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Savannah Energy PLC - Africa-focused energy company - Says its 80% indirectly owned subsidiary Accugas Ltd has started first gas sales to Central Horizon Gas company Ltd. Savannah says CHGC operates a 17-kilometre gas pipeline infrastructure network with a throughput capacity of 50 million standard cubic feet per day. It provides natural gas to industrial and commercial customers in the Trans Amadi Industrial Area of Port Harcourt and the Greater Port Harcourt Area in Nigeria.
In February, Savannah announced it had signed an interruptible gas sales agreement with CHGC to supply up to 5 million standard cubic feet per day for an initial one-year period.
‘We are very pleased to have operationalised our gas sales agreement with CHGC, our third new customer facility we have connected with this year. The rapid progress we have made to diversify and increase Accugas' customer base since acquiring the business has been significant,’ says Savannah Chief Executive Officer Andrew Knott.
CHGC is a gas distribution firm situated in the South-South region of Nigeria, and majority-owned by Axxela Ltd. Axxela is a private sector-led developer of natural gas and a designated natural gas shipper on the West African Gas Pipeline.
Current stock price: 33.75 pence, up 3.7% on Monday
12-month change: up 74%
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