SAVP.L Share News (SAVP)

(Sharecast News) - Independent oil and gas company Savannah Petroleum announced on Friday that its Niger subsidiary, Savannah Niger, has submitted a pre-feasibility study to that country's Ministry of Energy and Petroleum in relation to its planned early production scheme on the R3 portion of the R3/R4 production sharing contract area of the Agadem Rift Basin, in South East Niger.The AIM-traded firm said it had undertaken to prepare and submit the pre-feasibility study within 90 days of the signature of its memorandum of understanding with the Republic of Niger, as it announced on 8 August.It said the memorandum affirmed the commitment of Savannah Niger and the Republic of Niger to realise a domestic-focused early production scheme using crude oil resources associated with the company's recent discoveries."The PFS sets out Savannah Niger's plans for the Amdigh-1 well test, resource volumes expected to be developed as part of the EPS and associated potential production profiles, as per the company's announcement of 28 September and as reviewed by Savannah's competent person, CGG Robertson," the Savannah board said in its statement.