22 November 2016, Sweetcrude, Lagos – Savannah Petroleum Plc has signed a Memorandum of Understanding, MOU, with New Nigeria Development Company Ltd and Nigeria National Petroleum Corporation to support a collaboration between the three parties in the Nigerian section of the Central African Rift System.
Under the terms of the MOU, the parties will establish Technical and Steering Committees to manage the process of evaluating the technical and commercial prospectivity of the “materially under-explored region,” according to Savannah.
Savannah expects to enter into additional agreements over time with NNDC and NNPC and is also in discussions with its new partners in relation to the pursuit of other potential opportunities in Nigeria.
“We are delighted to commence working with Savannah Petroleum in the Nigerian portion of the Central African Rift system. Savannah’s technical knowledge and experience of working in the Niger section of this system is a major asset for NNPC as we look to unlock the potential of this area,“Savannah is very pleased to announce its partnership with NNDC and NNPC. We very much look forward to leveraging our experience gained from working in the Niger section of Central African Rift to assist in the exploration of the Nigerian section,” Andrew Knott, CEO of Savannah Petroleum, said.