By Victoria Onehi
Savannah Energy PLC, the British independent energy company has released its financial and operational update for Q1 2023.
The Q1 2023 Unaudited Financial Results showed that the company posted a total revenue of US$147.6m, comprising of US$71.0m from its Nigerian operations (up by 29% compared to Q1 2022 total revenue of US$55.0m), and Chad upstream revenues of US$76.6m. The report shows the Group’s cash balance stood at US$217.3m, with a net debt of US$412.2m.
In terms of operations, its average gross daily production for the quarter stood at 54.9 Kboepd, compared to average gross daily production of 21.6 Kboepd in Q1 2022. Excluding Chad production, Q1 2023 average gross daily production on a like-for-like basis was 25.9 Kboepd, a 20% increase compared to Q1 2022.
Out of the total average gross daily production of 54.9 Kboepd, 43% was gas, including a 22% increase in production from the Uquo gas field compared to the same period last year, from 116.4 MMscfpd (19.4 Kboepd) to 142.2 MMscfpd (23.7 Kboepd).
CEO of Savannah Energy, Andrew Knott in a statement.said: “This morning’s update clearly demonstrates the strength and potential of our business and the positive impact we are making in our host countries: we are reporting like-for-like1 organic Total Revenues growth of 26% year-on-year (with like-for-like Total Revenues having now doubled since 2017).
“Our oil and renewable energy projects in Niger are now advancing at a rapid pace; and COTCo in Cameroon continues to deliver a strong consistent financial performance. On the new ventures front, we continue to progress our planned acquisition of PETRONAS’ assets in South Sudan and expect to announce a series of new utility-scale renewable power projects over the course of Q2 and Q3 2023.”