SHARES in Niger-focused oil and gas firm Savannah Petroleum jumped by as much as 16 per cent yesterday after the company announced the generation of 14 drill-ready exploration prospects.
The company, which listed on Aim in August 2014, carried out detailed seismic mapping over a 680 square kilometre area in south-east Niger, and said the new exploration sites could hold up to 215m barrels of oil. The company also said it had found an additional 37 exploration leads.
Savannah boss Andrew Knott told City A.M. that the company is now looking for partners to help the company as it moves ahead with analysis of the prospects and then drilling: “The process is just starting.”
Knott also said he was pleased the firm is meeting targets: “The important thing is we have crystallised what we said we would do at the IPO.”
Analysts backed yesterday’s briefing and Mirabaud Securities said it would leave Savannah “well placed to secure the capital it needs”.