Savannah Energy PLC, the British independent energy company focused on delivering “Projects that Matter” across Africa, has announced its 2025 year-to-date operational and financial results, showcasing resilient financial performance, stronger cash collections, and bold expansion plans in both its hydrocarbon and power divisions.
The unaudited update, covering the first seven months of 2025 up to July 31, underscores Savannah’s ability to balance revenue growth, operational efficiency, and long-term investment despite challenging market conditions.
Financial Performance: Revenues Edge Higher, Cash Flow Strengthens
Savannah reported total revenues of US$147.3 million, a 4% increase from US$142.1 million recorded in the corresponding period in 2024. More significantly, the company highlighted a 37% surge in cash collections year-on-year, reaching US$219.2 million, compared to US$160 million in 2024.
The company also achieved a 12% improvement in trade receivables, reducing outstanding balances to US$476.4 million from US$538.9 million at the end of 2024.
Cash reserves surged to US$93.7 million, up from US$32.6 million in December 2024. Meanwhile, net debt dropped to US$591.9 million (from US$636.9 million), and would have been even lower at US$549.5 million excluding debt from the recently completed SIPEC acquisition. Importantly, Savannah stressed that only 6% of its outstanding debt is directly recourse to the company, with the rest held in subsidiaries on a non-recourse basis.
Operational Performance: Stubb Creek and Uquo Projects in Focus
Savannah’s Nigeria hydrocarbon operations averaged 21,000 barrels of oil equivalent per day (boepd) in the first seven months of 2025, down from 24,300 boepd in the prior year, with gas making up 86% of output.
Yet its Stubb Creek asset stood out as a success story. Following the completion of the SIPEC acquisition in March and the launch of an 18-month expansion programme, daily production has already increased to 3,200 barrels per day, up 20% compared to 2024 levels. Savannah expects Stubb Creek output to rise further to nearly 4,700 barrels per day.
Meanwhile, in the Uquo Field, Savannah completed and commissioned a new compression system at the central processing facility — 10% under budget — designed to maximise output from both current and future wells. Looking ahead, the company has signed a turnkey drilling contract to develop up to two wells on the field. The Uquo North East well is due to spud in January 2026, with first gas targeted before the end of Q1 2026, forecast to deliver up to 80 million standard cubic feet per day (MMscf/d) of gas.
An additional exploration prospect, Uquo South, is under consideration, with an estimated 131 billion standard cubic feet (Bscf) of prospective resources.
Debt Refinancing: A Nigerian Banks-Backed Shift
Savannah also revealed that its Accugas subsidiary is close to finalising a refinancing agreement with a consortium of five Nigerian banks. The new deal will raise its debt facility to ₦772 billion (approximately US$503 million), enabling the company to repay the remaining US$200 million of dollar-denominated debt in H2 2025.
This move will bring Savannah’s liabilities into alignment with its Nigerian naira revenues, reducing foreign exchange exposure at a time of heightened currency volatility.
Power Division: Renewables at the Core of Growth Strategy
Savannah is steadily broadening its Power Division, now expanded beyond renewables to include thermal opportunities. Its renewable pipeline spans 696 MW of wind, solar, and hydroelectric projects across West and Central Africa.
Two flagship projects are making notable progress:
Parc Eolien de la Tarka Wind Farm (Niger, up to 250 MW): Listed by Niger’s Minister of Energy as a government priority, the project is advancing through environmental and social impact studies. Savannah is negotiating terms for a power purchase agreement while working closely with the International Finance Corporation (IFC) and the US International Development Finance Corporation.
Bini a Warak Hybrid Hydro-Solar Project (Cameroon, up to 95 MW): Negotiations with the Cameroonian government are in advanced stages to sign a Joint Development Agreement, replacing the earlier 2023 memorandum and cementing Savannah’s role in developing the project.
Arbitration and Legal Proceedings
The company continues to pursue compensation claims following the nationalisation of assets in Chad and Cameroon in 2023. Through its subsidiaries Savannah Chad Inc. (SCI) and Savannah Midstream Investment Limited (SMIL), the company is seeking more than US$775 million plus interest and costs from the Government of Chad, as well as US$330 million relating to pipeline operations in Cameroon.
Arbitration is expected to conclude no later than the first half of 2026. Savannah emphasised its willingness to negotiate amicable solutions but remains committed to pursuing its rights vigorously.
CEO’s Statement: Delivering on Nine Key Priorities
Andrew Knott, CEO of Savannah Energy, described 2025 as a year of strong progress and execution.
“We are pleased to report strong progress in our trading performance with revenues of US$147.3 million and cash collections up 37% year-on-year. Operationally, we are advancing our Uquo Field expansion, increasing production at Stubb Creek, and progressing major renewable projects in Niger and Cameroon.
2025 remains an exciting year as we continue to deliver against the nine key focus areas we set at the beginning of the year — from improving Nigerian cash collections and refinancing debt to completing the SIPEC acquisition, progressing Stubb Creek expansion, pursuing arbitration processes, advancing Uquo drilling, developing Niger’s R3 East, refining our power business model, and seeking transformational acquisitions.”
Outlook
Savannah will publish its audited 2024 annual results alongside unaudited half-year 2025 financials in September. Until then, its shares will remain suspended from trading on AIM in compliance with regulatory requirements.
The company underscored that it remains committed to strengthening its position as a leading African independent energy player, combining oil and gas production with a growing footprint in renewable power projects across the continent.
For further information, stakeholders are directed to www.savannah-energy.com.
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