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Savannah Petroleum looks forward to start of campaign at three wells

Published: 16:26 20 Sep 2017 AEST

oil and gas operations
A further six potential targets have also been identified

Savannah Petroleum PLC (LON:SAVP) is looking forward to the start of drilling operations, as soon as its shares are readmitted to trading in London.

The AIM-quoted stock is on pause as it works through the regulatory admin related to its proposed reverse acquisition of Nigerian oil and gas assets.

Operationally, the company has been preparing for its planned drilling programme in Niger. It will start with three wells though a further six potential targets have also been identified.

READ: Savannah Petroleum continues to work on Nigeria deal

READ: Savannah Petroleum confirms its reverse takeover target is Nigerian-focused oil and gas firm Seven Energy International

The Bushiya prospect will be the target of the first well. The company, in its interim results statement on Wednesday, said the logistics camp and pipe yard is now complete, and all the equipment for the campaign has been mobilised to the site.

Andrew Knott, Savannah chief executive, said: “In the first half of 2017, Savannah very much focused on the preparation for our upcoming drilling campaign in Niger, as well as laying the groundwork for the previously announced potential acquisition of substantially all of the assets of Seven Energy.

“We are looking forward to providing our shareholders and the market with a detailed update on both projects as soon as possible."

In terms of financials, the pre-revenue explorer reported a US$5.8mln loss for the six month period and said it ended the six months with US$8.4mln of cash and equivalents.

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