Savannah Energy PLC, a British independent energy company focused on delivering transformative projects, has released its unaudited FY 2024 trading update, spotlighting its operations in Nigeria and across Africa.

Nigerian Operations Highlights

• Production and Revenue: Savannah’s Nigerian gross production averaged 23.1 Kboepd in 2024, close to the previous year’s 23.6 Kboepd, with 88% being gas. Total income rose significantly to $393.6 million, up from $289.8 million in 2023.
• Cash Performance: Cash collections reached $248.5 million, a 20% increase from the $206 million recorded in 2023. Year-end cash balances were $32.6 million, compared to $107 million in 2023.
• Facility Improvements: The Uquo Central Processing Facility (Uquo CPF) $45 million compression project is well underway, aimed at boosting medium-term gas production.

Key Developments

1. Expansion Projects: Savannah is gearing up for a two-well drilling campaign on the Uquo Field in 2025, expected to add 80 MMscfpd of gas production capacity.
2. Acquisition Goals: The company targets regulatory approval in Q1 2025 for its acquisition of Sinopec International Petroleum’s 49% stake in the Stubb Creek oil and gas field. An expansion is planned to elevate Stubb Creek’s production from 2.7 Kbopd to 4.7 Kbopd.
3. Renewable Energy Focus: Savannah is advancing projects like the 250 MW Parc Eolien de la Tarka wind farm in Niger and the 95 MW Bini a Warak hybrid hydro-solar project in Cameroon. The company envisions over 2 GW+ of power projects by 2026.

Broader African Ventures

• In Niger, Savannah is progressing its R3 East oil development, boasting 35 MMstb gross 2C resources.
• In South Sudan, the company is pursuing alternative transaction structures for a stake in oil and gas-producing assets.

CEO’s Perspective

Andrew Knott, CEO of Savannah Energy, expressed optimism:
“2024 has been a milestone year, with record cash collections in Nigeria and progress across multiple fronts. Our plans for 2025 are ambitious, targeting growth in both the hydrocarbon and renewable energy sectors while ensuring sustainable operations.”

Looking Ahead

Savannah remains committed to its dual focus on hydrocarbons and renewable energy. With several projects in motion, including acquisitions and renewable initiatives, the company continues to solidify its role in Africa’s energy transition.