Savannah Energy Reports Strong 2025 Performance, Targets Increased Uquo Gas Output
Savannah Energy PLC, the UK-based independent energy company committed to impactful projects, has released its unaudited operational and financial update for the first seven months of 2025. The company highlighted resilient production figures, improved financial metrics, and strategic project developments across its portfolio.
During the period ending 31 July 2025, Savannah’s gross Nigerian production averaged 21,000 barrels of oil equivalent per day (Kboepd), down from 24,300 Kboepd in the same period last year. Gas production constituted 86% of total output, compared to 89% previously. Total revenues increased modestly by 4%, reaching US$147.3 million from US$142.1 million in the first seven months of 2024.
Cash collections surged by 37% year-on-year, totaling US$219.2 million, up from US$160 million in the same period last year. The company’s trade receivables decreased to US$476.4 million as of July 31, 2025, from US$538.9 million at year-end 2024. Cash holdings rose significantly to US$93.7 million from US$32.6 million, while net debt slightly decreased to US$591.9 million from US$636.9 million—excluding debt associated with the SIPEC acquisition, which would have further reduced net debt to US$549.5 million. Notably, only 6% of Savannah’s debt as of July 31, 2025, is recourse to the company, with the remainder sitting within subsidiaries on non-recourse terms.
Operationally, Savannah has finalized a turnkey drilling contract for two wells in the Uquo Field. The Uquo NE development well is scheduled to commence drilling in January 2026, with first gas expected by the end of Q1 2026. This well is projected to deliver up to 80 million standard cubic feet per day (MMscf/d) of gas, utilizing the newly commissioned Uquo compression project, which was completed 10% under budget, optimizing gas production from existing and future wells. Meanwhile, the Stubb Creek asset continues to perform strongly, with current daily production at 3.2 kbopd—representing a 20% increase over 2024—and further growth anticipated through ongoing expansion plans.
In its financial strategy, Savannah is in the final stages of refinancing its US dollar-denominated debt via its Accugas subsidiary. An agreement with a consortium of five Nigerian banks is close to completion, which will increase the Nigerian facility to NGN772 billion (approximately US$503 million). This will enable repayment of about US$200 million of remaining US dollar debt during H2 2025.
The company is also advancing its Power Division, expanding beyond renewables to include potential thermal energy projects. Its existing portfolio of up to 696 MW of wind, solar, and hydroelectric projects is progressing well, notably the Parc Eolien de la Tarka wind farm in Niger and the Bini a Warak hybrid hydro-solar project in Cameroon. The Niger project is on the government’s priority list, with environmental and social impact assessments underway and expected to be completed in H2 2025. Negotiations with the Cameroonian government for a joint development agreement for Bini a Warak are at an advanced stage, aiming to formalize collaboration.
Commenting on the update, Savannah CEO Andrew Knott stated:
_”We are pleased with our year-to-date performance, with revenues of US$147.3 million and a significant increase in cash collections. Our operational momentum continues with new drilling activities scheduled for early 2026 and growth in our existing assets. We remain focused on delivering our nine strategic projects, including increasing Nigerian cash flows, refinancing efforts, and progressing key power and gas projects.”_
Looking ahead, Savannah is poised to further realize its strategic objectives through ongoing project execution and potential acquisitions, aiming for sustainable growth and value creation.