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	[phone]
Andrew Knott, CEO
Jessica Hostage, Corporate Communications
Strand Hanson (Nominated Adviser)	[phone]
Rory Murphy
James Spinney
Ritchie Balmer Hannam & Partners (Financial Adviser) Neil Passmore Chris Byrne Sam Merlin	[phone]
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

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.

 

END

 

 

UPDLLFSATSILVID