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The British independent energy company, Savannah Energy Plc has declared a total revenue of $258.7 million in its unaudited full year 2024 results.
The Company stated this in its trading update statement on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.
The update showed that its gross production in Nigeria averaged 23.1 Kboepd for 2024, broadly in line with the prior year’s 23.6 Kboepd, of which 88 per cent was gas. It also shows that it generated a total income of $393.6 million in 2024, compared to full year 2023’s $289.8 million. This consists of total revenues of $258.7 million and other operating income of $134.9 million.
The report also showed that Savannah’s 2024 total revenues were ahead of the previously issued financial guidance of greater than $245 million.
Also, Savannah’s cash collections in 2024 amounted to $248.5 million, a slight increase from the $206 million it received in 2023. The report revealed that its cash balances as at December 31, 2024 stood at $32.6 million, compared to the December 2023 figure of $107.0 million.
The report highlighted the progress being made in the procurement process of long lead equipment in Nigeria for a potential two-well drilling campaign on the Uquo Field in H2, 2025, with an additional gas development well expected to add up to 80 MMscfpd of supplemental production capacity and a potential exploration well targeting an Unrisked Gross gas initially in place (GIIP) of 154 Bscf (25.7 MMboe) of incremental gas resources.
On the renewable energy front, the update shows that Savannah has up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. Savannah continues to target a portfolio of up to 2 GW+ of power projects in motion by the end of 2026.
Speaking, the CEO of Savannah Energy, Andrew Knott said, “I am pleased to provide a full year trading update which demonstrates the continued progress we have made in 2024, a year which saw the highest level of cash collections ever recorded by our Nigerian business.
“2025 is expected to be an exciting year for our Company, we have a large planned operational programme in Nigeria which is anticipated to enhance both our oil and gas production levels and capacity; we intend to progress our R3 East oil development project in Niger; we continue to pursue key acquisitions in the upstream oil and gas space; and we continue to seek to build our power business.”
He noted that “Savannah remains unequivocally company, seeking to deliver strong performance both for the short and long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon and power sectors.”
