Savannah Energy PLC, the British independent energy company, has recorded an increase in its Total Revenues and cash collections in the nine months of 2025.
A statement yeaterday said Total Revenue during the period was $185.2 million, up nine per cent compared to $169.3 million in the first nine months in 2024. The company’s cash collections also rose by five per cent to $241.6 million compared to $229.3 million in the corresponding period in 2024.
The company also reported cash balances of $101.8 million, which as of December 31, 2024 stood at $32.6 million. Likewise net debt and trade receivables balance continue to see improvements, reducing by one per cent and nine per.cent, respectively to September 30, 2025 since YE24.
The company’s net debt as of 30 September 2025 stood at US$629.9 million (it was $636.9 million by 31 December 2024), with Gross debt at $731.7 million, of which only $41.4 million (6%) was recourse to PLC. Its Trade Receivables balance as of 30 September 2025 was $493.3 million, a nine per cent improvement on year-end 2024 of $538.9 million.
According to the update, agreements have been signed with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from N340 billion (approximately $222 million) to up to approximately N772 billion (approximately US$500 million). It is expected that the transitional facillity will be utilised to enable the remaining outstanding balance of the Accugas US$ Facility to be repaid by end 2025.
This is in addition to the term sheet agreed between Savannah’s wholly owned subsidiary, Savannah Energy EA, and a major African based financial institution for a new $37.4 million debt facility to provide funding for our planned acquisition of a 50.1 per cent interest in Klinchenberg BV, which holds indirect interests in three East African hydropower projects. As part of its financial drive, Savannah announced its intention to complete a fundraising by way of subscription of 161,061,510 new Ordinary Shares at 7 pence per new Ordinary Share to raise approximately £11.3 million before expenses.
The completion of the final tranche of the March 2025 fundraising of 138,977,614 new Ordinary Shares at 7 pence per new Ordinary Share is expected imminently, with the final approximate £9.7 million in subscription funds to be received. The company also announced the planned introduction of a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto the company’s register.
The new Investor intends to acquire, for £7.9 million, 113,378,685 Ordinary Shares issued as part of the Company’s March 2025 fundraising and expects to acquire a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades, representing a total investment of approximately £28.7 million in the company and an expected pro forma holding of around 19.4% of the Company’s enlarged share capital (as enlarged by the various proposed share issues referred to in this announcement).
Andrew Knott, CEO of Savannah Energy, said: “2025 has been a year of strong progress against the nine focus areas we set out at the beginning of the year.
These include increasing our rate of cash collections in Nigeria, with performance remaining on track; advancing the refinancing of our principal Nigerian debt facilities, which we expect to complete by year-end; and successfully completing the acquisition of 100% of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March.
“We have also commenced the Stubb Creek expansion project, continued to advance our arbitral processes, and begun site construction ahead of the planned drilling of our Uquo development and exploration wells. In Niger, discussions on the R3 East development are progressing, while in the power sector we have refined our business model to align with future growth opportunities.”
