Savannah Energy Plc, a British independent energy company, has announced the successful drilling and completion of Uquo-11 gas production well in Uquo field, located on Oil Mining Lease 13, onshore Akwa Ibom State.
The company disclosed this while announcing the publication of an updated Competent Person’s Report covering its assets in Nigeria, which it said was compiled by CGG Services (UK) Ltd.
The Chief Executive Officer, Savannah Energy, Andrew Knott, said in a statement, “I am extremely pleased to announce the publication of our updated CPR covering the company’s asset in Nigeria, showing a 27 per cent organic increase in Group 2P reserves.
“This progression shown in the heart of our business has been replicated in our financials as we maintain a positive year of growth with total revenues up seven per cent against the same period last year as we reiterate guidance for 2021.
He added, “Operationally, we have successfully drilled and completed the Uquo-11 gas production well, below budget and at a significantly lower cost than previous Uquo wells drilled by our subsidiary company.
“We look forward to continuing our positive progress through the rest of the year and we expect to update shareholders as to progress made in relation to the proposed acquisition when appropriate. We remain confident in our company’s outlook.”
The company said the production from the Uquo gas field rose by 16 per cent in the year-to-date period ended October 31, 2021 from 99.5 million standard cubic feet per day to 115.6 MMscfpd.
Savannah said it started ordering compression equipment for the Accugas gas processing plant during the first half of 2021.