Savannah Energy Plc today reported stronger financial results for the first seven months of 2025, delivering higher revenues and sharply increasing cash collections.
The company grew total revenues by 4% year-on-year to $147.3 million and boosted cash collections by 37% to $219.2 million.
At the same time, it cut trade receivables by 12% to $476.4 million and lifted cash balances to $93.7 million, up from $32.6 million at year-end 2024.
Savannah also reduced net debt to $591.9 million, or $549.5 million when excluding the SIPEC acquisition.
Operational Momentum In Nigeria
In Nigeria, Savannah produced an average of 21.0 Kboepd, with gas accounting for 86% of output.
Building on this, the company signed a contract to drill two wells on the Uquo Field.
It plans to spud the Uquo NE well in January 2026 and target first gas by the end of Q1.
Meanwhile, output from Stubb Creek climbed 20% year-on-year to 3.2 Kbopd, and Savannah continues to expand the asset.
Financing And Power Growth
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Turning to financing, Savannah is close to finalising the refinancing of its Accugas subsidiary.
It is negotiating with five Nigerian banks to secure a ₦772 billion ($503 million) facility, which will enable Accugas to repay its remaining $200 million in US dollar debt later this year.
Furthermore, Savannah continues to expand its Power Division.
The company advanced its 250 MW Parc Eolien de la Tarka wind farm in Niger, now listed as a government priority, and it entered final-stage talks with Cameroon to sign a Joint Development Agreement for the 95 MW Bini a Warak hydro-solar project.
Chief Executive Andrew Knott said Savannah remains on track to deliver its nine focus projects for 2025, including debt refinancing, new drilling, and progress across its renewable energy portfolio.
