The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
All - please see below a link to a Vox Markets interview with Andrew Knott, CEO of Savannah Petroleum. Andrew's section starts at 1:20.
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See below an article that just went up on Upstream. Full piece can be found at:
http://www.upstreamonline.com/live/1599439/savannah-makes-fifth-niger-find
Upstream
Savannah makes fifth Niger find
By Josh Lewis
5 October 2018
Latest exploration well recovers light oil as drilling campaign wraps up
British independent Savannah Petroleum has made its fifth consecutive discovery in Niger with an exploration well on the Zomo prospect in the R3 portion of the R3/R4 production sharing contract area.
Savannah Petroleum (SAVP LN) - Discovery at Zomo – that’s 5/5
Savannah Petroleum has announced an oil discovery at the Zomo-1 exploration well. Zomo-1 is the fifth consecutive discovery to be made in exploration campaign in the R3 portion of the R3/R4 PSC Area in the Agadem Rift Basin South East Niger. Preliminary results indicate that the well has encountered a total estimated 5.4m of net oil-bearing reservoir sandstones in the E1 reservoir unit within the primary Eocene Sokor Alternances objective. Additional pay is thought to potentially exist in the well but will require further technical evaluation to confirm. Wireline logs indicate the reservoir properties to be good quality and the available data indicates light oil consistent with Savannah’s discoveries to date, and in line with offset wells and the depth/API trend observed across the basin. Oil samples have been taken and returned to surface using wireline testing equipment.
The Zomo well was a low risk prospect similar to the existing discoveries. The high-risk, but unlikely upside case, was that it is one very large structure connected to Amdigh and this has not proven to be the case – and while 5.4m of net pay is the lowest of the discoveries made to date (see Table 1) it is additive to our Core + Development NAV of 63p/sh. In our recently published NAV we carried 4p unrisked for the well with 2p risked and compares to the 11.5p/share value we carry for the R3/R4 risked early production system. As Savannah moves towards de-risking Niger, from both a geological and commercial perspective, we can see upside to 17p of value not including exploration.
SAVANNAH PETROLEUM – FIVE FROM FIVE
Savannah Petroleum (SAVP LN) has announced a fifth successive oil discovery in Niger at the Zomo-1 exploration well, adding to the estimated 40-60 mmbbls of oil already discovered in the group's maiden drilling campaign so far. The well encountered 5.4m of net oil pay in the E1 reservoir unit of the primary Eocene Sokor Alternances objective, plus a potential further pay zone that will require flow testing/further evaluation to confirm. Like the previous finds in the R3 East area, the well data confirms the presence of mobile light oil in good quality reservoir sands, suggesting Zomo-1 will be a future producer and part of the forthcoming early production hub. In terms of resource volumes, the thickness of the pay zone implies Zomo-1 may be relatively modest in size (aggregate net pay in other discovery wells ranges from 9-20m), although we understand that in an upside case, where the additional potential pay zone comes in, the structure could be larger and possibly even connected to Amdigh-1 to the north.
Alongside the well results, SAVP also provided an update on its future exploration plans. Having sunk five successful wells in the R3 East area, the commercial threshold has clearly been surpassed and Savannah has elected to pause exploration drilling in order to digest the results so far and prepare for the appraisal and development of the discovered resource. The data from the five wells can be used for Pre-Stack Depth Migration (PSDM) processing of the existing R3 East 3D dataset, which will further enhance the imagery of the subsurface. Meanwhile, Savannah is also working up additional legacy 2D seismic over the R3 Central area. In Q1 2019, once these studies are complete, Savannah intends to start a fresh 12-month drilling campaign, initially focusing on R3 East and R3 Central, then likely proceeding to the R1 Dinga 3D area and R2 Dinga Ridge areas. This campaign will target some of the 120 or so prospects and leads that Savannah has identified across its acreage position (containing an aggregate ~1.3bn bbls assuming the basin wide average discovery size of 11 mmbbls). Alongside its exploration plans, the group is also pressing ahead with its testing programme and EPS project with testing on Amdigh-1 expected to kick off in December (key for determining reservoir deliverability) and early oil sales in H1 2019.
Overall, we view this latest discovery as further endorsement of the value of Savannah's Niger position (worth 27p/shr on our numbers) and expect the months ahead to deliver further value creation with the restart of drilling, testing at Amdigh-1 and first cash flows.
