Savannah Energy PLC, the British independent energy company delivering projects that matter in Africa, has reported strong financial and operational performance for its financial year 2024, alongside a significant 21% increase in its 2P reserves at the flagship Uquo field in Nigeria.
The company’s unaudited results for the year ended December 31, 2024, show total income jumped to US$393.8 million — up from US$289.8 million in 2023 — while total revenue fell slightly to US$258.9 million from US$260.9 million. Other operating income, meanwhile, rose sharply to US$134.9 million, up from US$28.9 million the previous year.
Savannah surpassed its financial guidance for 2024, delivering total revenue 6% above its projected minimum of US$245 million. At the same time, its operating and administrative expenses fell 5% below guidance, totaling US$71.0 million instead of the projected US$75.0 million. Capital expenditure was also well-controlled, closing the year at US$23.1 million, much lower than the guidance range of up to US$50 million.
The company saw a record cash collection of US$248.5 million — a 21% improvement over US$206 million in 2023 — although its cash balance fell to US$32.6 million, down from US$107.0 million a year earlier. Net debt at year’s end stood at US$636.9 million (2023: US$473.7 million), while gross debt was US$669.5 million — with 94% non-recourse to the PLC.
Adjusted EBITDA remained broadly in line with the previous year at US$181.2 million (vs US$184.1 million), retaining a strong 70% margin.
Production for the year was stable at 23.1 Kboepd, with 88% stemming from natural gas. This is broadly in line with 2023’s 23.6 Kboepd and 91% gas. The company also secured and extended new gas contracts totaling up to 105 MMscfpd, with its average selling price increasing by over 4% to US$4.68/Mscfe.
Additionally, Savannah drew down NGN 332 billion from its NGN 340 billion term facility with a consortium of five Nigerian banks — a sum used in part to pay down its Accugas US$ Facility — leaving a balance of US$212.3 million. The company also secured a US$60 million facility from Standard Bank of South Africa and Stanbic IBTC in 2024 to aid its SIPEC Acquisition.
A key highlight for the year was a 21% increase in 2P Reserves at its flagship Uquo field — extending total reserve growth to 81% since its initial acquisition — alongside a 29% increase at Stubb Creek. This follows the company’s announcement in May 2025 of a 29% increase in Stubb Creek’s 2P Reserves.
Meanwhile, its 2024 sustainability report shows strong safety performance, with zero Lost Time Injury, a 47% drop in carbon intensity, and a 22% year-on-year increase in contributions to its host nations. Employee training hours also jumped by 32%.
Looking forward, Andrew Knott, Chief Executive Officer of Savannah Energy, said: “2025 continues to be an exciting year for the business. We remain on track to complete our principal Nigerian debt refinancing, progress our SIPEC Acquisition, commence our Stubb Creek expansion project, and safely drill additional wells at the Uquo Field. We’re also developing a range of potential new projects in Niger, Cameroon, and elsewhere, alongside growing our portfolio of renewable power assets.”
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