Savannah Energy Plc (LSE: SAVE ) has announces a trading update following the delay to the publication of its Full year results as granted by the new AIM Regulation following the COVID-19 pandemic and now expects to report its 2019 Annual Results in July 2020.
The Company reported average gross daily production (88% gas) increased by 15% from 1 January to 31 May 2020 to 20.8 Kboepd compared to 18.1 Kboepd for the corresponding period in 2019.
This includes a 19% increase in Uquo gas production comparing the same periods from 92.4MMscfpd (15.4 Kboepd) to 109.9MMscfpd (18.3 Kboepd).
FY2019 group revenues is now expected to be US$17.8m (including approximately six weeks of production of Nigerian operations) with Group net cash and debt positions, as at 31 May 2020, of US$25.7m and $520m respectively.
Andrew Knott, CEO of Savannah Energy, said: "I am very pleased with the performance of our business to date so far this year. By taking decisive action we have managed to successfully navigate the oil price downturn and the COVID-19 pandemic.
We have also been able to significantly increase our daily gas production in Nigeria reinforcing Savannah's status as Nigeria's most reliable sources of gas-to-power, at a time when the in-country gas-to-power shortage has increased by 42%."
Shares in Savannah Energy were 6% lower in early morning trade following the trading update.
Andrew added “I am very proud of our Company's efforts during this difficult time and I look forward to sharing further updates with our stakeholders in due course.
Whilst it is frustrating that we have had to delay the publication of our 2019 Annual Results, I can confirm that there are no issues with the audit. The impact of the Covid-19 lockdown in our countries of operation has meant that we will now look to publish them later in July 2020."