Completion of FTG Data Acquisition

RNS Number : 6595F

Savannah Petroleum PLC

24 February 2015

 



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                                                                     [phone]   

Jessica Hostage, Head of Investor Relations                                 

Strand Hanson (Nominated & Financial Adviser)                           

Rory Murphy                                                                              [phone]

James Spinney

Ritchie Balmer

Mirabaud (Broker)

Peter Krens                                                                                [phone]

Rory Scott

Celicourt (Financial PR)
Mark Antelme                                                                            [phone]

 

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