Savannah Energy (SAVE): Uquo two-well drilling campaign

This situation live

£115m · 5.5p · −24% since the first step

22 Oct 2025 · Well site construction ongoing; turnkey drilling contract signed · −2% until the next step Well site construction is currently ongoing for the Uquo NE development well.

4 Feb 2026 · Site construction final stage; rig ready · −22% until the next step Well site construction is in the final stages and is expected to be completed this month.

25 Aug 2026 · Uquo 13 on stream; Uquo South being completed · +0% until the next step The Uquo South exploration well spudded in early August 2026 and is currently being completed.

Project milestones

Uquo two-well drilling campaign

Talks continuing; no agreement

Next: agreement with Government of Niger on PSC framework

Every step · 6

22 Oct 2025 Long-lead procurement under way; compression completed – The Uquo NE development well ("Uquo NE"), due to commence drilling in January 2026, is forecast to provide gas volumes of up to 80 MMscfpd ↗
22 Oct 2025 Well site construction ongoing; turnkey drilling contract signed – Well site construction is currently ongoing for the Uquo NE development well. ↗
30 Dec 2025 Well site nearly complete; Uquo South site prep begun – Well site construction is in the final stages for the Uquo NE development well and is expected to be completed this year. ↗
4 Feb 2026 Site construction final stage; rig ready – Well site construction is in the final stages and is expected to be completed this month. ↗
25 Aug 2026 Uquo 13 on stream; Uquo South being completed – The Uquo South exploration well spudded in early August 2026 and is currently being completed. ↗
30 Sep 2026 Talks continuing; no agreement – The Uquo South exploration well, which was spudded in early August 2026, has been completed this month. ↗

What is happening

Savannah Energy: Uquo two-well drilling campaign – Talks continuing; no agreement. ['Talks continuing; no agreement']

In short: Savannah had considered four-well testing on R1234 in 2026/27 and is now in talks with the Government of Niger on disputed PSC issues and the framework for restarting activity, including how constrained periods are treated. Work restarts only on satisfactory agreement; rights are reserved. The ~US$175m FY 2024 carrying value is being assessed in the FY 2025 accounts.
Announced: 22 Oct 2025 · Long-lead procurement under way; compression completed
Latest: 30 Sep 2026 · Uquo South completed; testing to come
Status: Discussions continuing; no agreement yet
Condition: Work restarts only on satisfactory agreement with the Government
Issues: Disputed PSC issues; treatment of materially constrained periods
Carrying value: About US$175m at FY 2024; being assessed in FY 2025 accounts

agreement with Government of Niger on PSC framework.

From the company's own announcements. Not investment advice.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

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