Niger

Agadem Rift Basin History

Pre-CNPC Era (1975 – 2004):

  • 5 discoveries made from 25 exploration wells (20% success rate)
  • Largely dominated by major oil companies

CNPC Era
(2008 – 2014):

  • US$300m signature bonus paid
  • c.1bn bbls 2P reserve base established
  • 95 discoveries from 129 exploration wells (74% success rate), with over 220 wells drilled in total
  • Over 18,000km 2D and 13,000km2 3D seismic acquired
  • 463km oil pipeline and the 20kbd Zinder refinery built and commissioned
  • First oil delivered from the Sokor and Goumeri fields (2011) and Agadi (2014)
  • 20% of the Agadem license sold to CPC (2013)
  • c.50% of license mandatorily relinquished (2013)

Savannah Era (2014+)

  • July 2014, R1/R2 license awarded to Savannah
  • July 2015, R3/R4 license awarded to Savannah
  • 36,948km FTG survey acquired (2014/15)
  • 806km2 3D seismic survey acquired over a portion of R3 (2016/17)
  • 4 discoveries from 4 exploration wells (100%)

R1/R2 permit

  • Assessed by CGG to contain 1,682 mmbbls “yet to find” best estimate gross risked recoverable prospective resources.  This is distributed across the proven Sokor Alternances (605 mmbbls) and Upper Yogou (530 mmbbls) formations, as well as new plays in the Upper Sokor (213 mmbbls) and Lower Yogou/Donga (334 mmbbls) formations
  • 8% of R1/R2 is covered by modern 3D seismic data, upon which Savannah has identified 15 drill-ready exploration prospects with a risk profile similar to that of other 3D seismic defined exploration prospects drilled to date in the basin
  • Savannah has identified 42 exploration leads along NW/NE flanks based on 2D seismic data of varying vintages, with a range of mapped closure sizes similar to existing discoveries in the basin

R3/R4 permit

  • Assessed by CGG to contain 1,139 mmbbls “yet to find” best estimate gross risked recoverable prospective resources.  This is distributed across the proven Sokor Alternances (410 mmbbls) and Upper Yogou (385 mmbbls) formations, as well as new plays in the Upper Sokor (130 mmbbls) and Lower Yogou/Donga (214 mmbbls) formations
  • 9% of R3/R4 is covered by the new R3 East 3D seismic survey acquired by Savannah in 2016/17.  This acquisition has enabled 18 exploration prospects to be identified with a risk profile similar to that of other 3D seismic defined exploration prospects drilled to date in the basin
  • Savannah has identified a further 51 exploration leads outside of the R3 East 3D seismic area, currently mapped on 2D seismic data (both modern and legacy) and with a range of mapped closure sizes similar to existing discoveries in the basin