Savannah Petroleum PLC Spud of Bushiya-1 Well, Niger (5354J)

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RNS Number : 5354J

Savannah Petroleum PLC

03 April 2018

3 April 2018

Savannah Petroleum PLC

("Savannah" or "The Company")

Spud of Bushiya-1 Well, Niger

Savannah Petroleum PLC is pleased to announce that the first well in its three well drilling campaign, Bushiya-1, was spudded on 31(st) March 2018. Bushiya-1 is located on the R3 portion of the R3/R4 PSC Area in the Agadem Rift Basin, south east Niger.

As previously announced, the 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. Savannah's competent person, CGG Robertson ("CGG"), has assessed total mean unrisked recoverable resources at Bushiya of 36 mmbbls.

The Company has contracted Rig GW-215 from Great Wall Drilling Company Niger SARL ("GWDC") for this campaign. Drilling and logging operations are expected to take c.35-40 days, and the well is planned to be drilled to a total depth of 2,114 metres. Throughout the drilling, the Company plans to log prospective sections, with further logging as required for hydrocarbon bearing sections. In the success case, the well will be suspended for future re-entry and further evaluation, which could include well testing and completion using a dedicated testing/workover rig.

The Company intends to announce the final well results after the end of drilling and logging operations.

Andrew Knott, CEO of Savannah Petroleum, said:

"We are pleased to have commenced our drilling operations at Bushiya-1. This is a significant event for our Company and our stakeholders in Niger. I would like to thank our operations team and our drilling contractor, GWDC, for all of their efforts in achieving this milestone. We look forward to providing an update on Bushiya-1's results over the coming weeks."

 
 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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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