24 Feb 2015 07:00
24 February, 2015
Savannah Petroleum PLC
("Savannah" or "The Company")
Completion of FTG Data Acquisition
Savannah Petroleum, the Niger focused oil and gas company, is pleased to announce that its Agadem Rift Basin Full Tensor Gradiometry (FTG) survey has now been completed. The 36,949km of acquired data will now be processed and interpreted, and the results will be integrated into Savannah's Agadem basin subsurface model alongside the existing large 2D and 3D data sets Savannah is currently interpreting.
Andrew Knott, CEO of Savannah Petroleum, said:
"The operational completion of the FTG survey marks another important step for Savannah. We are pleased that it was completed ahead of time and on budget and believe it will prove instrumental in advancing our understanding of the basin.
Over the coming months we now expect Savannah to enter a period of increased corporate newsflow, with our updated exploration leads and prospect inventory expected in mid H1 2015. In addition, key drilling and seismic contracts are in the process of being awarded, partnership discussions are progressing and significant momentum is apparent in relation to the sanctioning of the Agadem Area export pipeline. We remain confident in the outlook for Savannah and the attractiveness of the Agadem basin as a proven, highly prospective and low-cost oil province."
For further information contact:
Savannah Petroleum
Andrew Knott, CEO +44 (0) 20 3817 9844
Jessica Hostage, Head of Investor Relations
Strand Hanson (Nominated & Financial Adviser)
Rory Murphy +44 (0) 20 7409 3494
James Spinney
Ritchie Balmer
Mirabaud (Broker)
Peter Krens +44 (0) 20 7878 3362
Rory Scott
Celicourt (Financial PR)Mark Antelme +44 (0) 20 7520 9266