Savannah Energy Plc · LSE:SAVE
Savannah Energy — Investor Presentation (March 2025)
26 slides from Savannah Energy's investor presentation, Mar 24, 2025
Slide 1: Delivering Projects that Matter
Delivering Projects that Matter March 2025
Slide 2: Disclaimer
Disclaimer IMPORTANT: This presentation, its contents and any oral information or accompanying materials provided in connection with it (the “Presentation Materials”) are being provided to you solely for your information in connection with Savannah Energy plc and its affiliates (“Savannah”) and not
Slide 3: Savannah at a glance
Savannah at a glance Savannah overview • An African-focused British independent energy company focused on the delivery of Projects that Matter. • Our purpose is to meaningfully contribute to the economic development of the countries in which we operate through the development of businesses and proje
Slide 4: Key financial metrics
Key financial metrics Total Revenues1 (US$m) Adjusted EBITDA2 (US$m) Adjusted EBITDA3,4 margin (%) CAGR 9% CAGR 12% +46pts 259 180 ~70% 140 80 24% 2017 2024 2017 2024 Supermajors SAVE UK, US markets vs SAVE long-term revenue growth5 UK, US markets vs SAVE long-term EBITDA growth6 Production cost vs
Slide 5: Our operational footprint
Our operational footprint1 Savannah footprint Nigeria asset map4 • Upstream business comprises: • 80% economic interest in the Uquo gas field. • 100% effective ownership of the Stubb Creek oil and gas field. Kaduna • Midstream Business comprises an 80% interest in the Accugas NIGERIA Abuja gas proce
Slide 6: Key assets unrisked value overview
Key assets unrisked value overview Asset Potential Value (un-risked) Comments Unaudited Country Name Description Last CPR case1 Additional information Management case2 Gas processing and transportation Principal differences relating to the Accugas, Uquo and Nigeria Accugas US$636m US$743m Stubb Cree
Slide 7: 2023/24 key corporate events
2023/24 key corporate events November 2022 Key events: December 2022 – February 2025 Announcement of proposed SIPEC acquisition. Accugas debt refinancing commenced. Conversion of the Uquo and Stubb Creek fields to new 20-year Petroleum Mining Leases. US$45m compression project substantially complete
Slide 8: 2025/H1 2026 key opportunities
2025 /H1 2026 key opportunities Cash collections 2017 – 2024 achieved CAGR of 13%.1 Nigerian debt Refinancing of US$212.3m of US dollar denominated Accugas debt to Naira is anticipated to be completed in 2025.2 refinancing SIPEC Acquisition Completed in Q1 2025 with transaction expected to deliver N
Slide 9: Indicative 2025/H1 2026 key opportunity timeline
Indicative 2025/H1 2026 key opportunity timeline1 Activity H1 2025 H2 2025 H1 2026 Nigeria Cash collections acceleration SIPEC acquisition completion Stubb Creek expansion project Uquo-NE development well Uquo-3 South exploration well Arbitrations2 Upstream arbitral proceedings Hearing Expected awar
Slide 10: Simplified indicative five year annualised Nigerian near-term cashflow waterfall
Simplified indicative five year annualised Nigerian near-term cashflow waterfall* Gas sales cash receipts (~US$255m) Oil sales cash receipts (~US$100m) ~57.5% ~42.5% ~100% Accugas Uquo Stubb Creek ~US$147m ~US$109m ~US$100m less less less Capex; operating expenses; tax, and scheduled debt Capex; ope
Slide 11: Simplified debt capital structure
Simplified debt capital structure1 Savannah Energy PLC Acquisition Co. US$200m • As at 31st December 2024 only 6% of total 11 group debt of US$666.5m was recourse to Savannah Energy PLC. Nigeria Niger Chad/Cameroon • General approach to debt management is for debt to sit within subsidiary companies,
Slide 12: M&A market dynamics
M&A market dynamics Upstream Oil & Gas Power • Over the past decade, an estimated US$96bn in upstream oil and gas transactions • Nine Private Equity funds (a modest portion of the market) have an estimated have been announced in Africa, with US$46bn, representing 47%, divested by US$10-15bn of Afric
