Savannah Petroleum is pleased to announce the signing of a Production Sharing Contract by Savannah Petroleum Niger and the Government of Niger represented by the Ministry of Energy and Petroleum for the R3/R4 license area. Accordingly, the US$28m payment relating to the R3/R4 PSC signature bonus will shortly be made to the State of Niger.

As previously disclosed at the time of Savannah's recent US$36m placing, the R3/R4 PSC is located in the area Savannah refers to as the 'Agadem Rift Basin', and is in close proximity to the R1/R2 PSC area. Savannah has currently mapped 29 leads across the R3/R4 PSC area, with a range of mapped closure sizes similar to existing discoveries in the basin.

Tags: Savannah Petroleum