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Savannah Petroleum (SAVE)

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Friday 01 September, 2017

Savannah Petroleum

Corporate & Niger Operational Update

RNS Number : 5143P
Savannah Petroleum PLC
01 September 2017
 

1 September 2017

Savannah Petroleum PLC

("Savannah" or the "Company")

 

Corporate & Niger Operational Update

 

On 8 June 2017, Savannah announced that it had entered into a binding exclusivity agreement with Seven Energy International Limited in relation to the potential acquisition of substantially all of its oil and gas assets in Nigeria (the "Proposed Transaction"). The Company confirms that discussions around the Proposed Transaction are continuing, and looks forward to providing further updates in due course. Accordingly, the Company's shares remain suspended from trading on AIM and will remain so until either the publication of an admission document setting out, inter alia, details of the Proposed Transaction or until confirmation is given that these discussions have ceased.

 

The Company is also pleased to confirm that operations in Niger continue to progress ahead of the forthcoming three well drilling campaign in the Agadem basin, with all equipment and a security team for the programme now mobilised to the Company's newly constructed Jaouro base camp. Savannah has now decided to commence drilling of the Bushiya exploration well once the Company's shares are readmitted to trading.

 

As anticipated, Savannah took delivery of the final pre-stacked time migrated ("PSTM") dataset for the R3 East 3D seismic survey in early July.  The data is considered to be of excellent quality and have met the Company's key objectives of enhancing seismic imaging of the Eocene Upper Sokor and Alternances plays, and providing better definition of deeper prospective Cretaceous structures.  As part of the Proposed Transaction, the Company intends to publish an updated CPR on its Niger assets, which will incorporate this work.

 

 

For further information contact:

 

 

Savannah Petroleum  

+44 (0) 20 3817 9844

Andrew Knott, CEO

 

Jessica Hostage, Corporate Communications

 

 

 

Strand Hanson (Nominated Adviser)

+44 (0) 20 7409 3494

Rory Murphy     

 

James Spinney

 

Ritchie Balmer

 

Hannam & Partners (Financial Adviser)

Neil Passmore

Chris Byrne

Sam Merlin

 

 

+44 (0) 20 7907 8500

 

 

Mirabaud (Joint Broker)

+44 (0) 20 7878 3362

Peter Krens

 

Rory Scott

 

 

 

Stifel Nicolaus Europe Limited (Joint Broker)

+44 (0) 20 7710 7600

Callum Stewart

Nicholas Rhodes

 

Ashton Clanfield

 

 

 

Celicourt Communications      

+44 (0) 20 7520 9266

Mark Antelme

 

Jimmy Lea

 

 

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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