All - thought you might like to see the below in Shares Magazine.
https://www.sharesmagazine.co.uk/article/our-great-idea-on-savannah-is-off-to-a-strong-start
Shares Magazine
Our Great Idea on Savannah is off to a strong start
By Tom Sieber
4 October 2018
Encouraging news alongside first half results help drive shares higher
Our positive call on Savannah Petroleum (SAVP:AIM) is off to a good start boosted by strong oil prices and continuing operational excellence in Niger.
The company has drilled four successful wells in this location in 2018 and has identified 120 potential structures to drill, demonstrating the scale of the opportunity it is chasing in the African country.
Alongside half year results on 28 September, Savannah unveiled a new $50m debt facility which should enable it to accelerate activity ahead of first output from Niger in 2019. It also flagged imminent results from its fifth well of the current drilling programme, Zomo-1.
The only real disappointment is a further delay in the completion of the Seven Energy acquisition in Nigeria.
The company now says this transaction, which will add material natural gas production to the portfolio mix, will complete before the end of the year.
Broker Cantor Fitzgerald comments: ‘The company has made great strides in a short period of time, and 2019 should prove transformational with first production in Niger and completion of the Seven Energy deal.’
Shares says:
Exciting times at Savannah, keep buying. (TS)
Savannah Petroleum ↑ (SAVP.L, 29.8p, £243m) Interims. Loss of $(17.6m) (1H17 $(5.8m)) on zero revenue. Net debt at June of $0.4m. Financial arguably, irrelevant as the company had significant success with the drillbit in Niger with four discoveries to date, and a fifth well (Zomo-1) currently drilling. The analysis of the portfolio has identified 120 potential structures to drill – evidence of the scale and potential across the Niger acreage. The EPS development continues, with a shorter export route now bringing the cost down, with initial production next year. The company is continuing to advance the purchase of the Seven Energy assets in Nigeria, with buying out various partners increasing the SAVP interests in the assets – thereby lifting the production and reserves. The company has also signed a $50m debt facility which will allow for acceleration of activity ahead of first production. The company has made great strides in a short period of time, and 2019 should prove transformational with first production in Niger and completion of Seven Energy deal. Positive
Lastly, SAVP has also announced interim results today. The numbers themselves are of limited importance with the Seven assets yet to be consolidated into the group accounts. At the bottom line, the company reported a net loss of US$17.6m, with underlying cash costs (ex. transaction expenses) of US$7.3m - consistent with market expectations for enlarged group cash costs of between US$17.5-20m per annum. Meanwhile, on the balance sheet side, the company ended the period with US$11.7m of cash, with additional liquidity available under the new credit line and a substantial cash inflow expected on completion of the Seven transaction in Q4 (when SAVP will formally inherit surplus cash built up on Seven’s balance sheet since the deal was struck in Dec 2017). Overall, today's updates show solid progress across the board with the promise of more to come in the months ahead as the company seeks to close out the Seven deal and deliver first oil in neighbouring Niger.
Savannah Petroleum (SAVP LN) has announced a series of positive updates this morning around its interim results. The bulk of the new news relates to Niger where the company has fleshed out its plans for well testing, early production (EPS), and future exploration. For us, the key highlights are the pace and relatively low cost at which Savannah expects to monetise recent discoveries. Using its existing well stock the company expects to deliver first oil at 1 kbopd in Q1 2019 for less than US$5m in capex. The initial producer will be the Amdigh-1 well (where testing is set to start in Dec) with other discoveries tied back over the course of 2019, allowing for a ramp up to 5 kbopd. In total, SAVP envisages some 52 mmbbls being drained over the life of EPS, with opex estimated at US$9.8/bbl and capex at US$3.5/bbl - substantially lower than prior internal cost assumptions. Furthermore, SAVP's anticipated 'external financing' requirement is pegged at US$1.1/bbl (US$57m) which is relatively modest and could be funded from Nigeria cash flow.
As well as the EPS, the update also touches on the longer term development solution, namely exports to the Atlantic coast. In this regard, as rumoured in the press, the Niger Government has confirmed that pre-feasibility studies have been completed on the Benin pipeline which now appears the front runner. Fortunately for SAVP this option is likely to be cheaper (in tariff terms) than the Chad-Cameroon route which crosses several countries and relies on accessing a third party pipeline. Finally, speaking to the remaining exploration potential, the company noted that it has identified some 120 leads and prospects so far. Assuming the basin wide average discovery size of c.11 mmbbls this implies in excess of 1.3bn bbls of running room. Importantly, most of this potential lies in the Sokor Alternances, which are expected to be the near-term drilling focus, with additional prospectivity in the Upper Sokor and Cretaceous (which are proven plays in the basin but less well understood).
