Savannah Petroleum provides an update on its technical assessment of the resource potential of the R1/R2 licence area.

Highlights •Detailed 3D seismic mapping over an approximate 680 km2 area of the permit (8 per cent. of the total R1/R2 area) has resulted in the generation of 14 drill-ready exploration prospects with management estimated total gross unrisked mean prospective oil resources of c.215 mmbbls at the regionally proven Eocene and Upper Cretaceous reservoir horizons. •An additional 37 exploration leads along the north-west and north-east flanks of the permit have been identified in this Eocene and Upper Cretaceous play fairway, with mapped closures of similar size to the fields discovered to date in the basin. •Seismic mapping has identified a series of potentially large exploration leads along a regional high at the Upper Cretaceous horizon, with potential closures of up to 40 km2. •Evidence for extensive stratigraphic plays at multiple horizons.

Andrew Knott, CEO of Savannah Petroleum, said,'This update reflects the culmination of over nine months of technical work, with Savannah having had the equivalent of a team of six senior geologists and geophysicists working full time on this project. I look forward with confidence to the next phase of our analysis of the subsurface, as we move towards further seismic acquisition and the commencement of our drilling campaign on R1/R2.'

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