26 May 2023
We are developing the up to 95 MW Bini a Warak hybrid hydroelectric and solar project and own a 41.06%1 financial interest in the Cameroon Export Transportation System
Our assets
COTCo
Savannah has a 41.06%1 indirect equity interest in COTCo, which owns and operates the Cameroon Export Transportation System, comprising the Cameroon export pipeline, the Kome Kribi 1 floating storage and offloading unit (“FSO”) and related infrastructure.
250 Kbopd
COTCo pipeline capacity.
2.2 MMstb
COTCo FSO nameplate storage capacity.
903 km
Length of COTCo oil export pipeline.
1. In April 2023, Savannah's wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), signed a Share Purchase Agreement with the national oil company of Cameroon, Société Nationale Des Hydrocarbures (“SNH”) for the sale of 10% of the issued share capital in COTCo. Completion of the transfer of the shares from SMIL to SNH will result in SMIL's shareholding in COTCo reducing from 41.06% to 31.06%. Completion can only occur upon satisfaction of certain conditions precedent related to amendments to the Articles of Association of COTCo. During the second half of 2023, in an attempt to take control of and deprive SMIL of its equity ownership, governance and operational rights in COTCo, the Republic of Chad, SHT Overseas Petroleum (Cameroon) Limited (“SHT”), COTCo and certain other shareholders of COTCo took a number of actions in breach of the Articles of Association of COTCo, the Services Agreement between COTCo and SMIL, and Cameroonian law. SMIL has commenced arbitral and other legal proceedings against COTCo, the Republic of Chad, SHT Overseas Petroleum (Cameroon) Limited and the other shareholders of COTCo to seek full compensation for the loss that it has and may suffer as a result of such actions.
