Savannah Petroleum

Full year results from Savannah and, as always, historic data but it does give the market a good idea as to how the company has been preparing for this summer’s drilling campaign.

An increase in best estimate gross mean risked prospective resources of 2,185 mmbbls up from 1,191 mmbbls.  The Agadem concept has been updated with a $200m reduction in external financing costs to first oil in a 75 mmbbls development.  The export route for Agadem crude to the Kaduna refinery in northern Nigeria is in advanced discussions.  The competent person say the break even oil price is $26 per barrel.

The acquisition of 806 square kilometres of 3D seismic over a portion of the R3 PSC area was completed ahead of time and under budget.  SAVP has $118m of net assets and with $23m of year end cash after a $40m placing last summer it is in a strong position ahead of this summer’s drilling campaign.

With a Capital Markets Day on 7th June, the company will show how exciting the prospects are in Niger this summer.