Savannah Petroleum PLC MoU signed with NNDC and NNPC in Nigeria (3821P)
November 16 2016 - 10:30AM
UK Regulatory
TIDMSAVP
RNS Number : 3821P
Savannah Petroleum PLC
16 November 2016
16 November 2016
Savannah Petroleum PLC
("Savannah" or the "Company")
Memorandum of Understanding with NNDC and NNPC in Nigeria
Savannah Petroleum PLC ("Savannah") is pleased to announce the
signature of a Memorandum of Understanding ("MOU") with the New
Nigeria Development Company Ltd ("NNDC") and Nigeria National
Petroleum Corporation ("NNPC") in relation to collaboration between
the three parties in the Nigerian section of the Central African
Rift System. Under the terms of the MOU, the parties will establish
Technical and Steering Committees to manage the process of
evaluating the technical and commercial prospectivity of this
materially underexplored region.
Savannah expects to enter into additional agreements over time
with NNDC and NNPC and is also in discussions with its new partners
in relation to the pursuit of other potential opportunities in
Nigeria. Further updates will be provided as appropriate.
Dr Mazadu Bako, Group General Manager of Frontier Exploration
Services NNPC, said:
"We are delighted to commence working with Savannah Petroleum in
the Nigerian portion of the Central African Rift system. Savannah's
technical knowledge and experience of working in the Niger section
of this system is a major asset for NNPC as we look to unlock the
potential of this area."
Dr Ahmed Muhammed, Group Managing Director of NNDC, said:
"We are privileged to be in a strategic partnership with NNPC
and Savannah Petroleum. This partnership lays a foundation for
deeper economic ties and would enable us to contribute towards the
achievement of the energy security strategies of the Nigerian
government. In addition, NNDC reaffirms its commitment to a
successful and mutually beneficial relationship with our financial
and technical partner, Savannah Petroleum."
Andrew Knott, CEO of Savannah Petroleum, said:
"Savannah is very pleased to announce its partnership with NNDC
and NNPC. We very much look forward to leveraging our experience
gained from working in the Niger section of Central African Rift to
assist in the exploration of the Nigerian section."
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
Mirabaud (Broker) +44 (0) 20 7878 3362
Peter Krens
Rory Scott
Celicourt Communications +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
About NNPC
Nigerian National Petroleum Corporation ("NNPC") is the oil
corporation through which the federal government of Nigeria
participates in the Nigerian petroleum industry. It is one of the
largest oil companies in the world with 36 bn bbls of proven and
probable reserves and 2015 production of 2 million bpd.
About NNDC
New Nigeria Development Company Limited ("NNDC") was established
in 1949 to contribute to the economic development of the northern
states of Nigeria. The company plays an active development finance
role in the northern states in particular and in Nigeria as a
whole. NNDC's portfolio of investments spans various sectors in
addition to oil & gas, including real estate, construction,
agriculture and telecommunications. NNDC's shareholders comprise
the 19 northern states of Nigeria, represented by the respective
Secretaries to the State Governments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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