Savannah Energy Plc Extension for Results publication/Trading Update (8566Q)
June 24 2020 - 2:00AM
UK Regulatory
TIDMSAVE
RNS Number : 8566Q
Savannah Energy Plc
24 June 2020
24 June 2020
Savannah Energy PLC
("Savannah" or "the Company")
Extension to publication deadline for 2019 Audited Annual
Results,
Operational and Financial Update for 2020 YTD
Savannah Energy PLC, the British independent energy company
focused around activities in Nigeria and Niger, announces that
following the grant by AIM Regulation of an extension to its 2019
annual reporting deadline (further to guidance provided in Inside
AIM dated 26 March 2020), it now expects to report its 2019 Annual
Results in July 2020, rather than 24 June 2020 as previously
notified. This is due to the impact of the Covid-19 lockdown in
Savannah's countries of operation on the ability of the Company's
auditors to access all required information on a timely basis.
Despite the logistical challenges presented by Covid-19, the
Company is pleased to confirm that the audit process is currently
being finalised.
Financial and Operational Update for 2020 YTD - Key
Highlights
Pending the announcement of its full year 2019 audited annual
results and further to the operational and financial update
previously published on 1 May 2020, Savannah is pleased to provide
an operational and financial update for 2020 year to 31 May
2020.
-- Average gross daily production (88% gas) increased by 15%
from 1 January to 31 May 2020 to 20.8 Kboepd compared to 18.1
Kboepd for the corresponding period in 2019. This includes a 19%
increase in Uquo gas production comparing the same periods from
92.4MMscfpd (15.4 Kboepd) to 109.9MMscfpd (18.3 Kboepd);
-- FY2019 group revenues were US$17.8m (including approximately
six weeks of production of Nigerian operations)
-- Group cash position was US$25.7m as at 31 May 2020
-- Group debt position was US$520m as at 31 May 2020
Andrew Knott, CEO of Savannah Energy, said:
"I am very pleased with the performance of our business to date
so far this year. By taking decisive action we have managed to
successfully navigate the oil price downturn and the COVID-19
pandemic. We have also been able to significantly increase our
daily gas production in Nigeria reinforcing Savannah's status as
Nigeria's most reliable sources of gas-to-power, at a time when the
in-country gas-to-power shortage has increased by 42%. I am very
proud of our Company's efforts during this difficult time and I
look forward to sharing further updates with our stakeholders in
due course.
Whilst it is frustrating that we have had to delay the
publication of our 2019 Annual Results, I can confirm that there
are no issues with the audit. The impact of the Covid-19 lockdown
in our countries of operation has meant that we will now look to
publish them later in July 2020."
Financial Update
Current trading continues to be in line with the information set
out in the Current Trading paragraph on page 43 of the Company's
Supplemental Admission Document, which is available to download
from the Company's website at www.savannah-energy.com .
Operational Update
Average gross daily production from the Company's Nigerian
assets increased 15 per cent. from 1 January to 31 May 2020 to an
average of 20.8 Kboepd versus 18.1 Kboepd for the corresponding
period in 2019. In particular, this includes a 19 per cent.
increase in Uquo gas production over the same period from
92.4MMscfpd (15.4 Kboepd) to 109.9MMscfpd (18.3 Kboepd). Average
gross daily production from the Company's Nigerian assets for FY
2019 rose 32 per cent. to 17.2 Kboepd from 13.0 Kboepd for FY
2018.
Nigeria Average Gross Daily Production
Stubb Creek Uquo Condensate Uquo Gas Total (Kboepd)
Oil (Kbopd) (blpd) (MMscfpd)
------------------ --------------------- ---------------- --------------------
FY2018 2.3 105.0 63.5 13.0
------------------ --------------------- ---------------- --------------------
FY2019 2.4 136.0 88.1 17.2
------------------ --------------------- ---------------- --------------------
% Increase 4% 30% 39% 32%
------------------ --------------------- ---------------- --------------------
1 January-31 May 2019 2.5 137.6 92.4 18.1
1 January-31 May 2020 2.3 151.0 109.9 20.8
------------------ --------------------- ---------------- --------------------
% Increase / (decrease) (9%) 10% 19% 15%
------------------ --------------------- ---------------- --------------------
For further information, please refer to the Company's website
www.savannah-energy.com or contact:
+44 (0) 20 3817
Savannah Energy 9844
Andrew Knott, CEO
Isatou Semega-Janneh, CFO
Sally Marshak, Communications
Consultant
+44 (0) 20 7409
Strand Hanson (Nominated Adviser) 3494
James Spinney
Ritchie Balmer
Rory Murphy
+44 (0) 20 7878
Mirabaud (Joint Broker) 3362
Peter Krens
Ed Haig-Thomas
+44 (0) 20 7260
Numis Securities (Joint Broker) 1000
John Prior
Emily Morris
Alamgir Ahmed
+44 (0) 20 8434
Celicourt Communications 2754
Mark Antelme
Jimmy Lea
Ollie Mills
About Savannah Energy:
Savannah Energy PLC is an AIM listed energy company with
exploration and production assets in Nigeria and Niger. In Nigeria,
the Company has controlling interests in the cash flow generative
Uquo and Stubb Creek oil and gas fields, and the Accugas midstream
business in South East Nigeria, which provides gas to approximately
10% of Nigeria's available power generation capacity. In Niger, the
Company has interests in two large PSC areas located in the highly
oil prolific Agadem Rift Basin of South East Niger, where the
Company has made five oil discoveries and seismically identified a
large exploration prospect inventory, consisting of 146 prospects
and leads to be considered for potential future drilling
activity.
Further information on Savannah Energy PLC can be found on the
Company's website: www.savannah-energy.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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