Separate to the Niger ops update, SAVP also unveiled a new three year US$50m credit line with an unnamed Geneva-based oil trader. In exchange for giving first right of refusal on future oil trading activities (and paying certain arrangement fees), SAVP has negotiated a highly competitive interest rate of LIBOR plus 6%, with the added flexibility to capitalise interest in year one if it so chooses. US$20m of the facility is initially available, subject to final documentation, and provides the group with additional liquidity while it seeks to close out the Seven transaction.
Hannam & Partners - Savannah Petroleum - Fast track to cash flow
A bigger Savannah on the horizon
Whilst waiting for the Seven Energy transaction to close, the market has grown impatient, leading Savannah to now trade at a ~64% discount to our risked NAV of 80p/sh. The underperformance has come despite material exploration success. Following Savannah’s drill bit success in Niger and progress on closing its now enlarged deal in Nigeria, we publish an updated set of forecasts including a new NAV and projected cash flows. We believe Savannah offers a combination of solid free cash flow generation funding cash returns to shareholders, growth from new developments and exploration upside. The Seven Energy assets should provide long-term, stable cash flow that create a basis to return capital to shareholders, whilst still pursuing a self-funded growth strategy.
Seven Energy deal to close in Q4'18 underpinning our valuation
Savannah has just announced an update on the Seven Energy Transaction and on operations at the Seven assets in South East Nigeria. It included two new sub deals that help the market understand the delay to completing the Transaction. Both deals simplify the Seven Energy ultimate structure while enhancing reserves and control. With this news Savannah can work towards the Implementation Agreement required prior to closing the Transaction in Q4 2018, which should act as a material catalyst. We believe the market is pricing a large discount on the closure of the Seven deal in Nigeria as we carry >40p/share of core value from Uquo, Stubb Creek and Accugas Midstream.
Niger - 4/4 on exploration; production next year
Savannah’s drilling programme in Niger has seen the successful drilling of four exploration wells in 2018, with early production expected in 2019. The fast track monetisation of the Niger discoveries should provide a second leg of cash flow (c.US$10m for every 1kb/d of production), in a country with a supportive Government and benign operating environment. Further exploration wells and seismic are also likely in 2019, as is the potential to bring in a partner (as per recent local press reports). We carry 26p/sh of risked value for Niger.
Valuation: big discount to NAV and >20% FCF yield by 2020
The company is trading at 1/3 of our risked NAV of 80p/sh (NPV12 at US$70/bbl Brent flat) and a 33% discount to our core NAV. Overall, we see an undiscounted payback from the Seven Energy deal in around 3 years. SAVP is trading on relatively low cash flow multiples already in 2019 before substantial growth in earnings and cash flow in 2020 puts it on very low multiples (e.g. EV/EBITDA multiple of 4x in 2019, dropping to just 2x in 2020). We believe that stable cash flow from gas sales in Nigeria, notably underwritten by payment guarantees, including from the World Bank, will unlock material value in the share price. We estimate the Nigerian FCF generation of US$80mm in 2019 (supporting a dividend of US$12.5m and the
All - please see below a link to an interview with Andrew Knott, CEO of SAVP, on Core Finance:
https://www.youtube.com/watch?v=Jk5c8NBEHNo&feature=youtu.be
According to news agency Confidentiel Afrique, the Niger and Benin Presidents have given the green light to a new export pipeline which would ship crude ~2,000km from the Agadem basin in Niger to the Atlantic coast. The ~US$2.1bn pipeline will be built by CNPC and replaces an earlier option via Chad-Cameroon which has now been put on ice. Our understanding is a pipeline spur may also be built to deliver crude to northern Nigeria, where a new refinery is expected to be built in Katsina state, providing multiple off-take options. Construction work is expected to commence in 2019, with first exports in 2021. The news is important for Savannah (SAVP LN) as it appears to provide clarity around the Agadem export route, clearing the path for pipeline construction to begin. Moreover, the Benin route was always seen as the better option for Savannah with lower expected tariffs than the Chad-Cameroon option (which crosses multiple countries and involves connecting into an existing pipeline system).
