By Barnabas Esiet.
Savannah Energy PLC has released its unaudited operational and financial update for the first seven months of 2025.
The company reported resilient production figures, improved financial metrics, and strategic project developments across its portfolio.
The company’s gross production in Nigeria averaged 21,000 barrels of oil equivalent per day (Kboepd), with gas production constituting 86% of total output.
Total revenues increased modestly by 4% to US$147.3 million, up from US$142.1 million in the same period last year.
Cash collections surged by 37% year-on-year to US$219.2 million, with a 12% improvement in trade receivables balance to US$476.4 million.
The company has finalized a turnkey drilling contract for two wells in the Uquo Field, with the Uquo NE development well scheduled to commence drilling in January 2026 and first gas expected by the end of Q1 2026.
This well is projected to deliver up to 80 million standard cubic feet per day (MMscf/d) of gas.
The Stubb Creek asset continues to perform strongly, with current daily production at 3.2 kbopd, representing a 20% increase over 2024, and further growth anticipated through ongoing expansion plans.
Savannah Energy is also advancing its Power Division, expanding beyond renewables to include potential thermal energy projects.
Its existing portfolio of up to 696 MW of wind, solar, and hydroelectric projects is progressing well, notably the Parc Eolien de la Tarka wind farm in Niger and the Bini a Warak hybrid hydro-solar project in Cameroon.
Savannah Energy’s cash holdings rose significantly to US$93.7 million from US$32.6 million, while net debt slightly decreased to US$591.9 million from US$636.9 million, excluding debt associated with the SIPEC acquisition.
The company is nearing completion of refinancing its US dollar-denominated debt via its Accugas subsidiary, with an agreement expected to increase the Nigerian facility to NGN772 billion (approximately US$503 million).
Comment here