British independent energy company, Savannah Energy Plc, has announced a total revenue of US$185.2 million for the nine months ending September 30, 2025 — representing a 9 per cent increase compared to US$169.3 million recorded in the same period last year.
The company’s unaudited operational and financial report released on Thursday revealed that cash collections rose by 5 per cent to US$241.6 million from US$229.3 million in 2024, reflecting stronger financial discipline and higher client payments. Savannah’s cash balance grew sharply to US$101.8 million as of September 30, 2025, up from US$32.6 million at the end of December 2024.
According to the report, Savannah also achieved modest reductions in its financial liabilities, with net debt dropping by 1 per cent to US$629.9 million from US$636.9 million as of December 2024, and trade receivables falling by 9 per cent to US$493.3 million from US$538.9 million.
The company disclosed that it had signed new financing agreements with a consortium of five Nigerian banks to increase its Accugas debt facility from ₦340 billion (US$222 million) to ₦772 billion (about US$500 million). This facility, it explained, will be used to repay the remaining balance of the Accugas dollar facility before the end of 2025.
Savannah also revealed a term sheet agreement between its subsidiary, Savannah Energy EA, and a major African financial institution for a new US$37.4 million debt facility to support its planned acquisition of a 50.1 per cent stake in Klinchenberg BV, a company that indirectly owns interests in three East African hydropower projects.
As part of its fundraising drive, Savannah announced plans to raise approximately £11.3 million through the subscription of 161,061,510 new ordinary shares at seven pence per share. The company added that the final tranche of its March 2025 fundraising, involving 138,977,614 new shares also priced at seven pence per share, is nearing completion, with an additional £9.7 million in subscription funds expected soon.
In another development, the company confirmed the planned entry of a new strategic investor, NIPCO Plc, a Nigerian energy conglomerate, which will invest about £28.7 million through the purchase of new shares and secondary market acquisitions. This transaction will give NIPCO an estimated 19.4 per cent stake in Savannah’s enlarged share capital.
On the operational front, Savannah said that its gross production in Nigeria averaged 20.1 thousand barrels of oil equivalent per day (Kboepd) during the review period, down from 23.0 Kboepd in 2024. The company stated that natural gas accounted for 85 per cent of its total output, maintaining its position as a key supplier to the domestic energy market.
Despite the slight drop in output, Savannah noted progress in its ongoing 18-month expansion programme at the Stubb Creek asset, which has boosted production to 3.3 Kbopd, about 24 per cent higher than the 2024 average.
The company said its performance highlights the resilience of its diversified portfolio and commitment to energy delivery across Africa, even amid market and operational challenges.
Savannah Energy continues to position itself as a leading independent African energy company with strong operations in Nigeria, Chad, Cameroon, and East Africa. Its strategy focuses on expanding into renewable and gas-powered infrastructure to support Africa’s energy transition.
Industry analysts believe Savannah’s fundraising efforts and partnership with NIPCO demonstrate renewed investor confidence in Nigeria’s energy sector despite global financing challenges. The company’s steady improvement in liquidity and debt management also reflects growing operational efficiency and financial discipline.
