Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, has announced its unaudited results for the year ended 31 December 2024.
The FY 2024 Unaudited Results show a Total Income of US$393.8 million, compared to US$289.8 million in FY 2023. This comprises of Total Revenues of US$258.9, compared to US$260.9 million in FY 2023, and other operating income of US$134.9 million, compared to US$28.9 million in FY 2023.
The results also show that Savannah Energy achieved or exceeded its previously issued financial guidance for the year, with its total revenues as of December 31 2024 standing at US$ 258.9 million, 6% ahead of previously issued guidance of greater than US$245 million.
Likewise, its operating and administrative expenses for the year came to US$71.0 million, 5% below previous guidance of up to US$75.0 million, with its capital expenditure at US$23.1 million, well below the previously issued guidance of up to US$50 million due to the phasing of spend.
The company also reported a record cash collection of US$248.5 million in FY 2024, an over 21% increase on its FY 2023 cash collections of US$206 million. Its cash balances as of 31 December 2024 stood at US$32.6 million, compared to US$107.0 million as of 31 December 2023, and a net debt of US$636.9 million, compared to US$473.7 million by the end of December 2023. In the same vein, its gross debt as of 31 December 2024 was US$669.5 million, of which US$630.6 million (94%) was non-recourse to PLC.
Savannah’s FY 2024 Adjusted EBITDA stood at US$181.2 million, broadly in line with prior year’s US$184.1 million, while maintaining its Adjusted EBITDA margin at 70% which was 71% in FY 2023.
In terms of assets, its Total Group assets increased to US$1.6 billion as of 31 December 2024, compared to US$1.5 billion in 2023.
In terms of operations, the results show that its average gross daily production was 23.1 Kboepd, broadly in line with FY 2023’s 23.6 Kboepd, of which 88% was gas which was 91% in FY 2023.
The highlighted a 21% increase in 2P Reserves at its flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81%. This follows its announcement of a 29% increase in 2P Reserves on the Stubb Creek field in May 2025.
The report further showed that Savannah agreed and extended three gas contracts with customers in FY 2024 for a total of up to 105 MMscfpd (17.5 Kboepd), and realized an average sales price of US$4.68/Mscfe, an over 4% increase on the prior year average realised price of US$4.51/Mscfe.
Savannah reported that as of 31 December 2024, ₦332 billion of then ₦340 billion term facility signed by Accugas in January 2024 with a consortium of five Nigerian banks had been drawn down, with the resulting funds converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million.
It also reported that it signed a US$60 million debt facility in October 2024 with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the SIPEC Acquisition.
Andrew Knott, CEO of Savannah Energy, said:
“I am pleased to announce our FY 2024 results today, in line with our trading statement released in January 2025, and to announce a 21% increase in 2P Reserves at our flagship Uquo field in Nigeria, bringing the total Reserves increase on the field since acquisition to 81%. This follows our announcement of a 29% increase in 2P Reserves on the Stubb Creek field in May 2025.
2025 continues to be an exciting year for the business and we continue to work towards “ticking-off” the delivery of the nine focus area projects that we outlined at the beginning of the year, being: (1) securing a further increase in our rate of cash collections in Nigeria1; (2) completion of the refinancing of our principal Nigerian debt facilities; (3) completion of the planned acquisition of 100% of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (the “SIPEC Acquisition”) which was achieved during Q1 2025; (4) commencement of the Stubb Creek expansion project; (5) the advancement of our Chad/Cameroon arbitration processes2; (6) the commencement of the safe and successful drilling of our planned Uquo development well and potential Uquo exploration well; (7) the potential advancement of our R3 East development in Niger3; (8) the refinement of our power sector business model; and (9) the delivery of further transformational acquisitions. I would also highlight that we anticipate achieving a strong increase in cash collections in 2025 (even when set against our long-term 13% CAGR4), with significant production capacity growth expected in 2026 once our heavy Uquo field investment programme is completed.”
FY 2024 Highlights
- Average gross daily production was 23.1 Kboepd, broadly in line with the prior year (FY 2023: 23.6 Kboepd), of which 88% was gas (FY 2023: 91%)5;
- FY 2024 Total Income6 of US$393.8 million (FY 2023: US$289.8 million), comprising Total Revenues7 of US$258.9 million (FY 2023: US$260.9 million) and Other operating income8 of US$134.9 million (FY 2023: US$28.9 million);
- FY 2024 record cash collections of US$248.5 million (+21% on FY 2023 cash collections of US$206 million). As at 31 December 2024, cash balances were US$32.6 million (31 December 2023: US$107.0 million) and net debt stood at US$636.9 million (31 December 2023: US$473.7 million). Gross debt as at 31 December 2024 was US$669.5 million, of which US$630.6 million (94%) was non-recourse to PLC;
- FY 2024 Adjusted EBITDA9 of US$181.2 million broadly in line with prior year (FY 2023 of US$184.1 million) and Adjusted EBITDA9 margin maintained at 70% (FY 2023: 71%);
- Total Group assets of US$1.6 billion as at 31 December 2024 (2023: US$1.5 billion);
- Financial guidance for the year achieved or exceeded:
- Total Revenues7 of US$258.9 million (6% ahead of guidance of ‘greater than US$245 million’);
- Operating expenses plus administrative expenses10 of US$71.0 million (5% below guidance of ‘up to US$75.0 million’); and
- Capital expenditure of US$23.1 million lower than guidance of ‘up to US$50 million’ due to the phasing of spend;
- Three gas contracts with customers agreed and extended in FY 2024 for a total of up to 105 MMscfpd (17.5 Kboepd);
- Average realised sales price of US$4.68/Mscfe (+4% increase on the prior year average realised price of US$4.51/Mscfe);
- NGN340 billion term facility signed by Accugas in January 2024 with a consortium of five Nigerian banks (the “Transitional Facility”). As at 31 December 2024, NGN 332 billion of the Transitional Facility had been drawn down, with the resulting funds converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility, leaving a balance as at 31 December 2024 of approximately US$212.3 million;
- US$60 million debt facility signed in October 2024 with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the SIPEC Acquisition11; and
- Uquo Marginal Field and the Stubb Creek Marginal Field were converted to new 20-year Petroleum Mining Leases, both effective 1 December 2023, in accordance with the Republic of Nigeria’s Petroleum Industry Act 2021.
Updated Competent Persons Reports
As previously announced on 19 May 2025, the Company appointed McDaniel & Associates Consultants Ltd. (“McDaniel”) to prepare updated Competent Persons Reports (“CPRs”) for the oil and gas assets of the Group. McDaniel have completed their assessment (prepared in accordance with the 2018 Petroleum Resource Management System) of the Reserves and Resources for the Stubb Creek and Uquo fields.
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