Savannah Energy PLC reported a 13% increase in cash collections to $247.9 million for the seven months ended July 31, up from $219.2 million in the same period last year. Revenue rose 10% year-on-year to $160.6 million from $146.0 million.
The company’s trade receivables balance fell 22% to $394.6 million as of July 31, compared with $508.5 million at year-end 2025. Cash balances totaled $62 million, an increase from $42.7 million at the prior year-end, while net debt stood at $672 million, slightly higher than the $658.8 million reported at year-end 2025.
Production growth was led by the Stubb Creek field in Nigeria, where average gross daily output climbed 29% year-on-year to 3,700 barrels of oil per day over the seven-month period. July production exceeded 5,000 barrels per day, with the ongoing expansion program targeting an annual average of up to 4,700 barrels per day.
The Uquo 13 well in Nigeria achieved first gas in July, flowing at approximately 50 million standard cubic feet per day and tied back to the Uquo Central Processing Facility. Group average gross daily production for the seven months was 16,300 barrels of oil equivalent per day, down from 18,800 barrels for the full-year 2025. Savannah Energy expects full-year 2026 average gross daily production to reach between 18,000 and 20,000 barrels of oil equivalent per day.
Savannah Energy SC Limited amended its Stubb Creek Reserve Based Lending facility, increasing the facility to $130 million and extending the maturity to August 2031. The annual margin was reduced to 7.5%.
The company remains engaged in arbitration proceedings against the Government of Chad, with wholly owned subsidiaries seeking compensation in excess of $775 million plus interest for the nationalization of rights and assets. Trading in Savannah Energy’s shares remains suspended pending publication of its fiscal 2025 annual report, expected in September 2026.
