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
