Of the total average gross daily production of 54.9 Kboepd, 43% was gas, including a 22% increase
in production from the Uquo gas field compared to the same period last year, from 116.4
MMscfpd (19.4 Kboepd) to 142.2 MMscfpd (23.7 Kboepd).<\/li>\n<\/ul>\n\n\n\nCameroon Update
<\/strong>Savannah acquired an effective 41.06% indirect equity interest in the Cameroon Oil Transportation
Company (COTCo) from ExxonMobil on 9 December 2022. COTCo owns and operates the 903km
Cameroon oil export pipeline and the Kome Kribi 1 floating storage and offloading (FSO) unit, which
transport and store oil on behalf of its customers who are in turn charged a transportation tariff.
During Q1 2023 COTCo transported an average of 128.8 Kbopd of crude oil with a total of 11 liftings
conducted on behalf of its customers. Each lifting saw the safe and successful transfer of
approximately 1 MMbbls of crude oil from the FSO to ocean going vessels by COTCo on behalf of its
customers.
It should be noted that for accounting purposes, Savannah\u2019s ownership interest in COTCo is treated
as an investment in an associate and, therefore, income from COTCo will be equity accounted for in
Savannah\u2019s Consolidated Statement of Comprehensive Income (i.e. Savannah will reflect a
proportionate amount of net income relative to its shareholding in COTCo as opposed to
proportionately consolidating the revenues and costs of COTCo). Dividends received from COTCo will
be reflected in the Consolidated Statement of Cash Flows.<\/p>\n\n\n\nNiger Update
<\/strong>Savannah has continued progressing plans for the Early Production Scheme on the approximately 35
MMstb of Gross 2C Resources R3 East oil development. Bottomhole pumps and completion
equipment were ordered in Q1 2023, and a work-over rig solution has been identified for a well test
programme, which the Company expects to carry out in Q4 2023. Following the well test result,
Savannah expects to issue a comprehensive field development plan with first oil targeted in 2024 and
production expected to ramp up to a plateau rate of approximately 5 Kbopd for the initial
development. The crude is expected to be evacuated via the new Niger-Benin export pipeline, which
is currently under construction, reported to be 75% completed and estimated to be fully operational
in Q4 2023.
Savannah\u2019s up to 250 MW Parc Eolien de la Tarka wind farm project in Niger, which has the potential
to increase Niger\u2019s on-grid electricity supply by over 40%, has made significant progress. All key studies
required to achieve project sanction (including wind measurement, environmental and social impact,
grid integration, security, cartography, road and aviation studies) have either been completed or are
in progress. The preliminary on-site wind speed data measurements having proven to be highly
encouraging and we expect project sanction in 2024.
Nigeria Update
During Q1 2023 Savannah sold gas to seven customers including Calabar Electricity Generation
Company Limited, Lafarge Africa PLC, Ibom Power Company Limited, First Independent Power Limited,
the Central Horizon Gas Company Limited, TransAfam Power Limited and Notore Chemical Industries
PLC. So as to advance the Company\u2019s ability to maintain and grow our gas production levels over the
course of the coming years, Savannah is progressing the US$45 million compression project at the
Uquo Central Processing Facility (CPF). Following the front-end engineering and the associated order
of long lead items, detailed design work commenced in Q1 2023 and is scheduled to be completed in
Q4 2023.
Chad Assets Update
<\/strong>As previously announced , the President of the Republic of Chad issued a Decree on 23 March 2023 nationalising Savannah Chad Inc\u2019s (SCI) (formerly Esso Exploration and Production Chad Inc (EEPCI)) upstream production assets in Chad; subsequently on 31 March 2023 the Government of Chad passed a law confirming the nationalisation of SCI\u2019s upstream production assets and also providing for the nationalisation of Savannah\u2019s c. 40% interest in Tchad Oil Transportation Company (\u201cTOTCo\u201d), the owner and operator of the Chad section of the ETS.
Such nationalisation does not affect Savannah\u2019s 41.06% indirect equity interest in COTCo.
The actions of the Republic of Chad are in direct breach of the upstream conventions to which SCI and
the Republic of Chad are, amongst others, party, together with a direct breach of the convention between TOTCo and the Government of Chad. These nationalisations were made notwithstanding the fact that under SCI\u2019s operatorship the historic production decline was immediately reversed, with daily production averaging 29,349 barrels per day since Savannah\u2019s ownership on 9 December 2022, an increase of c.9% as against the equivalent period prior to Savannah taking control of SCI. Savannah had also initiated plans to significantly increase production further through an active investment programme.
