Savannah Energy Posts $147.3m Revenue

Savannah Energy Plc, has reported total revenues of $147.3 million and is targeting an increase in production capacity in its Uquo Field.

The Company stated this in its operating and financial performance for the seven months to July 31, 2025.

The Company’s gross production in Nigeria averaged 21.0 Kboepd in 2024, up from 24.3 Kboepd in 2024, of which 86 per cent was gas.

Total Revenues during the period were up four per cent to $147.3 million, compared to $142.1 million in the first seven months of 2024.

The company also reported a 37 per cent increase in cash collections year over year and a 12 per cent improvement in the trade receivables balance compared to year-end 2024.

Cash collections for the seven months ending July 31, 2025, were $219.2 million, compared to $160.0 million in the same period in 2024. Its trade receivables balance as of July 31, 2025, stood at $476.4 million.

As of July 31, 2025, cash balances were $93.7 million, and net debt was $591.9 million. This included debt associated with the SIPEC Acquisition, which, if excluded, would have further reduced the net debt to $549.5 million.

Operationally, Savannah has signed a turnkey drilling contract for up to two wells on the Uquo Field. The Uquo NE development well is due to start drilling in January 2026, and the first gas is targeted for the end of Q1 2026.

Uquo NE is forecast to provide up to 80MMscf/d of gas and will utilise the recently commissioned Uquo compression project, which was achieved 10 per cent below budget. This will allow Savannah to maximise the production of its existing and future gas wells.

Savannah Energy CEO Andrew Knott said, “I am pleased to provide a trading update for the first seven months of 2025, highlighting total revenues of $147.3 million and good progress in our core objectives for the year, including a 37 per cent increase in cash collections year-on-year, with almost $220 million collected in the year to date, and a 12 per cent improvement in the Trade Receivables balance compared to year-end 2024.”

He said, “We are also reporting today that we have signed a turnkey drilling contract for up to two wells on the Uquo Field in Nigeria, with the Uquo NE development well due to start drilling in January 2026 and first gas targeted by the end of that quarter.

“Uquo NE is forecast to provide gas volumes of up to 80 MMscfpd, which may be followed by drilling an exploration well, Uquo South, targeting an Unrisked Gross GIIP of 131 Bscf of incremental Prospective gas Resources.

“Our Stubb Creek asset continues to perform well, with current daily production of 3.2 Kbopd, up 20 per cent on the average level for 2024. We continue to target further increases in Stubb Creek production as we progress the planned expansion programme there.”

Knott noted that “2025 continues to be an exciting year for the business, and we continue to work towards ‘ticking off’ the delivery of the nine focus area projects that we outlined at the beginning of the year.”