Firm’s Revenue Rises 10% To $160.6m In 7 Months

Savannah Energy Plc said revenue from its Nigerian operations rose by 10 per cent year-on-year to $160.6 million in the seven months ended July 31, 2026, supported by stronger cash collections and improved receivables management.

In an unaudited operational and financial update, the company said cash collections in Nigeria increased 13 per cent to $247.9 million in seven months 2026, compared to $219.2 million in the same period of 2025.

Trade receivables fell 22 per cent to $394.6 million as at 31 July 2026, down from $508.5 million at year-end 2025. Cash balances stood at $62.0 million, up from $42.7 million in December 2025. Net debt was $672.0 million, compared to $658.8 million at the end of last year.

On production, group daily gross output averaged 16.3 Kboepd for seven months 2026, down from 18.8 Kboepd in seven months 2025. Savannah expects the figure to recover in the remaining five months of the year.

The company said the Uquo 13 well, formerly Uquo NE, has been completed and tied back to the Uquo Central Processing Facility.

CEO Andrew Knott said, 2025 was a year of execution and that the company made progress on cash collections, debt refinancing and production growth.

He stated that “during the year, we also announced a 21 per cent 2P Reserves upgrade at the Uquo gas field and a 29 per cent upgrade to Stubb Creek oil field 2P Reserves.

“In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year.”

In the power sector, Knott stated that “we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year.

“We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion.”