It believes R3 sits within a proven petroleum sweet-spot and points out it is sandwiched between significant discoveries to the north and south.
A recently completed seismic survey in the eastern portion of the block has confirmed the existence of “multiple fault blocks, which have similar configurations to these fields and discoveries”, Savannah said.
R3 has the added advantage of being close to existing and planned infrastructure.
“Further details in relation to the prospectivity of the R3 East seismic survey and the company's chosen exploration targets will be announced in due course,” the company told investors as it confirmed drilling will get underway in the next three months.
“The preferred initial drilling candidates are expected to offer the opportunity for the company to evaluate multiple stacked objectives with simple well trajectories that have low operational risk.”
Savannah also provided an update on the drilling rig that will be used to tap into the potential of R3.
It has been given the use of a rig that is already in Niger with crew experienced in working in the country.
It said there was an “element of recommissioning” involved with initial rig that was to be deployed so it expects the new arrangement “will lead to greater operational efficiency during the campaign”.
Construction of a logistics camp and pipe yard has begun close to the Jaouro airstrip.
--- Updates with CEO video ---