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Savannah Petroleum PLC signs 'extremely significant' deal for Nigeria exploration

Savannah Petroleum PLC (LON:SAVP) has signed a three-way agreement in relation to the Nigerian section of the Central African Rift System.

The memorandum of understanding was co-signed by the New Nigeria Development Company Ltd (NNDC) and Nigeria National Petroleum Corporation (NNPC).

Chief executive Andrew Knott tells Proactive: ''Alongside that agreement we've also made several other announcements which I think in aggregate represent a very big step forward for us as a company''.

''NNDC is one of the largest  corporations in northern Nigeria - it's a very important and influential partner to have''.

The AIM quoted company expects to  enter into additional agreements with NNDC and NNPC over time, and it added that separate talks are taking place between them regarding other potential opportunities in Nigeria.

 
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