Business
FY 2019 Preliminary Annual Results
FY 2019 Preliminary Annual Results.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 7346U\n Savannah Energy Plc\n 31 July 2020\n \n \n \n \n 31 July 2020\n \n \n Savannah Energy PLC\n \n \n (\"Savannah\" or \"the Company\")\n \n \n \n \n \n FY 2019 Preliminary Annual Results\n \n \n Financial and Operational Update for H1 2020 and Outlook for FY 2020\n \n \n \n \n \n Savannah Energy PLC, the British independent energy company focused around activities in Nigeria and Niger, is pleased to announce its unaudited preliminary results for the year ended 31 December 2019, which include approximately six weeks of operations in Nigeria, following the Company's successful acquisition of the Nigerian Assets in November 2019, together with a financial and operational update for H1 2020 and outlook for the FY 2020. \n \n \n \n \n \n A copy of the Annual Report & Accounts will be finalised and posted to Shareholders shortly and a separate notification made in this regard.\n \n \n \n \n \n Key Highlights\n \n \n \n \n \n FY 2019 Highlights\n \n \n · \n FY 2019 maiden Revenues of US$17.8m comprising US$16.9m of gas sales and US$0.9m of liquids sales;\n \n \n · \n Average realised gas price of US$3.64/Mscf and an average realised liquids price of US$64.0/bbl;\n \n \n · \n Average gross daily production for the post Nigerian Asset acquisition period of 17.7 Kboepd. On a full year basis production from the Nigerian Assets for 2019 rose 32% to 17.2 Kboepd from 13.0 Kboepd in FY 2018;\n \n \n · \n Adjusted EBITDA[1] of US$1.8m (2018: negative US$13.4m), Pro-forma FY 2019 adjusted EBITDA of US$91.6m;\n \n \n · \n Contract liabilities (or \"Deferred Revenue\") recognised in the Statement of Financial Position and related to invoiced sales in 2019 of US$13.3m, Pro-forma FY 2019 Deferred Revenue of US$59.8m;\n \n \n · \n Loss after tax of US$96.8m (2018: US$24.6m)\n \n \n · \n Net cash inflow of US$44.5m (2018: Outflow US$13.0m);\n \n \n · \n Year-end cash balance of US$48.1m (2018: US$1.8m); \n \n \n · \n Year-end net debt of US$484.0m (2018: US$13.1m); and\n \n \n · \n Total Group assets amounted to US$1,145.0m at year-end (2018: US$266.0m).\n \n \n \n \n \n H1 2020 Operational Update\n \n \n Nigeria\n \n \n · \n H1 2020 cash collections from the Nigerian Assets of US$82.1m compared to US$55.3m in H1 2019;\n \n \n · \n Average gross daily production, of which 89% was...