Slide 13: Asset transitions create investment opportunities
Asset transitions create investment opportunities1 North America Western Europe 2010 2024 2010 2024 ~3,557 transactions ~368 transactions US$1tn transaction value (31% IOCs) US$169bn transaction value (34% IOCs) >44.0bn boe 2P Reserves divested >11.8bn boe 2P Reserves divested 9.6bn bbl 1P Reserves
Slide 14: Understanding the macro level power opportunity
Understanding the macro level power opportunity Electricity access (%) Investment required to meet climate pledges or net zero goal US$bn/year +1.9x TUNISIA 220 211 100 MOROCCO 100 ALGERIA 100 LIBYA EGYPT 70 100 WESTERN +1.4x 157 SAHARA 165 NA MAURITANIA 47 MALI NIGER ERITREA 52 51 SUDAN SENEGAL 19
Slide 15: How we seek to deploy capital
How we seek to deploy capital Long term growth mentality Funnelled approach to Business Development1 Disciplined approach to project returns Growth mindset is a natural human condition and sustained growth delivery is the best way to create meaningful long term value. TARGETS ~100 Initial discussion
Slide 16: Value creation example: Nigerian business since 2017
Value creation example: Nigerian business since 2017 1. Increased Total Revenues1 7. Lekoil/Fenikso investment +85% US$258.7m >1,100% US$16.3m US$139.5m US$1.3m 2017 2024 Invested Expected return 2. 2P Reserves added2 6. SIPEC Acquisition net 2P + 2C Reserves and Resources added +38% 80.2 MMboe +30%
Slide 17: SIPEC Acquisition
SIPEC Acquisition Consolidates our interest in the Stubb Creek oil and gas fields Key acquisition metrics • Acquisition of SIPEC completed on 10 March 2025: Oil Oilproduction production(Kbopd) (bopd) • Savannah’s operated interest in the Stubb Creek oil and gas fields in South East +488% Nigeria has
Slide 18: Experienced board focused on long term value creation
Experienced board focused on long term value creation 1 2 3 Joseph Pagop Noupoué Sir Stephen O’Brien Andrew Knott Chair of the Board Vice Chair Chief Executive Officer 8 7 6 3 1 2 9 5 4 Appointed Appointed Appointed April 2023 December 2017 July 2014 Experience Experience Experience Joseph Pagop Nou
Slide 19: For more information
For more information Our annual report and highlighted sections Company details Contact information Our website www.savannah-energy.com Email ir@savannah-energy.com Analysts and advisors Research analysts Name Company James McCormack Cavendish CEO shareholder letter Ashley Kelty Panmure Liberum Jame
Slide 20: Savannah Energy - a compelling investment opportunity
Savannah Energy - a compelling investment opportunity Purpose driven focused around Projects that Matter US$390m of indicative asset level post debt service free cash flow 2025F-29F1 US$775m of indicative Nigerian asset level post debt PV10 in the base case scenario2 Up to 696 MW of renewable energy
Slide 21: Appendix
®—_ SAVANNAH ENERGY Appendix
Slide 22: Net debt breakdown
Net debt breakdown1 Borrower Currency Facility US$ Equivalent (million)1 Drawn non-recourse Accugas Limited USD Term Facility 212.3 Accugas Limited NGN Transitional Facility 212.7 Total 425.0 Accugas Holdings UK PLC USD SSN Notes 27.0 Accugas Holdings UK PLC USD Promissory Note 14.7 Total 41.7 Savan
Slide 23: Footnotes
®—_ SAVANNAH ENERGY Footnotes
Slide 24: Footnotes
Footnotes Slide 3 – Savannah at a glance 1. Remaining life of contract revenues estimated on a maintenance adjusted take-or-pay basis including contributions from two of our customers: Calabar Generation Company Limited (owner of the Calabar power station), and the Lafarge Africa PLC (owner of the L
Slide 25: Footnotes
Footnotes Slide 9 – Indicative 2025/H1 2026 key opportunity timeline 1. Indicative timeline, subject to change. 2. As previously disclosed in Savannah’s 2023 Annual Report, our wholly owned subsidiary, Savannah Chad Inc (“SCI”), commenced arbitral proceedings in 2023 against the Government of the Re
Slide 26: London 40 Bank Street London E14 5NR
London 40 Bank Street London E14 5NR T: +44 (0) 20 3817 9844 ir@savannah-energy.com www.savannah-energy.com