Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, has released its financial and operational update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.
The update shows that its gross production in Nigeria averaged 18.8 Kboepd for FY 2025, of which 83% was gas (FY 2024: 88%). Following the completion of the SIPEC Acquisition in March 2025, it had commenced a 18-month expansion programme that saw it Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13% above the 2024 average.
The report also shows that its cash collections in Nigeria increased by over 12% to US$278.0 million, compared to the previous year’s US$248.5 million, with the trend continuing into 2026 with cash collections during January 2026 at over US$64.4 million, compared to US$20.4 million in January 2024.
According to the report, Savannah’s Total Revenues for FY 2025 stood at US$235.0 million, compared to US$258.9 million in FY 2024. As at 31 December 2025, its cash balances stood at US$39.5 million, compared to US$32.6 million in FY 2024, with a net debt US$655.9 million, compared to US$636.9 million as at 31 December 2024. It also reported a Gross debt US$698.4 million as at 31 December 2025, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis.
Its Trade Receivables balance as at 31 December 2025 stood at US$507.2 million, a 6% improvement on year-end 2024’s US$538.9 million.
Savannah also reported that it has made significant progress in refinancing its debt facilities. It reports that following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.
Savannah also provided new updates on its Uquo NE development well, the Uquo South exploration well, and the new compression system at the Uquo Central Processing Facility (“CPF”).
It reports that site construction on the Uquo NE development well is expected to be completed this month, with the rig ready for deployment, and mobilisation scheduled over the next few weeks, with first gas from the facility targeted by the end of Q2 2026. Well site preparation has also commenced on the Uquo South exploration well.
According to the company, the newly completed and fully commissioned compression system at the Uquo Central Processing Facility which was delivered safely and approximately 10% under the original US$45 million budget, will enable it to maximise production from its existing and future gas wells. It also announced a signed gas contract extension agreement with the Central Horizon Gas Company Limited to end December 2026 for up to 10 MMscfpd.
On the renewable energy front, Savannah, which had in 2025 repositioned its power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects, said it has set itself the target of completing its proposed acquisition of indirect interests in three East African hydropower projects by H1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.
It is also continuing to progress its existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.
In Niger, its subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27, subject to a satisfactory agreement being reached with the country’s government.
Andrew Knott, CEO of Savannah Energy, said:
“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.”
Highlights
Operational
FY 2025 average gross daily production of 18.8 Kboepd (FY 2024: 23.1 Kboepd), of which 83% was gas (FY 2024: 88%).
Following completion of the SIPEC Acquisition in March 2025, commenced an 18-month expansion programme that saw Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13% above the 2024 average;
Well site construction for the Uquo NE development well is expected to be completed this month.
The rig is ready for deployment, with mobilisation scheduled over the next few weeks and first gas targeted by the end of Q2 2026;
Well site preparation has commenced on the Uquo South exploration well;
New compression system at the Uquo Central Processing Facility (“CPF”) completed and fully commissioned. This project, which was delivered safely and approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells;
Gas contract extension agreed with the Central Horizon Gas Company Limited (“CHGC”) to end December 2026 for up to 10 MMscfpd;
The proposed acquisition of indirect interests in three East African hydropower projects is targeted to complete in H1 2026.
The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo (the “DRC”), Malawi and Rwanda;
Continuing to progress our existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
Subject to a satisfactory agreement being reached with the Government of Niger, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27; and
actively reviewing opportunities in both the thermal and renewable power sector, with the expectation of announcing transaction(s) currently under consideration over the course of the next 24 months in the African power space.
Financial (unaudited)
FY 2025 cash collections increased by over 12% on the prior year to US$278.0 million (FY 2024: US$248.5 million) and this trend has continued into 2026 with cash collections during January 2026 of over US$64.4 million (January 2024: US$20.4 million);
FY 2025 Total Revenues of US$235.0 million (FY 2024: US$258.9 million);
As at 31 December 2025, cash balances were US$39.5 million (31 December 2024: US$32.6 million) and net debt stood at US$655.9 million (31 December 2024: US$636.9 million). Gross debt as at 31 December 2025 was US$698.4 million, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis;
The Trade Receivables balance as at 31 December 2025 was US$507.2 million, a 6% improvement on year-end 2024 (31 December 2024: US$538.9 million); and
Following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion (the “Transitional Facility”), as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.
