Savannah Petroleum is an exploration and production company listed in AIM (London's Secondary Market) with an extensive acreage position in the Agadem Basin in Niger.
In July 2014 Mirabaud acted as joint bookrunner in Savannah Petroleum’s IPO on AIM, raising US$50m to fund the acquisition of the R1 and R2 licences from the government and pre-drill technical work. At IPO, the company substantially broadened its shareholder register with participation from institutions including Standard Life, Fidelity, Capital and Henderson.
Savannah holds 95% of the contiguous R1 and R2 licences in the Agadem basin, having won a 2013 bid round held by the Niger government. The area lies immediately adjacent to and previously formed part of a licence held by China National Petroleum Corporation (CNPC) that was subject to partial relinquishment under its contract terms. CNPC has invested more than US$2.5bn in the wider basin over the past five years and made 77 reported discoveries with 832 mmbbls of 2P reserves. The same geology extends into Savannah’s under-explored acreage, which offers the potential for low-risk exploration. Independent consultants CGG Robertson estimate R1 and R2 contain 819 mmbbls of gross unrisked prospective resources.