Seven Energy Production Update and Corporate Video

RNS Number : 3902E
Savannah Petroleum PLC
09 February 2018
 

 

February 9 2018

Savannah Petroleum PLC

("Savannah" or the "Company")

 

Seven Energy Production Update and Corporate Video

Savannah is pleased to announce an update on average production volumes from the Seven Assets over the course of the November 2017 - January 2018 period, which have been provided by Seven Energy.

 


Stubb Creek Oil (kbopd)

Uquo Oil & Condensate (kblpd)

Uquo Gas (mmscfd)

Total Production (kboepd)


Gross

Net

Gross

Net

Gross

Net

Gross

Net

Nov-17

2.2

0.4

0.2

0.2

93

82

17.9

14.2

Dec-17

2.4

0.5

0.2

0.2

106

93

20.3

16.1

Jan-18

2.7

0.5

0.2

0.2

113

99

21.8

17.2

Uptime at the Uquo CPF and the Stubb Creek EPF has been 100% and 98% respectively over the three-month period.

Production levels at the Seven Assets in February have continued to strongly increase, with month to date average production being 25.7 kboepd gross and 20.7 kboepd net, largely driven by increased sales to the Calabar NIPP which are supported by a World Bank Partial Risk Guarantee.

Corporate Video

A corporate video will this morning be published on the Company's website.  The video discusses the Seven Energy Transaction as well as Savannah's upcoming drilling programme in Niger, and will be accessible via the following link: www.savannah-petroleum.com.

Andrew Knott, CEO of Savannah Petroleum, said:

"The strong production performance seen by the Seven Assets over the course of the past three months is highly encouraging for the 2018 outlook. Following the completion of our Placing, Savannah is now well positioned to deliver further growth in both Niger and Nigeria. In Q1 2018 we expect to spud the first well in our potentially transformational multi-well drilling campaign in Niger, Bushiya. We continue to target completion of the Seven Transaction in April, and look forward to providing further updates in due course."

Unless otherwise defined, capitalised terms in this announcement have the same meaning ascribed to them in the Company's Admission Document dated 22 December 2017.

 

For further information contact:

 

 

Savannah Petroleum  

+44 (0) 20 3817 9844

Andrew Knott, CEO

 

Isatou Semega-Janneh, CFO


Jessica Hostage, VP Corporate Affairs

 

 

 

Strand Hanson (Nominated & Financial Adviser)

+44 (0) 20 7409 3494

James Spinney  

Rory Murphy

Ritchie Balmer

 

 

Hannam & Partners (Financial Adviser and Joint Broker)

Neil Passmore

Chris Byrne

Samuel Merlin

+44 (0) 20 7907 8500

 

 

 

 

Mirabaud Securities Limited (Joint Broker)

Peter Krens

Rory Scott

+44 (0) 20 7878 3362

 

Celicourt Communications (Financial PR)

Mark Antelme   

Jimmy Lea

 

+44 (0) 20 7520 9266

 

 

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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