Savannah Energy (AIM:SAVE) shares remain suspended from trading on AIM, with the London-listed oil and gas company confirming that delayed publication of its FY2025 accounts and half-year results, both now expected during November, will keep the suspension in place until both sets of accounts are released.
Savannah Energy, the British independent energy company focused on oil, gas and power projects in Africa, issued the trading update for the nine months to 30 September alongside the suspension confirmation.
Revenue for the nine months rose 32% year-on-year to $242.1 million, up from $184.0 million, while cash collections increased 16% to $281.0 million from $241.6 million.
Cash balances stood at $73.1 million as at 30 September, up from $42.7 million at the end of 2025, while net debt rose to $700.8 million from $658.8 million over the same period.
Trade receivables fell 13% to $442.8 million from $508.5 million at the end of 2025, a balance the company says relates primarily to amounts due under Nigerian gas sales agreements.
At Stubb Creek in Nigeria, the production expansion programme lifted average gross daily production 34% year-on-year to 3.9 Kbopd for the nine months, with output averaging approximately 5.0 Kbopd over the last three months following fast-tracked early works.
The Uquo South exploration well, spudded in early August, has been completed with gas discovered in most targeted reservoirs, and a testing and evaluation programme now underway is expected to conclude in November.
Group average gross daily production was 17.0 Kboepd for the nine months, down from 18.8 Kboepd for the whole of 2025, though with Uquo 13 on stream since August, Savannah expects output to average approximately 20 Kboepd for the remainder of the year and full-year production to land between 18 and 20 Kboepd.
In Cameroon, Savannah signed a Joint Development Agreement with the government this month covering the 95 MW Bini a Warak hybrid hydroelectric and solar project, establishing a framework to advance development.
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In Niger, the Environmental and Social Impact Assessment for the company's up to 250 MW Parc Eolien de la Tarka windfarm has been submitted to authorities this month, though further development activity is linked to the outcome of ongoing discussions with the Niger government over the R1234 PSC and potential resumption of oil activities there.
Chief executive Andrew Knott said the company had "continued to make operational and financial progress during 2026" as it works against the nine core focus areas set out at the start of 2025.
Savannah also noted that arbitral proceedings brought by its subsidiaries against the Government of Chad, over the 2023 nationalisation of oil and pipeline assets, are expected to conclude in the fourth quarter of 2026.
