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Andrew Knott, CEO of Savannah Energy #SAVE discusses current trading and the $65m they raised which will be used (together with the debt financing, the subscription and the junior loan facility) to fund the Exxon and PETRONAS Acquisitions.
Current Trading
The Nigerian Assets year-to-date cash collections for the period ended 13 December 2021 amount to US$201.3 million. This is 7 per cent. higher than FY 2020 cash collections of US$187.4 million and 20 per cent. higher than FY 2020 cash collections when an adjustment is made for the non-recurring US$20 million contract re-negotiation payment received from Lafarge Africa in FY 2020.
Financial Guidance Issued for FY 2022
The Company is issuing financial guidance for the full year 2022 as follows:
|
|
Existing Business |
Exxon & PETRONAS Acquisitions |
Total[1] |
|
Total Revenues[2] |
≥US$215 million |
US$381 million |
≥US$596 million |
|
Opex and G&A[3] |
≤US$75 million |
US$151 million |
≤US$226 million |
|
Depreciation, Depletion and Amortisation |
US$21 million + US$2.3/boe |
US$26 million |
US$47 million + US$2.3/boe (Nigeria) |
|
Capital Expenditure |
≤US$85 million |
US$30 million |
≤US$115 million |
About Savannah Energy
Savannah Energy PLC is an AIM listed British independent energy company focused around the delivery of Projects that Matter in Africa. In Nigeria, the Company has controlling interests in the cash flow generative Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South East Nigeria, which provides gas enabling over 10% of Nigeria's thermal power generation. In Niger, the Company has licence interests covering approximately 50% of the highly oil prolific Agadem Rift Basin of South East Niger, where the Company has made five oil discoveries and seismically identified a large exploration prospect inventory consisting of 146 exploration targets to be considered for potential future drilling activity. The Company has announced that it is in the process of acquiring a portfolio of upstream and midstream assets in Chad and Cameroon.