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  • TECH UPDATE: Please accept our apologies for the delay in getting our "board visit & message view" counts to normalize. As you may have noticed, starting yesterday the "board stats" for individual message boards started to display clearly erroneous "member" and "guest" visit counts. Needless to say, we don't like having unreliable traffic stats on the site any more than you do. Please understand this was not by design or intention. It's a glitch that resulted from an apparent incompatibility with the legacy code and the recent deployment of new servers to tackle issues related to last month's outage. In order to give our web developer a chance to take a closer look at the glitch and come up with a viable solution, we have decided to leave the code up for now so she can have real-world data to work with (rather than just turn the counts off again). So it looks like we may have to live with these bad counts a little longer, but our expectation is to have this resolved by early next week, if not sooner. We appreciate your patience and understanding.  

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Msg  257 of 259  at  5/1/2020 9:32:10 AM  by



Savannah Energy financial and operational update: cash collections to date from Nigerian assets since start of Savannah Ownership Period were $96M
Friday, May 01, 2020 06:12:29 AM (GMT)

  • Provides a financial and operational update for the FY 2019 and for the 19 week period of ownership of the Nigerian Assets from 15-Nov-19 to end March 2020
  • Nigeria:
    • FY 2019 cash collections from the Nigerian Assets were $168.8M
      • Cash collections from the beginning of the Savannah Ownership Period to date in 2020 total $96M
    • Significant deleveraging achieved during the Savannah Ownership Period, with $40M of the restructured debt taken on as part of the Acquisition and the Capital Restructuring paid down by 31-Mar
    • Average gross daily production has increased 25% during the Savannah Ownership Period to 19.6 Kboepd compared to 15.7 Kboepd for the corresponding period in 2018-19
      • This includes a 34% increase in Uquo gas production comparing the same periods from 77.7MMscfd (12.9 Kboepd) to 103.8MMscfd (17.3 Kboepd)
      • A peak Q1 daily production rate of 164MMscfd (27.3 Kboepd) was achieved in February 2020
  • Niger
    • Plans for delivering the R3 East development continue to progress with the intention to commence installation of an Early Production System within the next twelve months, market conditions and financing permitting
    • Following a successful exploration drilling programme in 2018 on the R3 East portion of the R3/R4 PSC, the company has agreed with the Ministry of Energy and Petroleum that the R4 area, which was relinquished at the end of the initial Exclusive Exploration Authorisation in accordance with the terms of the R3/R4 PSC, will be combined with the R1/R2 PSC Area into a new R1/R2/R4 PSC to be issued under the Petroleum Code 2017, thus retaining the full acreage position previously covered by the R1/R2 PSC and the R3/R4 PSC. Ratification of the new R1/R2/R4 PSC is subject to Council of Minister approval, and payment of the associated fee

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Msg # Subject Author Recs Date Posted
258 Re: Savannah dukedosh 0 5/2/2020 9:56:59 AM

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