Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, has provided update on its operating and financial performance for the nine months to 30 September 2025. All figures are unaudited.
The update shows that Savannah has continued its growth trajectory, with appreciable increase in its Total Revenues and cash collections. Total Revenues during the period was US$185.2 million, up 9% compared to the Total Revenues of US$169.3 million in the first nine months in 2024, just as its cash collections rose by 5% to US$241.6 million compared to US$229.3 million in the corresponding period in 2024. The company also reported cash balances of US$101.8 million, which as of 31 December 2024 stood at US$32.6 million.
Likewise net debt and trade receivables balance continue to see improvements, reducing by 1% and 9%, respectively to 30 September 2025 since YE24. The company’s net debt as of 30 September 2025 stood at US$629.9 million (it was US$636.9 million by 31 December 2024), with Gross debt at US$731.7 million, of which only US$41.4 million (6%) was recourse to PLC. Its Trade Receivables balance as of 30 September 2025 was US$493.3 million, a 9% improvement on year-end 2024 of US$538.9 million.
According to the update, agreements have been signed with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from NGN340 billion (approximately US$222 million) to up to approximately NGN772 billion (approximately US$500 million). It is expected that the Transitional Facility will be utilised to enable the remaining outstanding balance of the Accugas US$ Facility to be repaid by end 2025. This is in addition to the term sheet agreed between Savannah’s wholly owned subsidiary, Savannah Energy EA, and a major African based financial institution for a new US$37.4 million debt facility to provide funding for our planned acquisition of a 50.1% interest in Klinchenberg BV, which holds indirect interests in three East African hydropower projects.
As part of its financial drive, Savannah announced its intention to complete a fundraising by way of subscription of 161,061,510 new Ordinary Shares at 7 pence per new Ordinary Share to raise approximately £11.3 million before expenses. The completion of the final tranche of the March 2025 fundraising of 138,977,614 new Ordinary Shares at 7 pence per new Ordinary Share is expected imminently, with the final approximate £9.7 million in subscription funds to be received.
The company also announced the planned introduction of a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto the company’s register. The new Investor intends to acquire, for £7.9 million, 113,378,685 Ordinary Shares issued as part of the Company’s March 2025 fundraising and expects to acquire a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades, representing a total investment of approximately £28.7 million in the company and an expected pro forma holding of around 19.4% of the Company’s enlarged share capital (as enlarged by the various proposed share issues referred to in this announcement). Savannah also announced the intended sale of Ordinary Shares by the Company’s employee benefit trust and issue of new Ordinary Shares to the EBT.
Operationally, Savannah’s gross production in Nigeria averaged 20.1 Kboepd (9M 2024: 23.0 Kboepd), of which 85% was gas (9M 2024: 88%). At Stubb Creek, the 18-month expansion programme has increased production to 3.3kbopd, 24% above the 2024 average.
Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. It is also 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.
CEO of Savannah Energy Andrew Knott,in a statement said:
“2025 has been a year of strong progress against the nine focus areas we set out at the beginning of the year. These include increasing our rate of cash collections in Nigeria, with performance remaining on track; advancing the refinancing of our principal Nigerian debt facilities, which we expect to complete by year-end; and successfully completing the acquisition of 100% of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March.
“We are also pleased to welcome NIPCO Plc (“NIPCO” or the “New Investor”), a diversified Nigerian energy conglomerate, as a potential new investor in the Company, who we expect to own approximately 19.4% of the Company following completion of their primary investment and certain secondary share transactions. The proceeds of the New Investor’s primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration. Coupled with the imminent completion of the primary investment I committed to in March 2025, a series of secondary transactions, which are expected to occur today, are anticipated to increase my shareholding in the Company to approximately 12.6%, demonstrating my continued strong faith in the Company’s future potential.”
