Savannah Energy Grows Revenues By 17% To $104.1m

Savannah Energy Plc has posted a revenue growth of 17 per cent year-on-year to $104.1 million for the four months ended April 30, 2026.

The Company has provided a trading update on its Nigerian operations and other African markets, reflecting continued operational progress and a strong focus on cash discipline.

It reported that following the completion of the SIPEC Acquisition in March 2025, the production expansion programme underway at its Stubb Creek has delivered an eight per cent increase in average gross daily production to 3.1 Kbopd for the period, compared to 2.8 Kbopd during the same period in 2025.

The update showed that revenues increased by 17 per cent year-on-year to $104.1 million, compared to $89.1 million in the same period last year. It also shows that its trade receivables balance declined by 22 per cent to $395.2 million from $507.2 million at year-end 2025.

Savannah also reported cash balances of $64.7 million during the four-month period, compared to the December 31, 2025 figure of $42.8 million, with its net debt standing at $641.7 million compared to the December 31, 2025 figure of $658.6 million.

Savannah also reported that it has entered into a new £32 million unsecured loan facility with NIPCO Plc, its largest shareholder. The facility is structured in two tranches: £20 million available immediately and £12 million available from July 1. The loan carries a 4.5 per cent annual interest rate and has a 36-month term.

The facility includes a conversion option that allows Savannah to repay the loan by issuing new shares at 8 pence per share. NIPCO cannot require conversion, and Savannah is under no obligation to issue shares. The transaction constitutes a related party transaction under AIM rules.

Speaking on the Company performance, the CEO of Savannah Energy, Andrew Knott, said, “Savannah continues to deliver against the nine core focus areas we set out for the business at the start of 2025. In Nigeria, we have seen a significant improvement in cash collections, with a 48 per cent year-on-year increase in the first four months of the year, alongside a 17 per cent year-on-year increase in Revenues and a 22 per cent reduction in our trade receivables balance since year-end 2025.

“This reflects our ongoing focus on disciplined cash collections and receivables management, which remains a key priority for the business this year.”

Knott noted that “operationally, we are advancing a number of important projects, including the drilling of two new gas wells at the Uquo field, and the production expansion programme at Stubb Creek, which has already delivered an eight per cent increase in average daily production.

“In our power division, we continue to progress our greenfield wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several opportunities under active discussion.”