Nigeria-focused Savannah boosts cash flow in 2021
Savannah increased its revenues by 7% to $230.5mn in 2021, after starting gas sales in November from its Uquo field in Nigeria under a new contract, the London-listed company said on January 24.
The company's cash balance increased 46% to $154.3mn over the year, it said, while its net debt was down 9% at $370mmn. Overall cash collections in Nigeria increased by 11% on the year, arriving at $208.2mn.
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"We have exceeded our guidance set out at the beginning of 2021, with our Nigerian assets continuing to perform well throughout the period," Savannah CEO Andrew Knott said in a statement. "In addition, our financial performance in the year was very strong and operationally we were able to announce new gas sales contracts in Nigeria, as well as commencing first gas sales under the FIPL Afam contract."
Savannah commenced gas sales in November to the 180-MW Afam power plant in Nigeria owned by First Independent Power (FIPL).
Company production increased by 14% year on year to 22,300 barrels of oil equivalent/day in 2021, on the back of a 15% growth in gas output at Uquo to 118mn ft3/day.