Savannah Energy (LSE:SAVE), the small-cap focused on Nigerian oil and gas assets, said its Uquo 13 well has achieved first gas and is on stream after testing at approximately 50 million square feet per day (MMscfd).
The company is also completing its Uquo South exploration well, where gas has been confirmed in most targeted reservoirs, with further testing needed to assess the resource implications of the discovery.
At Stubb Creek, average gross daily production rose 29% year-on-year to 3,700 bopd for the first seven months of the year, exceeding 5,000 bopd in July alone.
"Savannah continues to make strong progress against the nine core focus areas we set out for the business at the start of 2025", said CEO Andrew Knott.
Cash collections climbed 13% year-on-year to $247.9 million for the seven-month period, while revenue rose 10% to $160.6 million.
Trade receivables fell 22% since year-end 2025 to $394.6 million, though net debt increased slightly to $672.0 million from $658.8 million.
The company increased its Stubb Creek reserve-based lending facility to $130.0 million, extending the tenor to August 2031 and cutting the margin to 7.5% per annum.
Group average gross daily production is expected to exceed 20 Kboepd over the remaining five months of the year, with full-year guidance set at 18-20 Kboepd.
The company's shares remain suspended under AIM Rule 19 pending publication of its FY2025 annual report, expected in September.
