UPDATE: Investors Cut Savannah Petroleum Stakes As Production Grows (ALLISS)

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LONDON (Alliance News) - Savannah Petroleum PLC said on Tuesday three asset managers reduced their stakes in the oil and gas company in transactions last Friday.

Asset manager FIL Ltd - part of the Fidelity Investments group of companies - cut its stake to below the 5% notifiable threshold from its 7.3% stake prior.

FTSE 100-listed insurer and asset manager Standard Life Aberdeen PLC cut its stake to 4.9% or 40.0 million shares. Prior to the the transaction, Standard Life Aberdeen held an 8.3% stake.

Peer Legal & General Group PLC also cut its stake to below the 5% notifiable threshold after a transaction also last Friday. Prior to the transaction, Legal & General held a 6.6% stake in the firm.

The transactions came the same day Savannah said production levels continue to increase at its oil assets. Total net production in January rose to 17,200 barrels of oil equivalent per day. This was 7.5% higher than the 16,100 boepd in December and 23% higher than the 14,000 boepd in November.

Shares in Savannah closed 4.9% higher at 6.40 pence on Tuesday.

By Evelina Grecenko; [email protected]; updated by Ahren Lester; [email protected]

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