Savannah Energy Nigeria cash surge hits $278m in 2025 as the firm expands gas output and advances East African hydropower plans

Savannah Energy PLC, the British independent energy company led by Chief Executive Officer Andrew Knott, on Wednesday announced a strong Nigeria cash surge in its 2025 financial and operational update, reporting higher collections despite a dip in annual revenues.

Also read: Savannah Energy reports 12% rise in Nigerian cash collections

The London-listed firm said cash collections in Nigeria rose by more than 12 per cent to 278.0 million dollars in 2025, up from 248.5 million dollars in 2024.

The upward trend accelerated into 2026, with January collections exceeding 64.4 million dollars compared with 20.4 million dollars in January 2024.

The Savannah Energy Nigeria cash surge came even as total revenues for the 2025 financial year declined to 235.0 million dollars from 258.9 million dollars the previous year.

Average gross daily production in Nigeria stood at 18.8 thousand barrels of oil equivalent per day in 2025, with gas accounting for 83 per cent of output, down from 88 per cent in 2024.

Following completion of the SIPEC acquisition in March 2025, Savannah Energy launched an 18 month expansion programme that lifted average daily production at the Stubb Creek field to 3.0 thousand barrels of oil per day, approximately 13 per cent above 2024 levels.

At the Uquo field, site construction for the Uquo NE development well is nearing completion, with first gas targeted by the end of the second quarter of 2026.

Preparation has also begun at the Uquo South exploration well.

A newly commissioned compression system at the Uquo Central Processing Facility was delivered safely and around 10 per cent under its original 45 million dollar budget, strengthening production capacity from existing and future gas wells.

As at 31 December 2025, cash balances stood at 39.5 million dollars, up from 32.6 million dollars a year earlier. Net debt increased to 655.9 million dollars, while gross debt was 698.4 million dollars, of which only 6 per cent was recourse to the parent company.

Trade receivables improved by 6 per cent year on year to 507.2 million dollars.

Savannah Energy also reported progress in refinancing its debt facilities.

Following the increase of the Accugas facility to approximately 772 billion naira, the remaining principal balance of about 2 million dollars under its US dollar facility was repaid in early 2026.

In the power division, the company confirmed plans to complete the proposed acquisition of indirect interests in three East African hydropower projects by the first half of 2026.

The assets include the 255 megawatt Bujagali power plant and two advanced stage development projects, potentially opening entry into Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.

Savannah Energy is also advancing renewable projects in Niger and Cameroon, while reviewing further thermal and renewable opportunities across Africa.

Knott described 2025 as a year of disciplined execution, citing a 21 per cent upgrade in 2P reserves at the Uquo gas field and a 29 per cent increase in 2P reserves at the Stubb Creek oil field as pivotal milestones.