Savannah Energy PLC is a British independent energy company focused around the delivery of Projects that Matter in Africa is set for the Commissioning of the US$45 million Uquo Central Processing Facility compression project in Nigeria .The company made this disclosure in the declaration of its full year 2024 business update,

According the company, the procurement process of long lead equipment progressing in Nigeria is ongoing in preparation for a potential two-well drilling campaign on the Uquo Field in H2 2025.  This brings an additional gas development well and it is expected to add up to 80 MMscfpd of supplemental production capacity and a potential exploration well targeting an Unrisked Gross gas initially in place (GIIP) of 154 Bscf (25.7 MMboe) of incremental gas resources.

In another development Savannah Energy has stated that progress has continued on the planned acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field, with regulatory approval and completion being targeted in Q1 2025.

Following completion of the acquisition, Savannah Energy will intend to commence an expansion programme which is anticipated to increase Stubb Creek gross production from an average of 2.7 Kbopd in 2024 to approximately 4.7 Kbopd.

“I am pleased to provide a FY trading update which demonstrates the continued progress we have made in 2024, a year which saw the highest level of cash collections ever recorded by our Nigerian business. 2025 is expected to be an exciting year for our Company: we have a large planned operational programme in Nigeria which is anticipated to enhance both our oil and gas production levels and capacity,” Andrew Knott, CEO of Savannah Energy, said.

Savannah holds an 80% economic interest in the exploration, development and production of gas within the Uquo Field, the Uquo Gas Project. The Uquo Field is a non-associated gas field, with gross 2P Reserves of 456.2 Bscf as at the end of 2023. It produces gas that is processed and transported through Accugas’ infrastructure to end customers. Condensate produced from the Uquo Field is exported via the Qua Iboe terminal.

Stubb Creek Field is a producing oil field with considerable undeveloped, non-associated 2C gas Resources. On 19 March 2024, Savannah announced the planned SIPEC Acquisition. SIPEC’s principal asset is a 49% non-operated interest in the Stubb Creek Field, located in Akwa Ibom State, Nigeria, where our Universal Energy Resources Limited affiliate is the 51% owner and operator. The Stubb Creek Field was converted to a 20-year petroleum mining lease in accordance with the Petroleum Industry Act 2021 and effective from 1 December 2023.