|
Savannah Energy PLC on Wednesday reported an increase in revenue in 2025 so far, despite lower production, while improved cash collections have supported a reduction in debt. The energy company focused on projects in Africa reported revenue rose 3.7% to $147.3 million in the seven months to July 31 from $142.1 million a year prior, with cash collections of $219.2 million, up 37% from $160.0 million. Cash balances at July 31 totalled $93.7 million, nearly triple $32.6 million at the end of 2024. Net debt stood at $591.9 million, down from $636.9 million at the end of the prior year. Average gross daily production fell to 21.0 thousand barrels of oil equivalent per day from 24.3 Kboepd a year ago. In addition, the company said it has signed a turnkey drilling contract for up to two wells on the Uquo Field in Nigeria, with the Uquo NE development well due to start drilling in January 2026 and first gas targeted by the end of that quarter. Also, Savannah Energy said agreements are expected to be signed shortly with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from around $222 million to up to $503 million. It is expected that the upsized facility will be utilised to enable the remaining outstanding balance of the Accugas USD facility to be repaid during the second half of 2025. Shares in Savannah Energy remained suspended at 7.20 pence each in London. Whilst the audit process is significantly advanced, additional time is required to finalise it, the company said. It now anticipates that the 2024 audited annual accounts will be released in September together with unaudited half-year results for the six months ended June 30. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
