Savannah controls a 100% interest in almost 14,000km2 of highly prospective acreage in Niger where CNPC has already established almost 1bnbbl of oil reserves. We estimate Savannah's acreage could hold 2bnbbl of prospective oil resources. We estimate a value per barrel of oil reserves at US$ 3-3.7/bbl. Savannah intends to farm down up to a 50% share in the acreage in the near term to fund an aggressive US$250m exploration programme. We believe that a farm-out on those terms is credible and wou
