Business
2021 Half Year Results and Outlook for the Year
2021 Half Year Results and Outlook for the Year.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4673N\n Savannah Energy Plc\n 30 September 2021\n \n \n \n \n 30 September 2021\n Savannah Energy PLC\n (\"Savannah\" or \"the Company\")\n \n \n 2021 Half Year Results and Outlook for the Year\n \n \n Savannah Energy PLC, the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce its unaudited interim results for the six months ended 30 June 2021 and outlook for the FY 2021. \n \n \n \n \n \n \n Andrew Knott, CEO of Savannah Energy, said:\n \n \n \n \n \n \n \"These results show just how far we have come this year, with US$116.5m of Total Revenues1, US$91.5m of Adjusted EBITDA2 and strong free cash flow. Our operational performance has been excellent which is important to all our stakeholders as we continue to play a vital role in driving economic growth and living standards in our countries of operation. This growth is set to continue as we progress discussions with ExxonMobil with respect to the proposed acquisition of its entire upstream and midstream assets in Chad and Cameroon and begin an anticipated new investment programme on our Niger assets, over which we are pleased to have agreed terms for an extension of up to 10 years. \n \n \n I'd like to thank all of our shareholders and other stakeholders for their continued support as we look to capitalise on the opportunities available to us.\"\n \n \n \n \n \n H1 2021 Financial Highlights\n \n \n · \n Total Revenues1 of US$116.5m (up 2% on H1 2020 Total Revenues of US$114.6m), in line with 2021 guidance of over US$205m for the full year;\n \n \n · \n Average realised gas price of US$4.2/Mscf (H1 2020: US$3.9/Mscf) and an average realised liquids price of US$63.5/bbl (H1 2020: US$48.3/bbl);\n \n \n · \n Cash collections from the Nigerian Assets in H1 2021 were US$101.6m compared to US$82.1m in H1 2020;\n \n \n · \n Adjusted EBITDA2 of US$91.5m (H1 2020: US$89.2m);\n \n \n · \n Adjusted EBITDA margin broadly unchanged at 79% (H1 2020: 78%);\n \n \n · \n Operating expenses plus administrative expenses3 of US$22.5m (H1 2020: US$22.7m) being US$1.0/Mscfe (H1 2020: US$1.1/Mscfe);\n \n \n · \n Profit before tax of US$7.7m (H1 2020: US$1.2m);\n \n \n · \n Drilling of a gas well on the Uquo field commenced in Septemb...