Savannah Petroleum sees losses triple on increased drilling costs

Niger and Nigeria focused Savannah Petroleum said its first-half losses tripled owing to the cost of drilling exploration wells, some of which were successful. Pre-tax losses for the six months through June amounted to $17.6m, deepening from losses of $5.8m on-year.

‘I am very pleased with what Savannah has achieved during a very busy first half of 2018,’ chief executive Andrew Knott said. ‘The company saw considerable drilling success in Niger, with two oil discoveries made during the first half and a further two discoveries post period end.’ At 9:20am: (LON:SAVP) Savannah Petroleum Plc share price was +2.45p at 32.25p.

Source: Investgate

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