Savannah Energy PLC (AIM:SAVE) chief executive Andrew Knott highlighted the firm’s “strength and potential” as it reported on the first quarter of its financial year.
The company, in a statement, reported a 26% increase in like-for-like organic total revenues, driven by a rapid progression of oil and renewable energy projects in Niger and a consistent performance in Cameroon.
The quarterly report showed US$147.6mln of total revenues and confirmed Savannah ended the reporting period with cash of US$217.3mln, and net debt of US$412.2mln.
Operational highlights included an average gross daily production of 54,900 barrels oil equivalent, a 20% increase compared to Q1 2022.
The company also provided updates on its projects in Cameroon, Niger, Nigeria, and Chad.
Savannah's Niger wind farm project is progressing, with project sanction expected in 2024.
The firm is also moving forward with its US$45mln compression project at the Uquo Central Processing Facility in Nigeria.
Regarding the nationalisation of Savannah Chad Inc's upstream production assets and the company's interest in Tchad Oil Transportation Company, Savannah noted it has initiated ICC arbitral proceedings against the Government of Chad to seek compensation for its losses.