Savannah Petroleum PLC Corporate & Niger Operational Update (5143P)
01 September 2017 - 4:00PM
UK Regulatory
TIDMSAVP
RNS Number : 5143P
Savannah Petroleum PLC
01 September 2017
1 September 2017
Savannah Petroleum PLC
("Savannah" or the "Company")
Corporate & Niger Operational Update
On 8 June 2017, Savannah announced that it had entered into a
binding exclusivity agreement with Seven Energy International
Limited in relation to the potential acquisition of substantially
all of its oil and gas assets in Nigeria (the "Proposed
Transaction"). The Company confirms that discussions around the
Proposed Transaction are continuing, and looks forward to providing
further updates in due course. Accordingly, the Company's shares
remain suspended from trading on AIM and will remain so until
either the publication of an admission document setting out, inter
alia, details of the Proposed Transaction or until confirmation is
given that these discussions have ceased.
The Company is also pleased to confirm that operations in Niger
continue to progress ahead of the forthcoming three well drilling
campaign in the Agadem basin, with all equipment and a security
team for the programme now mobilised to the Company's newly
constructed Jaouro base camp. Savannah has now decided to commence
drilling of the Bushiya exploration well once the Company's shares
are readmitted to trading.
As anticipated, Savannah took delivery of the final pre-stacked
time migrated ("PSTM") dataset for the R3 East 3D seismic survey in
early July. The data is considered to be of excellent quality and
have met the Company's key objectives of enhancing seismic imaging
of the Eocene Upper Sokor and Alternances plays, and providing
better definition of deeper prospective Cretaceous structures. As
part of the Proposed Transaction, the Company intends to publish an
updated CPR on its Niger assets, which will incorporate this
work.
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Jessica Hostage, Corporate
Communications
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy
James Spinney
Ritchie Balmer
Hannam & Partners (Financial
Adviser)
Neil Passmore
Chris Byrne
Sam Merlin +44 (0) 20 7907 8500
Mirabaud (Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Rory Scott
Stifel Nicolaus Europe Limited
(Joint Broker) +44 (0) 20 7710 7600
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
Celicourt Communications +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No. 596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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