Business
2018 Audited Annual Results
2018 Audited Annual Results.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6797A Savannah Petroleum PLC 31 May 2019 \n\n31 May 2019\nSavannah Petroleum PLC\n(\"Savannah\" or \"The Company\")\n \n2018 Audited Annual Results \n \nSavannah Petroleum PLC is pleased to announce its full year audited results for the period ending 31 December 2018. \n \nHighlights\n \nNiger\n \n· Safe and successful completion of the Company's maiden exploration drilling campaign in Niger, delivering five discoveries from five wells on the R3 East portion of the R3/R4 PSC;\n· Confirmation of Savannah's intent to develop a domestic-focused early production system (\"EPS\") utilising resources discovered on R3 East, with oil expected to be sold into the Société de Raffinage de Zinder (\"SORAZ\") refinery, which is connected to the ARB via the third party owned 463km Agadem-Zinder crude oil transportation pipeline;\n· Net capital expenditure to first oil expected to be less than US$5m, with external financing requirement 60% lower vs. the Company's conceptual development solution announced in November 2016; and\n· Signature of a Memorandum of Understanding (\"MOU\") between Savannah's Niger subsidiary and the Ministry of Energy and Petroleum (\"MEP\") in Niger in relation to the planned EPS, setting out the MEP's commitment to support Savannah's EPS by facilitating infrastructure access agreements between Savannah Niger and third-party oil processing and transportation infrastructure.\n \nSeven Energy Transaction\n \n· Successful completion of US$125m placing in February 2018 to fund, inter alia, the acquisition by Savannah of certain assets from Seven Energy International Limited (\"Seven\") (\"the Transaction\" or \"the Seven Energy Transaction\") and including the acquisition of Seven's 10.25% Senior Secured Notes (\"SSNs\") by way of an Exchange Offer;\n· Memorandum of Understanding signed between Frontier Oil Limited (\"Frontier\"), Seven Uquo Gas Limited (\"SUGL\") and Accugas Limited (\"Accugas\") to conduct a gas for oil swap at the Uquo Field, increasing SUGL's right to gas production from the Uquo Field to 100% from a current 87.7%;\n· Agreement reached t...