LONDON (Alliance News) - Savannah Petroleum PLC on Thursday said it has secured a one year extension to its R1/R2 production sharing contract with the government of Niger.
The oil & gas company said the first phase of its exclusive exploration authorisation under the production sharing contract will now expire in early August 2019.
The second phase of the exclusive exploration authorisation is therefore expected to expire in early August 2021, Savannah Petroleum said, while the third phase will expire in early August 2023.
All other terms of the production sharing contract remain unchanged, the company noted.
"Whilst no firm decisions have been made at this stage, the extension provides us with greater flexibility to plan potential additional 2018 drilling activities, unconstrained by production sharing contract timing issues," said Chief Executive Andrew Knott.
Shares in Savannah Petroleum were trading 2.3% higher at 30.68 pence each on Thursday.
