LONDON (Alliance News) - Savannah Petroleum PLC said Friday that the exploration of Zomo-1 well, in south-east Niger, resulted in an oil discovery.
Preliminary results from the well indicate a total of 5.4 metres of net oil-bearing reservoir sandstones in the E1 reservoir unit within the primary Eocene Sokor Alternances objective, the company explained.
"Additional pay is thought to potentially exist in the well, but will require further technical evaluation and or testing to confirm," the company explained.
Following the successful results, the company's unit Savannah Niger decided to commission pre-stack depth migration processing of the R3 east 3D seismic dataset.
The processing will provide the firm with "a significantly enhanced definition of the oil pay zones at the crests of each of the discoveries", Savannah explained.
The company said: "Given the importance of these workstreams for the next phase of drilling activity in the R3 east and R3 central areas, Savannah Niger has decided to conclude its maiden exploration campaign following the completion of operations at Zomo-1.
"A new drilling campaign is expected to commence in early 2019, initially focusing on the R3 east and R3 central areas, before likely proceeding to the R1 Dinga 3D area and, potentially, the R2 Dinga ridge area."
Savannah shares were trading up 0.9% at 33.50 pence each.