Savannah Petroleum PLC Submission of EPS Pre-Feasibility Study (2544F)
26 October 2018 - 5:00PM
UK Regulatory
TIDMSAVP
RNS Number : 2544F
Savannah Petroleum PLC
26 October 2018
26 October 2018
Savannah Petroleum PLC
("Savannah" or "the Company")
Submission of Early Production Scheme Pre-Feasibility Study
Savannah Petroleum PLC, the British independent oil and gas
company focused around oil and gas activities in Niger and Nigeria,
is pleased to announce that its Niger subsidiary ("Savannah Niger")
has submitted a pre-feasibility study ("PFS") to the Ministry of
Energy and Petroleum in Niger in relation to its planned early
production scheme ("EPS") on the R3 portion of the R3/R4 Production
Sharing Contract area of the Agadem Rift Basin ("ARB") of South
East Niger.
Savannah Niger undertook to prepare and submit the PFS within 90
days of the signature of its Memorandum of Understanding ("MOU")
with the Republic of Niger, as announced on 8 August 2018. The MOU
affirms the commitment of Savannah Niger and the Republic of Niger
to realise a domestic-focused EPS using crude oil resources
associated with the Company's recent discoveries. The PFS sets out
Savannah Niger's plans for the Amdigh-1 well test, resource volumes
expected to be developed as part of the EPS and associated
potential production profiles, as per the Company's announcement of
28 September 2018 and as reviewed by Savannah's Competent Person,
CGG Robertson.
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Ross, VP Corporate Affairs
Strand Hanson (Nominated Adviser) +44 (0) 20 7409 3494
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker) +44 (0) 20 7878 3362
Peter Krens
Ed Haig-Thomas
Hannam & Partners (Joint Broker) +44 (0) 20 7907 8500
Neil Passmore
Alejandro Demichelis
Hamish Clegg
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.
Notes to Editors:
About Savannah Petroleum
Savannah Petroleum PLC is an AIM listed oil and gas company with
exploration and production assets in Niger and Nigeria. Savannah's
flagship assets include the R1/R2 and R3/R4 PSCs, which cover c.50%
of the highly prospective Agadem Rift Basin ("ARB") of South East
Niger, acquired in 2014/15. The Company is also in the process of
acquiring interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and a 20% interest in the Accugas
midstream business in South East Nigeria from Seven Energy.
Further information on Savannah Petroleum PLC can be found on
the Company's website:
http://www.savannah-petroleum.com/en/index.php
About the Agadem Rift Basin
The Agadem Rift Basin is located in South East Niger and covers
an area of approximately 30,000 km(2) in size located in South East
Niger. In the modern era, China National Petroleum Corporation
("CNPC") has made 97 discoveries from the last 127 exploration
wells with the principal discovered geological play being a
relatively shallow Eocene Sokor Alternances tilted fault light oil
block play. The basin has been in production since 2011 following a
first phase of development of the Agadem PSC area (which is
adjacent to Savannah permit areas) by a CNPC-led joint venture.
Despite the high success rate seen in the ARB to date, Savannah
believes the basin to have been relatively lightly explored, both
in terms of overall activity levels and stratigraphic horizons
which have been targeted. Further exploration activity in the basin
is aided by the very large geological dataset managed by the
Niger's Ministry of Energy & Petroleum which comprises c.12,000
km(2) of modern 3D seismic, c.30,000 km of 2D seismic and over 250
well data suites.
About Savannah's ARB Project
Savannah's Niger project consists of two PSC areas (R1/R2 and
R3/R4) which together cover an area of 13,655 km(2) . Across these
permit areas, Savannah has mapped 126 un-drilled exploration
prospects and leads.
Following an extensive period of geological data acquisition and
evaluation, Savannah commenced its maiden drilling program with the
spud of the Bushiya-1 well in March 2018. The initial focus of this
program was the R3 East area, with all five wells drilled to date
by the Company (Bushiya-1, Amdigh-1, Kunama-1, Eridal-1 and Zomo-1)
having resulted in oil discoveries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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