When London sniffs Nigerian black gold ...
http://confidentielafrique.com/hydrocarbures/exclusif-niger-petrole-nigerien-vannes-de-loleoduc-geant-chinois-cnpc-evacuation-vers-benin/
Theresa May, the British Foreign Minister, on an African tour, has announced the upcoming opening of a British Embassy in Niamey. A decision that is not fortuitous when we know that the large energy company, Savannah Petroleum ensures the operation and management of 4 oil blocks in Niger. Thus, since the discovery of this oil manna, the Nigerian sub soil is coveted. India and China are not left behind. The British, a leader in the Nigerian energy sector, are taking the diplomatic route to preserve their assets and protect their interests. In our previous digital edition on Niger, titled: "Battle of Petroleum Titans on Highly Desired Blocks" revealed that the British energy company Savannah Petroleum held 4 oil blocks, or about 50% of the prolific surface of the Agadem Rift Basin. In addition, two other Chinese oil giants such as SINOPEC and ZHENUA have shown their willingness to integrate the black gold market in Niger. The Indians are also in the running through the ONGC company (oïl and Natural gas corporation) which aims to invest 75 million US dollars in the sector. Negotiations are in progress. The Indians are also in the running through the ONGC company (oïl and Natural gas corporation) which aims to invest 75 million US dollars in the sector. Negotiations are in progress. The Indians are also in the running through the ONGC company (oïl and Natural gas corporation) which aims to invest 75 million US dollars in the sector. Negotiations are in progress.
What arouses the appetite of this wave of foreign multinationals in search of the smallest drop of oil. In order to protect his interests in this country, London pushes the pawns. The head of the British diplomacy, Theresa May, during a stay in South Africa, announced the opening of an embassy in Niger. A country where its representation is ensured by a consulate.
In a context where Great Britain opts for strategic positioning, we can easily understand its appetites displayed.
Niger-Exclusive: Nigerian oil in the gates of the pipeline of the Chinese giant CNPC for its evacuation to Benin
The Nigerian government will launch December 2018 the construction of an oil pipeline for the evacuation of its oil. The infrastructure was entrusted to the giant China National Petroleum Corporation (CNPC), which has been extracting oil since 2011 in the Agadem (south-east of Nigeria). According to exclusive and authorized information obtained by Confidential Africa, the scheme now retained by the State which was suspending the former option (Niger-Chad-Kribi-Cameroon) is to evacuate oil to Benin, neighboring country. The decision was made according to our information, at the end of a tête-à-tête, between Presidents Issoufou Mahamadou and Patrice Talon, on the sidelines of the China-Africa Summit in Beijing at the beginning of September.
The Nigerian government is moving up a gear. Its oil will be evacuated to the neighboring country, Benin. This is the new scheme now adopted on the sidelines of the China-Africa Summit, by the two Heads of State, Mr. Issoufou Mahamadou, Patrice Talon. Exclusive information from Confidential Africa, after having spoken with official sources. The former option of evacuating Nigerian oil to Chad through Kribi (Cameroon) no longer enchants.
The construction of an oil pipeline for the evacuation of Nigerian oil, will be entrusted to the giant China National Petroleum Corporation (CNPC), which has been extracting oil since 2011 in the Agadem (south-east of Nigeria). According to exclusive and authorized information obtained by Confidential Africa, the start of work is expected before the end of December 2019. The investments of this mega project will require some 1200 billion Fcfa.
Niger, whose subsoil is rich in uranium and gold, became in 2011 a small oil producer with 20,000 barrels / day. Black gold is currently piped to Zinder (the center of the country), home to the refinery (SORAZ). This evacuation of Nigerian oil to the neighboring country, Benin, will bring a breath of fresh air to the dynamism of the economic ecosystems of the two countries. Presidents Issoufou and Talon understood the large-scale industrial challenge. Why this country attracts so many multinationals.