Disputes under the upstream conventions are subject to the jurisdiction of an ICC arbitral tribunal, seated in Paris. The Company has commenced ICC arbitral proceedings against the Government of Chad to seek full recompense for the loss that it has and will suffer as a result of the nationalisation of SCI\u2019s assets.<\/p>\n\n\n\nSouth Sudan Acquisition Update
<\/strong>Further to the Company\u2019s 12 December 2022 announcement, the Company continues to advance the
various workstreams required to complete the reverse takeover of PETRONAS International
Corporation Limited\u2019s(PETRONAS) entire oil and gas business in South Sudan, and intends to publish
an AIM Admission Document in H1 2023. Further updates will be provided as and when appropriate.<\/p>\n","protected":false},"excerpt":{"rendered":"Q1 2023 Unaudited Financial Highlights Cameroon UpdateSavannah acquired an effective 41.06% indirect equity interest in the Cameroon Oil TransportationCompany (COTCo) from ExxonMobil on 9 December 2022. COTCo owns and operates … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7447,7442,7443,7444],"tags":[10906,434,11177,11178,8038,11179,2382,10905,11181,11180],"class_list":["post-13569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-eastern-africa","category-west-africa","tag-cameroon-oil-transportation-company","tag-chad","tag-cotco","tag-kome-kribi-1-fso","tag-niger","tag-parc-eolien-de-la-tarka-wind-farm","tag-south-sudan","tag-tchad-oil-transportation-company","tag-totco","tag-uquo-cpf","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Savannah-Energy-Rig.png?fit=1009%2C437&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3wR","jetpack-related-posts":[{"id":15045,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-niger-savannah-energy-provides-q1-trading-update-terming-2025-an-exciting-year\/","url_meta":{"origin":13569,"position":0},"title":"NIGERIA\/NIGER: Savannah Energy Provides Q1 Trading Update terming 2025 an “Exciting Year”","author":"","date":"May 20, 2025","format":false,"excerpt":"Nigeria Existing BusinessAverage gross daily production was 23.6 Kboepd for Q1 2025, broadly in line with the prior year period (Q1 2024: 24.1 Kboepd). On 10 March 2025, we announced the completion of the SIPEC Acquisition. Since its completion, we have commenced work on the planned production expansion with an\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Savannah-Energy.png?fit=458%2C358&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13566,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-petronor-ep-reports-47-production-increase-yoy-in-q1-2023\/","url_meta":{"origin":13569,"position":1},"title":"CONGO: PetroNor E&P Reports 47% Production Increase YoY in Q1 2023","author":"","date":"April 13, 2023","format":false,"excerpt":"PetroNor E&P has announced a net average production of 5,206 bopd1 in the first quarter of 2023, representing an 11 per cent increase compared with 4,688 bopd in the previous quarter. This improvement is driven by investment in new well capacity and continued good performance from the PNGF Sud field\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/PNGF-Sud.jpg?fit=1024%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/PNGF-Sud.jpg?fit=1024%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/PNGF-Sud.jpg?fit=1024%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/PNGF-Sud.jpg?fit=1024%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12272,"url":"https:\/\/www.oilnewskenya.com\/index.php\/cameroon-victoria-oil-gas-provides-q1-2022-operational-corporate-update\/","url_meta":{"origin":13569,"position":2},"title":"CAMEROON: Victoria Oil & Gas Provides Q1 2022 Operational & Corporate Update","author":"","date":"May 20, 2022","format":false,"excerpt":"OPERATIONS SUMMARY\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Sales: Average daily gross gas sales rate for the quarter was 5.5 MMscf\/d (up 4% on Q4 2021: 5.3 MMscf\/d), and a gross volume of 4,691 bbls (Q4 2021: 5,584 bbls) condensate was shipped to customers.\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Logbaba Performance: The field has been meeting the demand using two of\u2026","rel":"","context":"In \"Cameroon\"","block_context":{"text":"Cameroon","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/cameroon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Cameroon-Logbaba.jpg?fit=663%2C422&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12224,"url":"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-2022-operations-update\/","url_meta":{"origin":13569,"position":3},"title":"Panoro Energy Provides 2022 Operations Update","author":"","date":"May 6, 2022","format":false,"excerpt":"Equatorial Guinea (Panoro: 14.25%) Q1 2022 working interest production averaged approximately 4,968 bopd (gross production 34,866 bopd) Operator Trident Energy is undertaking a workover programme at the Okume Complex and has completed the Okume upgrade project which will improve process reliability, power generation and fluid handling \/ injection capabilities Ceiba\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Panoro-Energy-operations.jpg?fit=388%2C470&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15698,"url":"https:\/\/www.oilnewskenya.com\/index.php\/congo-brazzaville-petronor-ep-asa-q1-2026-production-and-oil-sale-update\/","url_meta":{"origin":13569,"position":4},"title":"CONGO BRAZZAVILLE: PetroNor E&P ASA Q1 2026 Production and Oil Sale Update","author":"Samuel Kamau Mbote","date":"April 9, 2026","format":false,"excerpt":"PetroNor E&P has provided the following update on the PNGF Sud field operations in Congo.The Company lifted and sold 964,593 barrels of entitlement oil on 6-8 April 2026. Thisrepresents a record single-lifting volume for the Company and includes a significant overlift ofmore than 500,000 barrels that will be replenished over\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/congo_petronor.jpg?fit=1024%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/congo_petronor.jpg?fit=1024%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/congo_petronor.jpg?fit=1024%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/congo_petronor.jpg?fit=1024%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12853,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-panoro-energy-provides-hibiscus-ruche-phase-i-development\/","url_meta":{"origin":13569,"position":5},"title":"GABON: Panoro Energy Provides Hibiscus\/Ruche Phase I development","author":"","date":"November 22, 2022","format":false,"excerpt":"Hibiscus\/Ruche Phase I development offshore Gabon is progressing to plan. The BW MaBoMo production facility has been installed on site and 20 kilometres of the subsea flowline installed. Preparations are underway to commence development drilling in January with first oil expected around the end of Q1 2023 New gas lift\u2026","rel":"","context":"In "Central Africa"","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=13569"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13569\/revisions"}],"predecessor-version":[{"id":13572,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13569\/revisions\/13572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13571"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}