Savannah Petroleum spuds third well in Niger campaign

West African focused independent oil and gas company Savannah Petroleum has spudded the third well in its current Niger drilling campaign.

Kunama-1, located on the R3 portion of the Agadem Basin, has been designed to evaluate potential oil pay in the Eocene Sokor Alternances as the primary target, with the secondary target being potential oil pay in the Eocene Upper Sokor being considered as an upside to Savannah.

Savannah's has assessed the project's total mean unrisked recoverable resources at 35m barrels of oil.

Drilling at Kunama is expected to take around 30-35 days.

If successful, the well will then be suspended for future re-entry and further evaluation, which could include well testing and completion using a dedicated testing/workover rig.

As of 0840 BST, Savannah shares had dipped 1.67% to 29.50p.