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Thursday, September 21, 2017
Savannah Petroleum updated its operations in Niger in its interim results for H1 2017. The company saw the safe and successful completion of an 806-sq km seismic survey over a portion of the R3 PSC Area (‘R3 East’). The survey was completed $1.2 million under budget and ahead of schedule.
The company saw the signature of a rig and other ancillary drilling service contracts with Great Wall Drilling Company Niger SARL for Rig GWDC 215, with a three firm well campaign confirmed and including options for a further six wells which can be exercised individually at Savannah’s discretion. Confirmation of the focus of Savannah’s initial drilling campaign to be the R3 PSC Area, with the Bushiya and Amdigh prospects to be the first two wells, followed by either Kunama or Eridal, all located within the R3 East 3D seismic area.
Savannah has identified six further potential drilling targets, located in the R1 Dinga 3D and R3 Central 2D areas.
Moving forward on its drilling campaign plans, the company saw the construction of a logistics camp and pipe yard to be used throughout until drilling operations are completed, with all equipment for the campaign now mobilized to the camp.
Savannah entered into a binding exclusivity agreement with Seven Energy International, in relation to the potential acquisition of substantially all of its oil and gas assets in June. If completed on the currently envisaged terms, the Proposed Transaction would be classified as a reverse takeover in accordance with the AIM Rules for Companies. As such, the company’s shares were suspended from trading in June 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.
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