Andrew Knott, CEO of Savannah Energy talks about a transformational 6 months

Andrew Knott, CEO of Savannah Energy #SAVE talks about a transformational 6 months that has seen their revenue go from zero this time last year to $91m.

Key Highlights

·      Total cash collections from the Nigerian Assets in the year-to-date period ended 31 August 2020 were US$133.1m (year-to-date period ended 31 August 2019: US$103.8m);

·      Group cash balance of US$84.7m[1] and net debt of US$426.8m as at 31 August 2020;

·      We reiterate our FY 2020 Total Revenues, Group Administrative and Operating Costs and Capital Expenditure guidance:

o  Total Revenues[2] of greater than US$200.0m;

o  Group Administrative and Operating Costs[3] of US$68.0m to US$72.0m;

o  Capital expenditure of up to US$45.0m;

·      We reduce our FY 2020 Group Depreciation, Depletion and Amortisation guidance to US$35.0m - US$37.0m (from US$43.0m - US$45.0m), reflecting an increase in the estimated useful life of our infrastructure assets.

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