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UK's Savannah Petroleum makes third oil find in Niger's Agadem basin

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UK's Savannah Petroleum makes third oil find in Niger's Agadem basin

London — UK exploration minnow Savannah Petroleum announced Wednesday a third oil discovery in Niger's southeastern Agadem Rift Basin which it hopes will support an early production scheme in the landlocked African country.

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Kunama-1 exploration well in the R3/R4 PSC Area encountered 9 meters of net oil-bearing reservoir sandstones holding "light oil," Savannah said.

"The Kunama discovery, following on from Amdigh and Bushiya, provides further encouragement for our plans to establish an early production scheme in Niger, which we expect to be able to provide an update on later in this quarter," CEO Andrew Knott said in a statement.

Savannah said it does not expect to provide a discovered resource estimate until a well test program has been completed later in the year.

According to previous company presentations, Savannah was expecting the Kunama prospect to hold 24 million barrels of mean unrisked recoverable resources.

Savannah's Niger assets consist of two PSC areas which together cover an area of 13,655 sq km, almost half of the Agadem Rift Basin.

The basin has been in production since 2011 following a first phase of development of the Agadem PSC area by a CNPC-led joint venture.

Savannah is preparing to drill a fourth exploration well on the Eridal-1 prospect on its acreage in the coming weeks and has options for a further five wells under its current drilling rig contract.

-- Robert Perkins,

-- Edited by Maurice Geller,