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Savannah Energy PLC on Tuesday reported it had swung to an annual loss despite revenue climbing on higher gas prices in the year.
The Africa-focused energy company swung to a pretax loss of $7.7 million in 2021 from a profit of $10.4 million the previous year.
Revenue, however, climbed 6.8% to $230.5 million from $215.9 million in 2020. This was ahead of the company's previous guidance of $205 million for the year.
Average gross daily production from its Nigerian operations was 22,300 barrels of oil equivalent per day, a 14% increase from the 19,500 boepd average achieved in 2020.
The average realised gas price was $4.19 per standard cubic foot. This represented a 6% increase on the average realised gas price of $3.96 per Mscf achieved the previous year.
Chief Executive Andrew Knott said: ‘Looking forward to the rest of 2022, I am confident in where we are as a business. We expect to deliver on our financial guidance. We expect to complete our entry to Chad and Cameroon during Q3 2022 and to likely announce further hydrocarbon acquisitions. We expect to further grow our Renewable Energy Division, with several new large-scale greenfield opportunities under review and negotiation. We expect to finalise the refinancing of our Nigerian debt and to announce the development and exploration plans for our assets in Niger.’
The company said it expects 2022 revenue to be more than or equal to $215 million.
Separately, the company announced that Interim Chief Financial Officer Nick Beattie has been confirmed as the permanent CFO. In addition, Chair Steve Jenkins will step down from his role at the 2023 annual general meeting.
Shares closed up 2.6% at 40.53 pence in London on Tuesday.
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