Savannah Energy Reports Strong 7-Month Growth, Boosts Nigerian Cash Collections by 13%
Savannah Energy PLC, a distinguished British independent energy company dedicated to delivering impactful projects, has announced its latest operational and financial update for its Nigerian operations and other African markets, covering the first seven months ending July 31, 2026. The report underscores significant progress, including a notable 13% rise in cash collections from Nigeria, reflecting the company’s strategic growth and resilience.
Key Highlights:
– Production Metrics: The group’s daily gross production averaged 16.3 Kboepd for the period, a slight decrease from 18.8 Kboepd in the same timeframe last year. The addition of Uquo 13, now operational, positions Savannah to surpass 20 Kboepd in daily gross production over the next five months, with FY 2026 projections between 18-20 Kboepd, bolstered further by potential upside from the Uquo South exploration well.
– Expansion Progress: Post-acquisition of SIPEC in March 2025, the Stubb Creek project has seen a 29% YoY increase in average gross daily production, reaching 3.7 Kbopd for the seven months. July 2026 alone recorded over 5.0 Kbopd, showcasing ongoing growth.
– Financial Performance: Cash collections in Nigeria climbed by 13% YoY to US$247.9 million, up from US$219.2 million in the same period last year. Revenue also experienced a 10% increase to US$160.6 million, compared to US$146.0 million in early 2025. As of July 31, 2026, cash reserves stood at US$62.0 million, up from US$42.7 million at year-end 2025, while net debt increased modestly to US$672.0 million.
– Operational Developments: The Uquo 13 well, formerly Uquo NE and Uquo South, has successfully concluded drilling and completion activities, with first gas achieved in July at approximately 50 MMscfd. The Uquo South exploration well, spudded in early August, is currently being completed, with gas confirmed across targeted reservoirs.
– Regional Engagements: Savannah maintains active negotiations with Nigeria’s government regarding the R1234 PSC, aiming to resolve contractual and operational issues to resume activity. In Chad, arbitration proceedings against the government are ongoing, expected to conclude in H2 2026, alongside other legal processes involving the Doba fields and pipeline operations.
CEO Andrew Knott expressed optimism about the company’s trajectory, stating:
“2025 was a year of execution for Savannah with good progress delivered across the nine focus areas we set out at the start of the year. In Nigeria, we increased our rate of cash collections year-on-year by 12%, a trend which we hope to continue into 2026, and have made significant progress in refinancing our debt facilities. In our Hydrocarbons Division, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, we also announced a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year. In the power sector, we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year. We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion. We also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026. Overall, this progress provides a strong platform for continued delivery in 2026.”
