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.
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 described the journey as participatory development and further encouraged the community to continue to support the company in carrying out future development initiatives.
“We started the process in 2022 by having a capacity building workshop for some members of the community to understand the process of drafting an MoU or MoA. And the reason we do this is because over time, we’ve seen a lot of companies that impose MoU’s on communities and because of lack of knowledge, the communities could sign without actually understanding what MoU means. But for each process, we had a series of meetings discussing this MoU, and today, we are signing it. The process was a rigorous exercise, and to show that what we promote is what we call participatory development, we had to carry everybody along.
For everything we have been doing in the community, from that time to date, we have been carrying the community along.
We want to encourage and plead for your potential support for us to be able to carry out other development initiatives we plan to carry out in the community.”
Community leaders expressed optimism about the new agreement and encouraged the company to continue to support the community.
“WACT itself has demonstrated an act of pathfinding for other companies in Onne. They have made it possible that we should come and sit around to form a compoundment of mutuality for progressive development between both host communities and the company,” said the Paramount Ruler of Onne- HRH King S.N Jiala, One-eh Onne realised price of US$4.51/Mscfe.
Savannah reported that as of 31 December 2024, N332 billion of then N340 billion term facility signed by Accugas in January 2024 with a consortium of five Nigerian banks had been drawn down, with the resulting funds converted to US$, 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.