Savannah Petroleum provides more funding to takeover target Seven Energy

Savannah Petroleum said it had agreed to provide further funding of up to $28m to Seven Energy International as it attempts to seal a takeover of the company.

The financing would be provided by way of an increase in the size of an existing revolving credit facility.

Advisory fees incurred by Seven were expected to be paid with the increased funding.

'Good progress continues to be made in relation to the remaining transaction workstreams, including, inter alia, the receipt of ministerial consent,' Savannah said.

'The company continues to expect that the transaction will complete during the first quarter 2019.'

At 9:53am: (LON:SAVP) Savannah Petroleum Plc share price was +0.1p at 26.5p