Savannah Energy Announces Robust FY 2024 Unaudited Results with 21% Growth in 2P Reserves at Nigeria’s Uquo Field
Savannah Energy PLC, a UK-based independent energy company dedicated to delivering impactful projects, has released its unaudited financial results for the year ending December 31, 2024.
The FY 2024 figures reveal a total income of US$393.8 million, up from US$289.8 million in 2023. This includes total revenues of US$258.9 million—slightly below the prior year’s US$260.9 million—and other operating income of US$134.9 million, a significant increase from US$28.9 million in FY 2023.
The company exceeded its financial guidance, with total revenues as of December 31, 2024, surpassing US$245 million and reaching US$258.9 million. Operating and administrative expenses remained controlled at US$71.0 million, under the guidance of US$75 million, while capital expenditure was kept at US$23.1 million, well below the estimated US$50 million due to phased spending.
A notable highlight was the record cash collections of US$248.5 million, reflecting a 21% rise from FY 2023’s US$206 million. As of the end of December 2024, cash reserves stood at US$32.6 million, down from US$107 million at the same period last year. Net debt increased to US$636.9 million from US$473.7 million, with gross debt totaling US$669.5 million—94% of which was non-recourse debt to the PLC.
The company’s FY 2024 Adjusted EBITDA was US$181.2 million, consistent with the previous year’s US$184.1 million, maintaining an EBITDA margin close to 70%. Total assets increased to US$1.6 billion from US$1.5 billion. Average daily production remained steady at 23,100 barrels of oil equivalent per day (boepd), with gas accounting for 88% of output compared to 91% in 2023.
One of the most significant achievements was a 21% increase in 2P reserves at the Uquo field in Nigeria, bringing total reserves growth since acquisition to 81%. This follows a 29% increase in reserves at the Stubb Creek field announced in May 2025.
The company extended three gas supply agreements in FY 2024, totaling up to 105 million standard cubic feet per day (MMscfpd), with an average sales price of US$4.68 per Mscf—an over 4% increase from the previous year.
Financially, Savannah drew down NGN 332 billion (approximately US$712 million) of its term facility with Nigerian banks, which was partly used to prepay existing debt. Additionally, a US$60 million debt facility was secured in October 2024 to finance the SIPEC acquisition.
CEO Andrew Knott expressed confidence:
*“Our FY 2024 results demonstrate strong operational and financial performance, highlighted by a 21% increase in 2P reserves at Uquo. Moving forward, we are focused on executing our strategic projects, including further reserve growth, debt refinancing, and expanding our production capacity. 2025 promises to be an exciting year for Savannah, with significant milestones ahead.”*
FY 2024 Highlights:
– Average gross daily production: 23.1 Kboepd (FY 2023: 23.6 Kboepd)
– Total income: US$393.8 million (FY 2023: US$289.8 million)
– Total revenue: US$258.9 million (FY 2023: US$260.9 million)
– Record cash collections: US$248.5 million (+21%)
– Cash balance: US$32.6 million; net debt: US$636.9 million
– EBITDA: US$181.2 million, margin at 70%
– Reserves growth: 21% increase in Uquo 2P reserves
– Signed and extended gas contracts with total capacity of 105 MMscfpd
– Total assets: US$1.6 billion
Post-Year-End Developments:
– Completed a £30.6 million equity raise and secured a US$200 million acquisition debt facility.
– Finalized the SIPEC acquisition, with output expected to reach 4.7 Kbopd after expansion.
– Near completion of a US$45 million compression project to boost gas production.
– Progressing plans for new drilling campaigns and exploration wells in Nigeria, targeting significant additional reserves.
– Advancing renewable energy projects in Niger and Cameroon, including wind, solar, and hydro initiatives.
– Continued efforts to improve cash collection rates and refinance existing debt facilities.
Savannah Energy plans to publish its audited FY 2024 accounts and hold its AGM on June 30, 2025, in London.