Savannah Energy Plc, the British independent energy company has announced its 2021 Annual Report and Audited Accounts with the full-year total revenues increased to $230.5million which is 7% higher than FY 2020 total revenues of $215.9 million.
This is ahead of the Company’s previously issued FY 2021 guidance of ’Total Revenues of greater than $205 million.
Average realised gas price of S$4.19/Mscf was 6% higher than the average realised gas price of US$3.96/Mscf in 2020.
Similarly, average realised liquids price in 2021 was $69.9/bbl, a 51% increase compared to the 2020 average realised liquids price of $46.2/bbl
Total cash collections from the Company’s Nigerian assets increased from $167.4 million recorded in FY 2020 to US$208.2 million. This represents an increase of 24%.
The Group cash balance of $154.3 million as at 31 December 2021 was higher than the Group cash balance of US$106.0 million recorded in FY 2020. This is an increase of +46%.
What the company is saying
Andrew Knott, CEO of Savannah Energy, said 2021 was a fantastic year for Savannah.
“Our Total Revenues12 and Adjusted EBITDA2 grew by 7% year-on-year to US$231m and US$175m respectively. We organically increased our Net 2P reserves by 20% to 77.7 MMboe.
We announced our potentially transformational acquisition of a large portfolio of upstream and midstream assets in Chad and Cameroon, which upon completion we now expect will more than double our corporate free cashflow.
We established a Renewable Energy Division which, post period, has signed agreements for up to 750 MW of large scale greenfield solar and wind projects. We successfully renewed and amalgamated our Niger PSC areas, paving the way for the progression of our intended 35 MMstb R3 East development and a return to exploration activity in the licence areas.
Our performance against key industry sustainability metrics relating to HSE performance, carbon intensity, senior management gender diversity and local employee ratios remain industry leading.
Looking forward to the rest of 2022, I am confident in where we are as a business. We expect to deliver on our financial guidance.
We expect to complete our entry to Chad and Cameroon during Q3 2022 and to likely announce further hydrocarbon acquisitions. We expect to further grow our Renewable Energy Division, with several new large-scale greenfield opportunities under review and negotiation.
We expect to finalise the refinancing of our Nigerian debt and to announce the development and exploration plans for our assets in Niger.
Most of all we will maintain our focus around the delivery of Projects that Matter in Africa. I would like to express my gratitude to all of those who contributed to our success in 2021 – my incredibly dedicated and passionate colleagues, our host governments, communities, local authorities and regulators, our shareholders and lenders, and our customers, suppliers and partners. Thank you all.”
Other highlights include:
- Adjusted EBITDA of S$175.0m +7% against FY 2020 Adjusted EBITDA of $163.2million
- Adjusted EBITDA margin remained broadly unchanged at 76%;
- Group net debt of $370.0m as at 31 December 2021 -9% drop versus FY 2020 year-end Group net debt of $408.7million
- Total Group assets amounted to $1,349m at year-end from 2020: $1,207million.