StockMarketWire.com - Savannah Petroleum has issued its FY results, which showed a net and total comprehensive loss of $14.7m. Operating expenses totalled $6.8m and finance costs totalled $7.9m.

Highlights:

· On 1 August 2014, Savannah successfully listed on the AIM market of the London Stock Exchange, raising $50m from a largely blue-chip institutional shareholder base

· Strong operational progress to date, including successful completion of a Full Tensor Gravity Gradiometry (FTG) survey over the R1/R2 permit and surrounding Agadem block

· The 36,949km of acquired data is now being interpreted, with the results being integrated into Savannah's large existing 2D and 3D data sets

· In a separate announcement, Savannah has published its initial exploration target inventory, highlights of which include that detailed 3D mapping over 8% of R1/R2 has generated 14 drill-ready prospects targeting gross unrisked mean prospective oil resources of c.215mmbbls in the regionally proven Eocene and Upper Cretaceous horizons

· Significant progress has been made on the export route for Agadem crude, with bilateral agreements with Chad and Cameroon in place to allow the Agadem export pipeline to link to the existing Chad-Cameroon pipeline and project sanction anticipated in the coming months

Financial

· US$72m proceeds raised, in aggregate, by placing of ordinary shares at IPO and issue of convertible loan notes pre-IPO

· US$17m year-end Cash position

· Debt free capital structure




At 9:34am: [LON:SAVP] Savannah Petroleum Plc Ord Gbp0.001 share price was +3p at 24.5p



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