Savannah shares fall back as it spuds new well

Shares in West Africa focused oil and gas producer Savannah Petroleum (LON:SAVP) dropped 2% to 29.40p (as at 15:30 BST) after the firm announced that it has spudded its third well in the current Niger drilling campaign. The company has been assessing the potential oil pay in the Eocene Sokor Alternances and the drilling is expected to take just over a month.

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The shares are roughly 50% higher than they were at the start of the month, after positive news from the Amdigh-1 well and the appointment of a new COO, and ten times higher than when we covered them in 2015.