Savannah Energy Reports Total Revenue Of $258.9m In 2024

Savannah Energy Plc has reported total revenues of $258.9 million in its unaudited results for the year ended December 31, 2024.

The results revealed that Savannah Energy achieved its previously issued financial guidance for the year, with its total revenues as of December 31, 2024, standing at $258.9 million, six per cent ahead of previously issued guidance of greater than $245 million.

Likewise, its operating and administrative expenses for the year came to $71.0 million, five per cent below previous guidance of up to $75.0 million, with its capital expenditure at $23.1 million, well below the previously issued guidance of up to $50 million due to the phasing of spend.

The company also reported a record cash collection of $248.5 million in full year 2024, an over 21 per cent increase on its full year 2023 cash collections of $206 million.  Its cash balances as of December 2024 stood at $32.6 million, compared to $107.0 million as of 31 December 2023, and a net debt of $636.9 million, compared to $473.7 million by the end of December 2023. In the same vein, its gross debt as of December 2024 was $669.5 million, of which $630.6 million was non-recourse to PLC.

Savannah’s full year 2024 Adjusted EBITDA stood at $181.2 million, while maintaining its Adjusted EBITDA margin at 70 per cent. In terms of assets, its total Group assets increased to $1.6 billion as of December 2024, compared to $1.5 billion in 2023.

In terms of operations, the results show that its average gross daily production was 23.1 Kboepd, of which 88 per cent was gas.  The highlighted a 21 per cent increase in 2P Reserves at its flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81 per cent.

CEO of Savannah Energy, Andrew Knott, said, “in line with our trading statement released in January 2025, and to announce a 21 per cent increase in 2P Reserves at our flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81 per cent. This follows our announcement of a 29 per cent increase in 2P Reserves on the Stubb Creek field in May 2025.”

He 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, being: securing a further increase in our rate of cash collections in Nigeria1; completion of the refinancing of our principal Nigerian debt facilities; completion of the planned acquisition of 100 per cent of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, which was achieved during Q1 2025; among others.”