Material discount to fair value: Using a 12% discount rate and a flat oil price of US$70/bbl, we calculate a Total NAV for SAVP of 72p/shr – up marginally from our previous 66p/shr figure. To illustrate the value on offer, our NAV of either one of SAVP’s businesses underpins the current share price (28p/shr), with Nigeria (2P + 2C) contributing 45p/shr risked (including corporate items) and Niger 27p/shr risked. Meanwhile, on an earnings basis the stock also looks attractively valued, trading on an EV/EBITDA of 2.8x FY19 falling to 1.2x FY21. Given continued progress on the Seven Energy transaction, and our confidence that the deal will complete before the year-end, we believe SAVP’s current discount to fair value represents a compelling entry point for investors.
Creating value through the drill-bit: the economics of SAVP’s Niger business are highly compelling, with basin-wide finding costs of less than US$1 per barrel and an NPV12% of US$5.2 per barrel in the ground at US$70/bbl oil (NPV10% of US$5.9 per barrel). Thus far, the company has drilled four successful wells (out of four) in the R3 East area, with estimated discovered resources in the range of 40-60 mmbbls (worth 12p/shr risked). Looking ahead, the company is currently drilling its fifth exploration well (Zomo-1) and it has a further four optional rig slots remaining, to be used for a mix of E&A and development drilling. We see considerable remaining exploration potential in the basin, noting that the R3 East area accounts for less than 10% of SAVP’s overall land bank. Conservatively, our valuation ascribes 125 mmbbls of unrisked resources to a further ten exploration wells (worth 14p/shr risked) across three high graded areas – R3 East, R3 Central and R1 South.
Early production and cash flows: SAVP has secured Government backing for an early production system with the potential to deliver cash flows from Niger in H1 2019, just 12 months after the first well. The initial development concept is based on leasing surface facilities to keep capital costs low and trucking crude 120km north to CNPC’s domestic pipeline for onward sale at the Zinder refinery. We forecast 2 kbopd of production and US$11m of post-tax CF in FY19, ramping up to 5 kbopd and US$55m in FY21. Looking further out, following a bilateral agreement between Niger and Nigeria, plans are being prepared to build a major Agadem export pipeline to a new refinery in northern Nigeria which should unlock the wider basin from 2021 onwards. Several alternative pipeline options (via Chad and Benin) are also being worked up, providing multiple possible outlets (CNPC is expected to finish pre-feasibility studies on the pipeline routes by Q4 2018).
Potential partial monetisation: in our opinion, SAVP’s 100% exploration success rate in Niger and the prospect of early cash flows has increased the pool of potential industry partners and the likelihood of a farm-out transaction. Whilst SAVP has the flexibility to move Niger forward on its own, utilising internally generated cash flows (from Nigeria), a farm-out deal would expedite exploration and production, bringing forward resource additions and cash flow and thus enhancing shareholder value. In our minds, the most likely potential partners are the major NOCs which have underinvested during the down-cycle and are now hungry to replenish reserves.
Following an extended completion process, Savannah Petroleum (SAVP) is now on the cusp of closing the transformational Seven Energy acquisition, with the group’s latest timetable indicating Q4 2018. As this key milestone approaches, we take a fresh look at the enlarged business, reviewing both the potential of the acquired integrated gas portfolio in Nigeria and recent drill-bit success in neighbouring Niger. Our conclusion is that SAVP’s portfolio offers a differentiated and scalable cash flow base with material resource growth potential, whilst the shares look attractively valued on both DCF and earnings metrics. As such, we reiterate our BUY recommendation with an upgraded 72p target price (vs. 66p/shr) – offering 157% upside at current levels.
Solid cash flow base: we expect the base Nigerian business to contribute 26 kboepd of sales and US$65m of post-tax CF in FY19, rising to 32 kboepd and US$98m in FY21 (see Base Nigeria cash flows in Figure 2, below). This material step-up is driven by two factors: (1) the ramp up in Uquo field gas sales to full ‘daily contract quantity’ (DCQ) volumes in 2020, and (2) an in-built price inflator of ~6% per annum across existing gas contracts. Given modest future capex requirements, we expect the Nigeria base to generate cumulative FCF of ~US$177m over FY19-21, underpinning SAVP’s intention to become a dividend payer (maiden dividend of US$12.5m expected to be paid in Q1 2019, implies yield of 4.2%).
