Savannah also reported that cash collections in Nigeria increased by more than 12%, reaching US$278.0 million in 2025, compared with US$248.5 million in 2024. The positive trend continued into 2026, with cash collections in January 2026 totalling more than US$64.4 million, compared with US$20.4 million in January 2024. Despite this improvement in cash generation, total revenues for FY 2025 stood at US$235.0 million, down from US$258.9 million in FY 2024. At 31 December 2025, the company’s cash balance stood at US$39.5 million, up from US$32.6 million a year earlier, while net debt increased to US$655.9 million from US$636.9 million. Savannah’s gross debt was US$698.4 million at the end of 2025, of which only US$39.0 million, or 6%, was recourse to the company, with the remainder held within subsidiaries on a non-recourse basis. Trade receivables stood at US$507.2 million at 31 December 2025, a 6% improvement on the US$538.9 million recorded at the end of 2024.
The company also reported significant progress in refinancing its debt facilities. Following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion as at 31 December 2025, Savannah said there was a remaining principal balance under the US$ Facility of about US$2 million, which was repaid in early 2026.
Savannah provided fresh updates on its Uquo NE development well, the Uquo South exploration well, and the new compression system at the Uquo Central Processing Facility (CPF). Site construction on the Uquo NE development well is expected to be completed this month, with the rig ready for deployment and mobilisation scheduled over the next few weeks, while first gas from the facility is targeted by the end of the second quarter of 2026. Well site preparation has also commenced on the Uquo South exploration well.
The company said that the newly completed and fully commissioned compression system at the Uquo CPF was delivered safely and approximately 10% under the original US$45 million budget. The new system will enable Savannah to maximise production from its existing and future gas wells. In addition, the company announced it has signed a gas contract extension agreement with the Central Horizon Gas Company Limited to the end of December 2026 for up to 10 MMscfpd.
On the renewable energy front, Savannah said it has repositioned its power sector business model to pursue operating asset opportunities in both thermal and renewable energy, alongside interests in large-scale renewable energy development projects. The company said it has set itself the target of completing its proposed acquisition of indirect interests in three East African hydropower projects by the first half of 2026. These assets include the 255 MW Bujagali power plant, which has a 13-year operating and payment track record, as well as two advanced-stage development projects. The acquisition, if completed, could open Savannah’s potential entry into five new countries—Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.
Savannah also said it is continuing to progress its existing priority power division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon. In Niger, the company’s subsidiary is considering commencing a four-well testing programme and/or returning to exploration activity in the R1234 PSC contract area in 2026/27, subject to a satisfactory agreement being reached with the government.
Andrew Knott, CEO of Savannah Energy, said that 2025 was a year of execution for the company, with good progress delivered across the nine focus areas set out at the start of the year. He said that in Nigeria the company increased its rate of cash collections year-on-year by 12%, a trend it hopes to continue into 2026, and made significant progress in refinancing its debt facilities. In the hydrocarbons division, the completion of the SIPEC acquisition in March enabled the company to begin an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo, Savannah delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, the company also announced a 21% 2P reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P reserves. In Niger, Savannah remains actively engaged with the government on future activity, with the R3 East development plan significantly enhanced during the year.
Knott added that in the power sector, Savannah repositioned its business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, targeted for completion in the first half of 2026. He said the company has also continued to progress its wind, solar and hydro portfolio, while pursuing further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion. Knott noted that Savannah is also continuing to progress its arbitration claims, with the Savannah Chad Inc and Savannah Midstream Investment Limited proceedings currently expected to be concluded in the first half of 2026. He said that overall, this progress provides a strong platform for continued delivery in 2026.
- FY 2025 average gross daily production of 18.8 Kboepd (FY 2024: 23.1 Kboepd), of which 83% was gas (FY 2024: 88%). Following completion of the SIPEC Acquisition in March 2025, commenced an 18-month expansion programme that saw Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13% above the 2024 average;
- Well site construction for the Uquo NE development well is expected to be completed this month. The rig is ready for deployment, with mobilisation scheduled over the next few weeks and first gas targeted by the end of Q2 2026;
- Well site preparation has commenced on the Uquo South exploration well;
- New compression system at the Uquo Central Processing Facility (“CPF”) completed and fully commissioned. This project, which was delivered safely and approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells;
- Gas contract extension agreed with the Central Horizon Gas Company Limited (“CHGC”) to end December 2026 for up to 10 MMscfpd;
- The proposed acquisition of indirect interests in three East African hydropower projects is targeted to complete in H1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo (the “DRC”), Malawi and Rwanda;
- Continuing to progress our existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
- Subject to a satisfactory agreement being reached with the Government of Niger, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27; and
- Actively reviewing opportunities in both the thermal and renewable power sector, with the expectation of announcing transaction(s) currently under consideration over the course of the next 24 months in the African power space.
- FY 2025 cash collections increased by over 12% on the prior year to US$278.0 million (FY 2024: US$248.5 million) and this trend has continued into 2026 with cash collections during January 2026 of over US$64.4 million (January 2024: US$20.4 million);
- FY 2025 Total Revenues of US$235.0 million (FY 2024: US$258.9 million);
- As at 31 December 2025, cash balances were US$39.5 million (31 December 2024: US$32.6 million) and net debt stood at US$655.9 million (31 December 2024: US$636.9 million). Gross debt as at 31 December 2025 was US$698.4 million, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis;
- The Trade Receivables balance as at 31 December 2025 was US$507.2 million, a 6% improvement on year-end 2024 (31 December 2024: US$538.9 million); and
- Following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion (the “Transitional Facility”), as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.