Savannah Energ y announces results, set new targets

SAVANNAH Energy Plc the British independent energy company that focuses on impact projects in Africa, has announced its 2021 yearly report and audited accounts.

The full year ( FY) total rev - enues increased to $ 230.5 million, which is o ver s even per cent higher than FY 2020 total revenues of $ 215.9 million. This is ahead of the company’s previously issued FY 2021 guidance of total revenues of greater than $ 205 million.

Average realised gas price of $ 4.19/ Mscf was plus six per cent higher than the average realised gas price of $ 3.96/ Mscf in 2020. Similarly, the a verage realised liquid price in 2021 was US$ 69.9/ bbl, a 51 per cent increase compared to the 2020 a verage realised liquids price of $ 46.2/ bbl.

Total cash collections from the company’s Nigerian assets increased from $ 167.4 million recorded in FY 2020 to $ 208.2 million. This represents an increase of plus 24 per cent.

The Group cash balances of $ 154.3m as at December 31, 2021 was higher than

Group cash balances, of $ 106.0m recorded in FY 2020. This is an increase of + 46 per cent.

CEO of Savannah Energy, Andrew Knott, said: "2021 was a fantastic year for Savannah. Our total rev - enues and adjusted EBITDA grew by seven per cent yearon- year to $ 231 million and $ 175 million respectively. We organically increased our Net 2P reserves by 20 per cent to 77.7 Mmboe.

“We announced our potentially transformational acquisition of a large portfolio of upstream and midstre a m a ssets in Chad and Cameroon, which upon completion we now expect will more than double our corporate free cash flow. We established a Renewable Energy Division, which post- period, has signed agreements for up to 750 MW of large- scale greenfield solar and wind projects.

“We successfully renewed and amalgamated our Niger PSC areas, paving the way for the progression of our intended 35 Mmstb R3 East development and a return to exploration activity in the licence areas.”