Exploiting local gas market opportunity: we see significant potential value in connecting ‘last mile’ industrial customers to Accugas’s existing pipeline network, which transports Uquo gas to market. Typically, these customers are burning diesel for power at an equivalent price of ~US$15/mcf, compared with Accugas’s current average realised price of US$3.5/mcf (US$1.8/mcf of which flows to the upstream). In the event that new gas contracts are inked at a premium to US$3.5/mcf, the difference is split 50:50 between the midstream and upstream. Already, Accugas has secured heads of terms to supply 5 mmscf/d at prices of ~US$7.5/mcf (implying an enhanced upstream price of US$3.8/mcf), prompting the start of work on a new 18km pipeline spur with 20 mmscf/d of capacity (the Calabar Gas Development Project). We expect this to provide a key new revenue stream, contributing post-tax CF of US$4m in FY20 (5 mmscf/d of sales) and US$13m in FY21 (15 mmscf/d).
Longer term, leveraging off its dominant gas infrastructure position (only significant gas processing and transportation system in southeast Nigeria), Savannah is also well placed to tap new upstream opportunities at low cost in the surrounding area, where were is an estimated 40 tcf of discovered undeveloped gas resources.
All - please see link below to an interview with redT energy CEO, Scott McGregor:
https://www.brrmedia.co.uk/broadcasts/5b7aadd5d1c8cd10b3420956/redt-energy-gen-3-sale-to-anglian-water
Savannah has released what is, in our view, another excellent result from its drilling programme in Niger, where the Eridal-1 exploration well has been declared a discovery. Eridal-1 is the fourth consecutive discovery made by Savannah in its ongoing Niger exploration campaign and, as with the previous three wells, available data at this stage includes wireline logging, fluid sampling and pressure data. These indicate that the well has encountered an estimated 13.6m of net oil bearing reservoir in the “E1” reservoir unit within the primary “Sokor Alternances” objective. The result from Eridal-1 is very consistent with Savannah’s existing subsurface understanding and reflects, in our opinion, the technical team’s highly effective assessment of up-dip potential at this location. Oil and reservoir quality are considered to be high and, with drilling having been undertaken faster than previously guided, we remain impressed by Savannah’s execution on this valuable and strategically important project in Niger. We believe that this latest well result provides further strong evidence of the repeatable success that is being achieved by Savannah in Niger and also highlight the company’s decision to exercise the second of its six individual rig options and extend the drilling programme to target the Zomo prospect. Zomo is 12km from Eridal-1 and could be followed by further wells. With Eridal-1 being suspended for future re-entry, the rig will shortly mobilise to the Zomo-1 wellsite, where preparations are in the final stages of completion and will be accompanied by an estimated 10-15 day rig move. Savannah is planning a flow testing programme for at least two of its discovery wells (and a subsequent resource assessment) later this year. The company is also actively pursuing its plans to establish an early production scheme and we continue to see excellent scope for early oil monetisation in Niger. Our last published Risked NAV estimate for Savannah stands at circa 75p/share and we firmly reiterate our BUY recommendation.
his morning Savannah Petroleum (SAVP LN) announced its fourth successive light oil discovery in the Agadem Basin, Niger. The Eridal-1 well encountered c.14 metres of net oil pay in the primary target, with logs confirming the characteristically high quality sands observed in preceding three discoveries. The Eridal structure is situated in the R3 East area, in-between Amdigh and Kunama, and as such it will almost certainly be included in the first phase of development. As with earlier discoveries, Savannah is awaiting testing results before publishing volumetric estimates, however, we believe that cumulative discovered oil resources in the R3 East area may now exceed the top end of our earlier range of 30-50 mmbbls. Operationally, Eridal continued the run of faster than expected drilling times seen in earlier wells. The well reached target depth within 14 days and operations are expected to conclude within 23 days - compared to the 30-35 day budget. Notably, the well was located up-dip of a dry hole drilled by CNPC prior to relinquishment of the R3 area. After acquiring and interpreting new 3D data, Savannah correctly concluded that CNPC's well had likely missed the crest of the structure, and the prospect remained robust. The company's confidence in this interpretation has clearly paid off, with Eridal-1 recording the second thickest pay section of the campaign to date (only behind the 22 metres at Amdigh). Unsurprisingly Savannah has elected to exercise the second of its six option slots on the rig, to drill Zomo (c.12 km south of Eridal). This well will spud over the next 10-15 days
All - please see below a link to an interview with Scott McGregor, CEO of redT energy, on Proactive Investors today.
http://www.proactiveinvestors.co.uk/companies/stocktube/10069/redt-energy-s-german-grid-deal-to-underpin-its-forecasts-for-next-2-years-10069.html