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Savannah Energy cuts cost, capex guidance
StockMarketWire.com
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Niger and Nigeria focused oil company Savannah Energy cut is cost and capital expenditure guidance as it tightens its belt amid the pandemic.
Administrative and operating costs for the year through December were now expected at $43 million-to-$47 million, down from $68 million-to-$72 million previously.
Savannah said the drop reflected significant cost efficiencies and savings delivered across the business in 2020.
Capital expenditure was seen at around $8.0 million-to-$10.0 million, down from up to $45 million, primarily due to rescheduling and the deferral of drilling a new gas production well on the Uquo field.
The Accugas compression project had been accelerated and was expected to commence in early 2021.
Savannah said it still expected to post annual revenue of more than $200 million and depreciation, depletion and amortisation of $35.0 million-to-$37 million.
Total cash collections from the Nigerian assets in the year-to-date period ended 30 November were $164.3 million, up from $124.2 million year-on-year.
At 9:41am: (LON:SAVE) share price was 0p at 8.44p
Story provided by StockMarketWire.com
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