15 Mar 2017 07:00
15 March 2017
Savannah Petroleum PLC
("Savannah" or the "Company")
Operational Update
Savannah Petroleum PLC ("Savannah") is pleased to provide an update on its operations in Niger.
Drilling Rig Letter of Award and Order of Long Lead Items
The Company confirms that it has signed a Letter of Award ("Letter" or "LoA") with Great Wall Drilling Company Niger SARL for GWDC Rig 89. The Letter provides for a programme of three firm wells, and includes options for a further six wells which can be exercised at Savannah's discretion. The rig is already in Niger, and drilling operations are expected to commence during the first half of this year.
Savannah is also pleased to announce that purchase orders have been issued for certain well-related long lead items (including casing and wellheads) which are required for its upcoming drilling campaign in the Agadem Rift Basin onshore Niger.
Further details in relation to the drilling programme will be announced in due course.
R3 3D Seismic Acquisition
Following the completion of 3D seismic acquisition over a c.800km2 portion of the R3 license area, demobilisation of the camp and crew has now concluded. Processing is ongoing, with excellent data quality, and fast track results are expected by the end of Q1 2017.
For further information contact:
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Savannah Petroleum | +44 (0) 20 3817 9844 |
Andrew Knott, CEO |
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Jessica Hostage, Corporate Communications |
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Strand Hanson (Nominated Adviser) | +44 (0) 20 7409 3494 |
Rory Murphy |
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James Spinney |
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Ritchie Balmer |
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Mirabaud (Joint Broker) | +44 (0) 20 7878 3362 |
Peter Krens |
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Rory Scott |
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Stifel Nicolaus Europe Limited (Joint Broker) | +44 (0) 20 7710 7600 |
Callum Stewart Nicholas Rhodes |
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Ashton Clanfield |
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Celicourt Communications | +44 (0) 20 7520 9266 |
Mark Antelme |
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Jimmy Lea |
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The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.