SAVANNAH ENERGY RIDES WAVE OF SUCCESS WITH 19% REVENUE SURGE IN Q1
Savannah Energy Plc has unveiled impressive Q1 2025 financial results, reporting a robust 19% increase in total revenue to US$73.3 million compared to US$61.4 million in Q1 2024. This strong performance was propelled by the successful completion of the SIPEC acquisition and expansion of the Stubb Creek oil field, which contributed approximately US$3.6 million to the revenue.
The company’s cash collections surged 6% to US$124.8 million, while cash balances stood at US$110.4 million as of March 31, 2025, significantly up from US$32.6 million at the end of 2024. Net debt decreased to US$597.8 million, down from US$636.9 million at year-end 2024.
Operationally, Savannah maintained stable production in Nigeria at 23.6 Kboepd, broadly in line with the prior year period. Since completing the SIPEC acquisition, the company has boosted production at Stubb Creek by 15% to 3.1 Kbopd in April 2025, with plans to reach approximately 4.7 Kbopd through an 18-month expansion program.
Savannah also reported significant increases in Stubb Creek reserves, with Gross 1P oil reserves up 197% and Gross 2P oil reserves up 29%. The company’s US$45 million compression project at the Uquo Central Processing Facility is nearing completion, with one compressor already online and the second expected to be commissioned before the end of next month.
Looking ahead, Savannah is preparing for a potential two-well drilling campaign on the Uquo Field commencing in Q4 2025, which could provide gas volumes of up to 80 MMscfpd.
“I am pleased to provide a Q1 2025 trading update, highlighting good progress in our core objectives for the year,” said Andrew Knott, CEO of Savannah Energy. “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.”
Source: orientalnewsng.com
