- Savannah Petroleum said it had discovered oil from a new exploration well in south east Niger.

The Kunama-1 discovery was the third consecutive find Savannah had made in its maiden exploration campaign in the the Agadem rift basin.

Preliminary results indicated that the well encountered a total estimated 9 metres of net oil-bearing reservoir sandstones.

Wireline logs indicated the reservoir properties to be good quality, with the available data indicating light oil equivalent to the recent Amdigh-1 well.

'The Kunama discovery, following on from Amdigh and Bushiya, provides further encouragement for our plans to establish an early production scheme in Niger, which we expect to be able to provide an update on later in this quarter,' chief executive Andrew Knott said.

At 9:58am: [LON:SAVP] Savannah Petroleum Plc share price was +0.25p at 29.75p

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