Savannah Petroleum PLC Niger Operational Update (3385H)
March 12 2018 - 3:00AM
UK Regulatory
TIDMSAVP
RNS Number : 3385H
Savannah Petroleum PLC
12 March 2018
12 March 2018
Savannah Petroleum PLC
("Savannah" or "The Company")
Niger Operational Update
Savannah Petroleum PLC is this morning pleased to provide an
update on its operations in Niger, ahead of the commencement of its
three well drilling campaign on the R3 portion of the R3/R4 PSC
Area in the Agadem Basin, south east Niger.
Operational Update
The construction of the Bushiya well pad, the first well in the
Company's campaign, has been completed. The well site is now fully
manned and operational, with over 100 personnel on site, including
Great Wall Drilling Company Niger SARL rig crew and Savannah
drilling supervisors.
Rig GWDC 215 is on location at Bushiya, with preparations for
spud underway. Drilling continues to be on track to commence by the
end of March 2018. A selection of photographs of Savannah's
operations at Bushiya has been uploaded to the Company's website at
http://www.savannah-petroleum.com/en/gallery.php.
In preparation for the rest of the drilling campaign, well pad
construction for the second well, Amdigh, is over twenty per cent.
progressed. Civil work operations at the site are expected to be
complete by the end of March 2018, at which point the Company's
contractors will commence work at the Kunama site. Further updates
will be provided in due course.
Drilling Campaign
As previously announced, Savannah's drilling campaign is
intended to target three prospects on the R3 portion of the R3/R4
PSC Area: Bushiya, Amdigh and Kunama (all defined on 3D
seismic).
Savannah's competent person, CGG Robertson ("CGG"), has assessed
total mean unrisked recoverable resources across the three targets
at 110 mmbbls (a simple arithmetic sum of the three targets). Each
well is designed to evaluate potential oil pay in the Eocene Sokor
Alternances as the primary target, with the secondary target of
potential oil pay in the Eocene-Oligocene Upper Sokor being
considered as upside.
Initial Drilling Campaign Planned Targets
Alternances Upper Sokor Total Unrisked
Unrisked Mean Unrisked Mean Mean Recoverable
Recoverable Recoverable Resources,
Resources, Resources, mmbbls
mmbbls mmbbls
--------- --------------- --------------- ------------------
Bushiya 28 38 36
--------- --------------- --------------- ------------------
Amdigh 33 25 39
--------- --------------- --------------- ------------------
Kunama 24 78 35
--------- --------------- --------------- ------------------
Total 85 141 110
--------- --------------- --------------- ------------------
Note that total target volumes are "risked additions" of the
recoverable resources from all potential reservoirs within each
target. A "risked addition" is a probabilistic summation of the
volumes expected at each prospective level in a target, and takes
into account their respective geological chances of success.
"Risked Addition" volumes do not equal a simple arithmetic sum, as
the individual reservoir layers are believed to behave
independently, such that an exploration success in one does not
imply that all will be successful (and vice versa).
Each prospect is anticipated to take c.30-35 days to drill, and
there will be a rig move of c.10-15 days between each well.
Throughout the drilling, the Company plans to log prospective
sections, with further logging as required for hydrocarbon bearing
sections. Wells will be suspended in the success case for re-entry
and further evaluation, which would include well testing and
completion using a smaller, cheaper and dedicated testing or
workover rig.
Andrew Knott, CEO of Savannah Petroleum, said:
"We are delighted to be on the cusp of commencing our maiden
drilling operations in Niger, which represents the culmination of
thousands of man-hours of technical and operational work. The
drilling campaign has the potential to be transformational for both
Savannah and the local communities in which we are operating. I
look forward to sharing further news and updates on this campaign
as we move into an operationally busy period for our Company."
For further information contact:
Savannah Petroleum +44 (0) 20 3817 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Jessica Hostage, 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
Sam Merlin
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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