Savannah Energy (SAVE)

Sector:

Energy Producers

Index:

FTSE AIM 50

 26.25p
   
  • Closing Price Chg:
      0.000p
  • 52 Week High: 40.20p
  • 52 Week Low: 19.35p
  • Currency: UK Pounds
  • Shares Issued: 1,306.10m
  • Volume: 0
  • Market Cap: £342.85m
  • RiskGrade: 340

Savannah Petroleum continues 100% success record with Niger discovery

By Duncan Ferris

Date: Wednesday 15 Aug 2018

LONDON (ShareCast) - (Sharecast News) - British independent oil and gas company Savannah Petroleum on Wednesday made a new oil discovery through its Eridal-1 exploration well in the Agadem Rift Basin, South East Niger.
The well encountered around 13.6m of net oil-bearing reservoir sandstones in what is the fourth consecutive discovery that Savannah had made in its ongoing exploration campaign in the R3 portion of the region in Niger.

Andrew Knott, chief executive of Savannah, said: "We are excited with the success we have delivered to date in Niger. Eridal-1 maintains our 100% exploration success record and marks our fourth discovery in the R3 East Area."

The discovery's reservoir properties are indicated to be of a good quality by wireline logs, while light oil consistent with the AIM traded company's previous discoveries has been projected through the available data.

"What was different about Eridal-1 was that we were targeting a structure which had previously been drilled in a down-dip location by a previous operator. Our technical team had a strong view that significant potential existed up-dip and selected the Eridal-1 well accordingly. We believe this has contributed meaningful oil resource additions to support the development of our proposed EPS," said Knott

Eridal-1 is currently being suspended for future re-entry, with a well testing programme planned for later in the year.

Following the sustained successful results, Savannah said it will now mobilise Great Wall Drilling Company Niger's rig to the Zomo-1 well site and has elected to exercise the second of the six individual options it has under contract with the drilling firm.

Subsequently, Savannah will continue to have options for a further four wells, each of which can be exercised individually at its discretion.

Savannah's shares were up 1.17% at 26.00p at 0948 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Savannah Energy Market Data

Currency UK Pounds
Share Price 26.25p
Closing Price Change 0.000p
% Change 0.00 %
52 Week High 40.20p
52 Week Low 19.35p
Volume 0
Shares Issued 1,306.10m
Market Cap £342.85m
RiskGrade 340

Savannah Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
51.58% below the market average51.58% below the market average51.58% below the market average51.58% below the market average51.58% below the market average
11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average
Value
51.58% below the market average51.58% below the market average51.58% below the market average51.58% below the market average51.58% below the market average
11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average
Income Not Available
Growth
14.02% above the market average14.02% above the market average14.02% above the market average14.02% above the market average14.02% above the market average
13.73% above the sector average13.73% above the sector average13.73% above the sector average13.73% above the sector average13.73% above the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Savannah Energy Dividends

No dividends found

Trades for --2023

Time Volume / Share Price
0 @ 0.000p

Savannah Energy Key Personnel

CEO Andrew Knott

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