(Ecofin Agency) - Savannah Petroleum Plc published on 8^th July an update on the assessment of the potential of its licence zone R1/R2 which featured a significant increase in the risk-adjusted prospective crude oil resources in this site located in the South-East of Niger.

The independent assessment done by CGG Robertson came up with 1.191 billion barrels of risk-adjusted crude oil prospective resources in the R1/R2 licence zone, against 573 million barrels mentioned in a report released by another expert in July 2014.

This increase was made possible by taking into account the potential resources of the Yogou oil-bearing formation located “much deeper” in this site covering a zone equivalent to 8,406 km² in the oil basin of the Agadem.

Andrew Knott (pictured), CEO of Savannah Petroleum, called it a “very encouraging” result for the stakeholders which strengthens the assumption of the company that R1/R2 is “probably a huge site at a relatively low cost and low risk”.

The British crude oil and gas company confidently claims having, today, everything set to move to the execution of a drilling program and VSP surveys on the licensed site, clarifying that the mining exploration will start during the second half of 2015.