in anticipation of sale to Savannah Petroleum Plc
Clients Seven Energy International Limited
Jones Day advised the board of directors of Seven Energy as they entered into a lock-up agreement to restructure multiple tranches of debt amounting to $900 million in anticipation of a sale of certain oil and gas assets located in Nigeria to Savannah Petroleum Plc, a UK-based oil and gas exploration and development company. The transaction will be implemented by a consent solicitation or scheme of arrangement.
Seven Energy is the leading integrated gas company in southeast Nigeria, with upstream oil and gas interests in the region and a midstream gas processing and pipeline infrastructure for distribution of gas and crude oil.