Savannah Petroleum PLC Update on Drilling Campaign (1216C)
April 11 2017 - 1:00AM
UK Regulatory
TIDMSAVP
RNS Number : 1216C
Savannah Petroleum PLC
11 April 2017
11 April 2017
Savannah Petroleum PLC
("Savannah" or the "Company")
Update on Drilling Campaign
Savannah Petroleum PLC ("Savannah") is pleased to provide an
update on its upcoming drilling campaign in Niger.
Focus of Initial Campaign on R3
The Company can confirm that the focus of its initial three well
drilling campaign is intended to be on the R3 PSC (the "R3 PSC
Area"). The R3 PSC Area sits within a proven petroleum "sweet spot"
in the basin, with some of the largest discoveries located in
adjacent areas to the north and south, including the currently
producing fields. It is also located in close proximity to existing
and planned infrastructure in the basin. Initial indications from
the recently completed R3 East seismic survey confirm the existence
of multiple fault blocks, which have similar configurations to
these fields and discoveries. An R3-focused programme also allows
for a more efficient and cost effective drilling campaign, by
avoiding lengthier rig moves between blocks.
Further details in relation to the prospectivity of the R3 East
seismic survey and the Company's chosen exploration targets will be
announced in due course. The preferred initial drilling candidates
are expected to offer the opportunity for the Company to evaluate
multiple stacked objectives with simple well trajectories that have
low operational risk.
Drilling Rig
Further to the previously announced signature of the Letter of
Award with Great Wall Drilling Company Niger SARL, Savannah has now
been offered the opportunity to use rig GW215 instead of GW89.
GW215 is already in Niger and is coming off contract from another
operator, where it has been operating effectively with an
experienced crew. The Company expects that using a "warm" rig, as
opposed to GW89 which was stacked and subject to an element of
recommissioning, will lead to greater operational efficiency during
the campaign.
Drilling Operations
Savannah is also pleased to announce that construction of a
logistics camp and pipe yard (the "Camp") to be used throughout its
drilling operations has commenced. The Camp is located on
Savannah's R3 PSC area, in close vicinity to the Jaouro
airstrip.
The Company continues to expect drilling operations to commence
during the first half of this year and will provide further updates
as and when appropriate.
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 (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
END
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