Signature of Drilling Contracts

RNS Number : 3967E

Savannah Petroleum PLC

08 May 2017

 

8 May 2017

Savannah Petroleum PLC

("Savannah" or the "Company")

Signature of Drilling Contracts

Savannah Petroleum PLC ("Savannah") is pleased to announce the signature by one of its subsidiaries of a formal rig contract with Great Wall Drilling Company Niger SARL ("GWDC") for Rig GWDC 215.  As announced at the time of the Letter of Award signature, the contract provides for a programme of three firm wells, and includes options for a further six wells which can be exercised individually at Savannah's discretion.

The Company is also pleased to announce the signature of other contracts with GWDC for ancillary drilling services, including cementing, drilling fluids, tubular running, mudlogging and wireline logging.

Andrew Knott, CEO of Savannah Petroleum, said:

"The signature of these agreements with our contracting partner GWDC represents a key milestone towards the commencement of our drilling campaign in the R3 area, which we look forward to with great anticipation. We expect to provide significant further details in relation to our drilling plans and forward strategy at our Capital Markets Event in London on 7 June 2017."

For further information contact:
Savannah Petroleum	[phone]
Andrew Knott, CEO
Jessica Hostage, Corporate Communications
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer
Mirabaud (Joint Broker)	[phone]
Peter Krens
Rory Scott
Stifel Nicolaus Europe Limited (Joint Broker)	[phone]
Callum Stewart Nicholas Rhodes
Ashton Clanfield
Celicourt Communications	[phone]
Mark Antelme
Jimmy Lea

 

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