Savannah Energy has increased Nigerian production by 12% to 25.3 Kboepd, compared to 22.5 Kboepd during H1 2022. The period also saw a 15% increase in gas production from its Uquo Field to 138.5 MMscfpd, a substantial growth from the 120.3 MMscfpd in H1 2022.
The Company made this known in its half –year results for the six months ended 30 June 2023.
The H1 2023 Unaudited Financial Results showed that the company’s total revenue grew 8% to US$138.7 million, compared to US$128.7 million in H1 2022. Adjusted EBITDA likewise increased by 8% to US108.2 million (H1 2022: US$100.3 million), and adjusted EBITDA margin remained strong and stable at 78%.
Savannah’s operating and administrative expenses stood at US$27.4 million, a slight increase from H1 2022’s US$24.5 million. The company recorded a profit after tax of US$46.8 million, a significant achievement when viewed against the loss after tax of US$20.5 million in H1 2022. It’s net debt position during the period amounted to US$443.4 million.
In terms of operations, its average gross daily production from Nigeria increased by 12% to 25.3 Kboepd, compared to 22.5 Kboepd during H1 2022. The period also saw a 15% increase in gas production from its Uquo Field to 138.5 MMscfpd, a substantial growth from the 120.3 MMscfpd in H1 2022.
During H1 2023, the company sold gas to eight principal customers, with a number of new and extended gas contracts agreed. These include including agreements with Amalgamated Oil Company Nigeria Limited, Shell Nigeria Gas Limited, and Shell Petroleum Development Company of Nigeria Limited.
The CEO of Savannah Energy, Andrew Knott, said: “I am pleased to report robust results for the first six months of 2023, which demonstrate our continuing ability to deliver strong operational performance. Average gross daily production increased by 12% to 25.3 Kboepd, while Total Revenues1 and Adjusted EBITDA2 both increased by 8% during the first half of the year.
The expansion of our Renewable Energy division has continued apace, with several new projects added to our development portfolio in the first half of the year. We now have up to 676 MW of projects in motion across three countries as we quickly move towards the achievement of up to 1 GW+. At the same time, we continue to progress our proposed acquisition of PETRONAS International Corporation Limited’s energy business in South Sudan, with the intention to publish an AIM Admission Document in Q4 2023.
We continue to deliver on our strategy and remain unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND renewable energy areas.”
