Shore Capital appointed to provide Corporate Access and Research Services to Savannah Petroleum plc
Shore Capital is pleased to have been appointed to provide Corporate Access and Research Services to Savannah Petroleum (AIM: SVAP).
Savannah Petroleum is a UK oil and gas company focused around the exploration, appraisal and development of the R1/R2 and R3/R4 PSC areas of the Agadem Rift Basin in South East Niger.
Savannah recently announced a positive result from its first well in a three well drilling campaign, Bushiya-1, which was spudded on 31st March 2018, and declared a discovery on 23 April 2018. Bushiya-1 is located on the R3 portion of the R3/R4 PSC Area in the Agadem Rift Basin, South East Niger.
In July 2017, Savannah entered into a binding exclusivity agreement with Seven Energy International Limited, a Nigerian focused oil and gas company, in relation to the proposed acquisition of certain of its assets. US$125 million was raised at the end of 2017 to fund this transaction, which is expected to give access to net 2P reserves of 92 mmboe, net 2C resources of 44 mmboe and expected 2018 net production in excess of 20 kboepd. Completion is scheduled for Q2 2018.
Enquiries:
Craig Howie (Research)
Jerry Keen / Lara Pyliotis (Corporate Broking & Institutional Sales)
Mark Percy and Toby Gibbs (Corporate Advisory)