On 15 November 2017, the UK-based company Savannah Petroleum plc (Savannah) informed that it has signed a lock-up agreement regarding a USD 140 MM acquisition of Nigerian assets from Seven Energy International Ltd (Seven). Upon finalization of the deal (expected in Q2 2018), Savannah will acquire Sevenâs working interests in two marginal fields located southeastern Niger Delta. Savannah will own 40% in Frontier Oil-operated Uquo oil and gas field, as well as 31.875% in Universal Energy Resources (UER) -operated Stubb Creek oil field (Seven had 62.5% in UER so far). Savannah will also acquire a stake in the 260 km Accugas gasline and associated infrastructure. The deal is worth USD 87.5 MM cash and USD 52.5 MM shares, implying a possible new share issue. A lock-up agreement is understood to be binding contract prohibiting both parties from selling any shares of stock for a specified period of time. Lock-up periods typically last 180 days but can last for as little as 120 days or as long as 365 days. As of late 2017, Savannah was an E&P company active only in Niger, where it expects to spud the first of three exploration wells as soon as the company shares are back to the trading market (end of lock-up agreement). The well was initially planned to be spudded in August 2017 in the Block R3 (East area).Â  Â 
Nigeria (Niger Delta) (It's a petroleum rights. Please summarize by yourself). In IHS database: Stubb Creek op. by UNIV EN RS (60.0%, SINOPEC 40.0%) to be check.Uquo op. by FRONTIER L (100.0%) to be check.