29 May 2026
Opening up new horizons in Niger
Our assets
Hydrocarbon licence interests
Savannah’s hydrocarbon licence interests in the R1234 PSC area cover approximately 13,655 km2, equating to 50% of Niger’s main petroleum basin, the Agadem Rift Basin (“ARB”) in South East Niger.
35 MMstb
of Gross 2C Resources for our R3 East discoveries.
90 MMstb
of additional Gross Unrisked Prospective Resources (Best case) from five prospects and leads within tie-in distance to the planned R3 East facilities.
100% exploration success rate
achieved to date with five discoveries from five wells drilled.
146
potential exploration targets.
Our progress in the ARB
Savannah has delivered a highly successful exploration campaign in Niger with five discoveries from five wells in the R3 area. There are an additional five prospects and leads within tie-in distance to the planned R3 East facilities with three Yogou Cretaceous prospects mapped on 3D seismic, at depths below our main discoveries (i.e. Amdigh, Eridal and Bushiya), and two leads in the Central part of R3. Savannah has identified 146 potential exploration targets in total across our licence area to consider drilling in the future. The average geological chance of success for the Alternances exploration prospects and leads, such as those drilled to date by Savannah in the R3 East area, is estimated to be high, at more than 75%.1
The Company continues to engage constructively with the Government of Niger in relation to the R1234 PSC and the forward work programme.2 The R3 East development plan has been significantly re-worked since the last published Niger CPR of December 2021, with a plateau production rate of approximately 10 Kbopd now assumed, compared with 5 Kbopd in the previous development case. The Company has updated its internal management estimate of the potential PV10 value, on an unrisked asset-level basis, for R3 East to US$179.6 million, compared with the last CPR asset value estimate of US$150 million, assuming a US$65/bl long-term oil price assumption. On the same basis, if we assume a long-term oil price of US$95/bl the PV10 value of R3 East is estimated at US$381.0 million. If a satisfactory resolution is reached with the Government and a successful well testing programme is subsequently conducted, the Company would seek to accelerate plans to commence commercial oil production from the R3 East Area and incorporate the acquired data into an updated field development plan.
Read more about the geology
of the ARB in our
latest Annual Report and Accounts
1. November 2021 Competent Persons Report by CGG Services (UK) Limited.
2. These discussions are aimed at resolving disputed issues arising under this contract and notably cover the contractual and operational framework for recommencing activity, including the treatment of periods during which operations have been materially constrained. The Company continues to reserve its rights under the R1234 PSC and is seeking to agree a mutually acceptable basis with the Government for future operations. Work will only recommence on these assets if, and when, the Company reaches such a satisfactory agreement with the Government.
