Savannah Energy Plc, has released its 2021 annual report and audited accounts disclosing an increase in revenue of US$230.5 million in the 2021 financial year.
The figure represents growth by seven per cent over full year, FY, 2020 total revenues of US$215.9 million.
This is ahead of the company’s previously issued full year 2021 guidance of ’total revenues of greater than US$205 million.
The report showed average realised gas price of US$4.19 of a million standard cubic feet of gas daily Mscf showing a growth of +6 per cent higher than the average realised gas price of US$3.96/Mscf in 2020.
Similarly, average realised liquids price in 2021 was US$69.9 of a billion barrels bbl, indicating growth of a +51 per cent increase compared to the 2020 average realised liquids price of US$46.2/bbl.
Total cash collections from the company’s Nigerian assets increased from US$167.4 million recorded in FY 2020 to US$208.2 million.
This represents an increase of +24 per cent. The group cash balances of US$154.3 million as at 31 December 2021 was higher than the Group cash balances of US$106.0 million recorded in FY 2020. This is an increase of +46 per cent.
CEO of Savannah Energy, Andrew Knott, said: “2021 was a fantastic year for Savannah. Our Total Revenues 12 and Adjusted EBITDA2 grew by seven per cent year-on-year to US$231m and US$175m respectively. We organically increased our Net 2P reserves by 20 per cent to 77.7 MMboe.
“We announced our potentially transformational acquisition of a large portfolio of upstream and midstream assets in Chad and Cameroon, which upon completion we now expect will more than double our corporate free cashflow.
“We established a Renewable Energy Division which, post period, has signed agreements for up to 750 MW of large scale greenfield solar and wind projects.
ly renewed and amalgamated our Niger PSC areas, paving the way for the progression of our intended 35 MMstb R3 East development and a return to exploration activity in the licence areas.
“Our performance against key industry sustainability metrics relating to HSE performance, carbon intensity, senior management gender diversity and local employee ratios remain industry leading.”
Knott said the company is looking forward to the rest of 2022, with confidence , adding that, “we expect to deliver on our financial guidance. We expect to complete our entry to Chad and Cameroon during Q3 2022 and to likely announce further hydrocarbon acquisitions. We expect to further grow our Renewable Energy Division, with several new large-scale greenfield opportunities under review and negotiation. We expect to finalise the refinancing of our Nigerian debt and to announce the development and exploration plans for our assets in Niger.”
