Savannah Energy Plc, a British independent energy company focused on the delivery of critical energy projects, has reported a total revenue of US$185.2m for the nine months ended September 30, 2025, representing a nine per cent increase from the US$169.3m recorded in the corresponding period of 2024.
The unaudited operational and financial update released by the company showed that cash collections also rose by five per cent to US$241.6m from US$229.3m in the same period of 2024. Savannah’s cash balance grew significantly to US$101.8m as of September 30, 2025, up from US$32.6m at the end of December 2024.
According to the report, the company recorded a one per cent and nine per cent reduction in net debt and trade receivables, respectively. Net debt stood at US$629.9m, down from US$636.9m as of December 2024, while trade receivables dropped to US$493.3m compared to US$538.9m at year-end 2024.
Savannah disclosed that it signed agreements with a consortium of five Nigerian banks to increase its Accugas debt facility from N340bn (approximately US$222m) to N772bn (around US$500m). The transitional facility is expected to help repay the remaining outstanding balance of the Accugas US$ facility by the end of 2025.
The company also said it had reached a term sheet agreement between its wholly owned subsidiary, Savannah Energy EA, and a major African financial institution for a new US$37.4m debt facility to fund its planned acquisition of a 50.1 per cent stake in Klinchenberg BV, which holds indirect interests in three East African hydropower projects.
As part of its fundraising efforts, Savannah announced plans to raise about £11.3m through the subscription of 161,061,510 new ordinary shares at seven pence per share. It added that the completion of the final tranche of its March 2025 fundraising—138,977,614 new shares at seven pence per share—is expected soon, with approximately £9.7m in subscription funds to be received.
Savannah further announced the planned entry of a new strategic shareholder, NIPCO, a Nigerian energy conglomerate, which intends to invest around £28.7m in the company through a combination of new share purchases and secondary market acquisitions, representing an estimated 19.4 per cent stake in the company’s enlarged share capital.
On operations, Savannah said its gross production in Nigeria averaged 20.1 Kboepd during the period, compared to 23.0 Kboepd in 2024, with gas accounting for 85 per cent of output. The company noted that the ongoing 18-month expansion programme at its Stubb Creek asset has increased production to 3.3 Kbopd, about 24 per cent above the 2024 average.
