Savannah Petroleum PLC Submission of R3 East Feasibility Study (3689T)
March 20 2019 - 3:00AM
UK Regulatory
TIDMSAVP
RNS Number : 3689T
Savannah Petroleum PLC
20 March 2019
20 March 2019
Savannah Petroleum PLC
("Savannah" or "the Company")
Submission of R3 East Feasibility Study
Savannah Petroleum PLC, the British independent oil & gas
company focused around activities in Niger and Nigeria, is pleased
to announce that its Niger subsidiary ("Savannah Niger") has
submitted a feasibility study (the "Feasibility Study") to the
Ministry of Energy and Petroleum in Niger in relation to its
planned early production scheme ("EPS") and development proposal on
the R3 East portion of the R3/R4 Production Sharing Contract area
of the Agadem Rift Basin ("ARB") of South East Niger.
The Feasibility Study documents Savannah's plans to develop the
resources discovered during Savannah's 2018 drilling campaign,
which delivered five discoveries from five exploration wells. The
EPS is expected to be located on the Amdigh field and is planned to
be domestic-focused, with oil produced as part of the EPS expected
to be sold at the Société de Raffinage de Zinder ("SORAZ") refinery
(connected to the ARB via the third-party owned Agadem-Zinder
pipeline).
Early production from the Company's planned well test on the
Amdigh-1 discovery (the first phase of the EPS, planned to be
carried out in mid-2019) is expected to be transported via truck to
the Agadem-Zinder pipeline tie-in point and, per Savannah's RNS
dated 28 September 2018, is anticipated to deliver production of
c.1kbd. Following evaluation of results from the Amdigh-1 well
test, the Company intends to submit an addendum to the Feasibility
Study which will reflect the relevant technical data from the well
test campaign into the planned development scheme. The planned
second phase of the Company's EPS continues to envisage a ramp-up
of production to c.5kbd, associated with the construction of a
pipeline from the Amdigh development area to the Agadem-Zinder
pipeline tie-in point.
Andrew Knott, CEO of Savannah Petroleum plc, commented:
"We are very pleased to have submitted our Feasibility Study in
relation to our planned R3 East EPS in Niger. The Feasibility Study
is a key marker along the way to us bringing our R3 East
discoveries into production, and a further endorsement of our
commitment to further developing Niger's oil industry.
We look forward to continuing to collaborate closely with the
Ministry of Energy and Petroleum in Niger as we finalise plans for
our upcoming well test on Amdigh-1, as well as for our next phase
of exploration drilling."
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
Ollie Mills
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 in the process of
acquiring interests in the cash flow generative Uquo and Stubb
Creek oil and gas fields and an 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
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END
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