Business
Publication of updated Niger CPR
Publication of updated Niger CPR.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 5811L\n Savannah Energy Plc\n 01 May 2020\n \n \n \n 1 May 2020\n Savannah Energy PLC\n (\"Savannah\" or \"the Company\")\n \n \n Publication of updated Niger CPR\n \n \n \n \n \n Savannah Energy PLC, the British independent energy company focused around activities in Nigeria and Niger, is pleased to announce the publication of an updated Competent Person's Report (\"CPR\") covering the Company's assets in Niger.\n \n \n \n \n \n The report was compiled by CGG Services (UK) Ltd (\"CGG\"), a well-known independent third-party auditor. For an explanation of the defined terms in this announcement readers should refer to the CPR and the Company's Supplemental Admission Document, both of which are available to download from the Company's website at \n \n \n www.savannah-energy.com\n \n \n .\n \n \n \n \n \n Key Highlights\n \n \n \n \n \n · \n Certification by CGG of 35MMstb of Gross 2C Resources for the R3 East discoveries with an additional 90MMstb of Gross Unrisked Prospective Resources (Best case) within tie-in distance to the planned R3 East facilities\n \n \n · \n 2C Resource NPV10 of planned gross 28MMstb R3 East Early Production System development estimated at US$132.8m or US$5.8/bbl net to Savannah. Gross 20MMstb of additional developed resource estimated to increase NPV by US$100m net to Savannah.\n \n \n · \n 2C case economic break-even oil price estimated at US$26/bbl (assuming 10% IRR), with R3 East development CAPEX to first oil estimated at US$6.8m. Maximum estimated cash outflow of US$57.7m for full field development.\n \n \n · \n Average size of the Savannah discoveries STOIIP estimated at c.30MMstb, in line with the basin exploration statistics. Amdigh's STOIIP estimate shows the discovery to be one of the ten largest in the basin; \n \n \n · \n GG has certified Unrisked Prospective Resources (Best case) estimated at 360MMstb for a subset of 11 prospects and leads from Savannah's extensive exploration portfolio comprising up to 146 prospects and leads;\n \n \n · \n CGG has reiterated that \n estimated average play geological chance of success (GCOS) for the Alternances exploration prospects and leads, such as those drilled to date by Savannah in the R3 East area, is high (>75%).\n \n \n \n \n \n Andrew ...