KEY POINTS
- Savannah Energy grew Nigeria average gross daily production 8% to 3.1 Kbopd in four months.
- Revenue rose 17% year-on-year to $104.1 million while cash collections surged 48% to $183.5 million.
- Savannah secured a new £32 million unsecured loan facility from its largest shareholder NIPCO plc.
Savannah Energy entered its Annual General Meeting on June 1 with numbers that told a story of operational discipline and cash recovery. The British independent energy company posted an 8 percent increase in average gross daily production at its Stubb Creek asset in Nigeria to 3.1 thousand barrels of oil per day in the four months to April 30, compared to 2.8 thousand barrels per day in the same period of 2025.
Revenue climbed 17 percent year-on-year to $104.1 million from $89.1 million. Cash collections rose 48 percent to $183.5 million. Trade receivables fell 22 percent to $395.2 million from $507.2 million at year-end 2025. Cash balances stood at $64.7 million, up from $42.8 million at December 31, 2025. Net debt declined to $641.7 million from $658.6 million.
Group average gross daily production for the period stood at 15.7 thousand barrels of oil equivalent per day, down from 18.8 thousand barrels in the full year 2025, with gas production constrained by ongoing drilling activity and customer demand levels.
New loan and operational progress at Uquo
Savannah secured a new £32 million unsecured loan facility from NIPCO plc, its largest shareholder. The facility is split into two tranches: £20 million available immediately and £12 million from July 1. The loan carries a 4.5 percent annual interest rate with a 36-month term. It includes an option for Savannah to repay through new shares at 8 pence per share, though NIPCO cannot force conversion.
At the Uquo field, drilling and completion activities at the Uquo NE well location have concluded with rig-down operations underway ahead of the next well. Flowline installation is in its final stages with tie-in activities ongoing at the Uquo central processing facility. First gas from the new well is targeted for early July 2026, supporting higher forecast gas production in the second half of the year.
Beyond Nigeria
In Niger, the Parc Eolien de la Tarka wind project has been confirmed as a government priority project by the Minister of Energy, with further development tied to ongoing discussions with the Government of Niger on the R1234 PSC and potential oil activity resumption.
In Cameroon, negotiations over the Bini a Warak hybrid hydroelectric and solar project are at an advanced stage, with a Joint Development Agreement expected to replace the Memorandum of Agreement signed in April 2023.
CEO Andrew Knott said the company was advancing drilling, power projects and acquisitions simultaneously. “We continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several opportunities under active discussion,” he said.
