Eridal oil discovery & exercise of drilling rig option

Savannah Petroleum PLC, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria is pleased to announce the result of the Eridal-1 exploration well as an oil discovery. Eridal-1 is the fourth consecutive discovery Savannah has made in its on-going exploration campaign in the R3 portion of the R3/R4 PSC Area in the Agadem Rift Basin, South East Niger.

Preliminary results based on the interpretation of the available data set (which includes wireline logs, fluid sampling and pressure data) indicate that the well has encountered a total estimated 13.6M of net oil bearing reservoir sandstones in the E1 reservoir unit within the primary Eocene Sokor Alternances objective.

The well was drilled by GW 215 Rig to a total measured depth of 2,542M, and encountered the main objective targets at, or near, their prognosed depths.

Eridal-1 is currently being suspended for future re-entry. Production tests are expected to be performed on at least two of Savannah’s discovery wells as a precursor to the Company’s plans to implement our Niger Early Production Scheme.

Following the successful results of the four exploration wells drilled to date on the R3 East area, Savannah has elected to exercise the second of the six individual options it has under contract with Great Wall Drilling Company Niger SARL. The GW 215 rig will now be mobilised to the Zomo-1 well site, located on the R3 portion of the R3/R4 PSC Area 12km from Eridal-1.

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