LE BRIEF

Nigeria: Savannah Energy records $242.1 million in revenue and evaluates its Uquo South gas discovery

LE BRIEF • 2026-11-02

Nine-month revenue increased 32% and Stubb Creek raised production. Uquo South testing is expected to conclude in November, while net debt of $700.8 million keeps liquidity risks in focus.

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LE BRIEF — Monday, 2 November 2026, consolidated weekend edition By the LE BRIEF newsroom Country : Nigeria Source publication : 30 October 2026 Event : Unaudited operational and financial update for the nine months ended 30 September 2026 Supplied photograph: hydrocarbon processing facility. Illustration; it is not verified as the Uquo South well or Stubb Creek site. Provenance and reproduction rights must be validated before commercial use. British energy company Savannah Energy has published an unaudited operational and financial update for the first nine months of 2026. Group revenue reached $242.1 million, compared with $184 million in the corresponding 2025 period, an increase of 32%. Cash collections rose 16% to $281 million. Average gross Stubb Creek production increased 34% year on year to approximately 3,900 barrels of oil per day. The company said the field averaged around 5,000 barrels per day over the most recent three months referred to in its announcement. A gas discovery still under evaluation Group average gross production was 17,000 barrels of oil equivalent per day over the first nine months. Savannah expects annual average production of 18,000–20,000 barrels of oil equivalent per day, depending on customer demand. The company also announced completion of the Uquo South exploration well, where gas was identified in several targeted reservoirs. Testing and e...