Savannah Energy Records 13% Rise in Nigeria Cash Collections

... Company posts US$247.9m collections as Stubb Creek output jumps 29%

Savannah Energy PLC has reported a 13 per cent year-on-year increase in cash collections from its Nigerian operations, reaching US$247.9 million in the seven months to July 31, 2026.

The British independent energy company, in its unaudited seven-month operational and financial update, said the figure represents an increase from US$219.2 million recorded during the corresponding period in 2025.

Savannah also reported a 10 per cent increase in revenue to US$160.6 million, compared with US$146 million in the first seven months of 2025.

The company said its average gross daily production across the group stood at 16.3 thousand barrels of oil equivalent per day (Kboepd) during the period, compared with 18.8 Kboepd in the same period of 2025.

It expects average gross daily production to exceed 20 Kboepd over the remaining five months of 2026, following the commencement of production from its Uquo 13 well.

Production at Stubb Creek in Nigeria also recorded significant growth, with average gross daily output rising by 29 per cent year-on-year to 3.7 Kbopd in the seven-month period, compared with 2.8 Kbopd in 2025.

Savannah said production in July alone exceeded 5.0 Kbopd, following the expansion programme launched after the completion of the SIPEC acquisition in March 2025.

The company also announced that its Uquo 13 well, formerly known as Uquo NE, has been successfully drilled, completed and tied back to the Uquo Central Processing Facility.

The well achieved first gas in July and is now producing after being successfully tested at approximately 50 million standard cubic feet per day.

Savannah said the Uquo South exploration well, which was spudded in early August, is currently being completed, with gas confirmed in most of the targeted reservoirs through pressure measurements, fluid sampling and logging.

The company said the discovery would be fully evaluated following completion of the well and its planned testing programme.

As of July 31, Savannah’s cash balances stood at US$62 million, up from US$42.7 million at the end of December 2025, while net debt increased to US$672 million from US$658.8 million.

Its trade receivables, however, fell by 22 per cent to US$394.6 million from US$508.5 million at year-end 2025.

In Niger, Savannah said it remained engaged with the government over the R1234 Production Sharing Contract and the conditions for resuming operations, while reserving its rights under the agreement.

The company also provided updates on arbitration proceedings involving its subsidiaries and the Government of Chad over the nationalisation of oil and pipeline interests.

Savannah said it expects the relevant arbitration proceedings to be concluded in the second half of 2026, while separate proceedings involving claims over the Doba fields joint operating agreement are expected to conclude in the first half of 2027.

Commenting on the results, Savannah Energy Chief Executive Officer, Andrew Knott, said the company had made significant progress across its business and expressed optimism about continued delivery in 2026.