Business
FY2023 Results, Notice of AGM, Posting of Report
FY2023 Results, Notice of AGM, Posting of Report.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n\n7 June 2024\nSavannah Energy PLC\n(\"Savannah\" or \"the Company\"\")\n \nFY 2023 Audited Annual Results\nNotice of AGM and Posting of the 2023 Annual Report\nSavannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce its audited results for the year ended 31 December 2023. The Notice of the Annual General Meeting (\"AGM\") and a copy of the 2023 Annual Report and Accounts are available to download from the Company's website (www.savannah-energy.com). The Notice of the AGM has been posted to those shareholders who have elected to receive postal copies.\nAndrew Knott, CEO of Savannah Energy, said:\n \n\"2023 clearly demonstrated the robustness of our business model, corporate capacity and corporate infrastructure. Our core business continued to perform strongly, while we have progressed our projects in Niger during a period of political change, progressed two separate hydrocarbon acquisitions which are material to our business, continued to grow our renewable energy business, managed the impact of the nationalisation of our Chad Assets to ensure that we receive the value we are due and positioned ourselves strongly to announce further new and exciting projects in 2024.\"\n \nFY 2023 Highlights\n· Average gross daily production was 23.6 Kboepd, broadly in line with FY 2022 production on a like-for-like basis when adjusted for a planned maintenance programme;\n· Up to 696 MW of renewable energy projects in motion at year-end, and targeting a portfolio of up to 1 GW+ of renewable energy projects in motion by end 2024 and up to 2 GW+ by end 2026;\n· Financial guidance achieved or exceeded;\no Total Revenues1 of US$260.9 million (11% ahead of guidance of 'greater than US$235 million');\no Operating expenses plus administrative expenses2 of US$68.8 million (8% below guidance of 'up to US$75.0 million'); and\no Capital expenditure of US$13 million (guidance of 'up to US$30 million');\n· Strong safety record maintained with a zero Lost Time Injury rate;\n· Continued increase in customer diversification in Nigeria with gas sold to nine customers, and a number of new and extended sales agreements signed, totalling up to 101 ...