NIPCO acquires 19.4% stake in Savannah Energy
Nigerian energy firm NIPCO Plc acquired nearly one-fifth of British company Savannah Energy after completing primary and secondary share purchases worth 28.7 million pounds. The investment gives NIPCO approximately 19.4 percent ownership and will fund business development projects that Savannah is evaluating. Chief Executive Andrew Knott welcomed the strategic partnership as his firm reported nine-month revenues of 185.2 million dollars through September, a 9% increase from the previous year.
Savannah signed agreements with five Nigerian banks to expand its Accugas credit facility from 340 billion naira to 772 billion naira, money that will retire the remaining dollar-denominated debt by December. The London-based operator averaged 20.1 thousand barrels of oil equivalent per day across Nigerian fields, where gas accounted for 85 percent of output. Production at Stubb Creek rose 24 percent above 2024 levels following completion of expansion work that came in under the 45 million dollar budget.
The company pursues hydropower assets in Uganda, Burundi, the Democratic Republic of Congo, Malawi, and Rwanda through a proposed acquisition of interests in three East African projects. Savannah plans to begin drilling campaigns at the Uquo field in January, with gas production targeted for the first quarter. Management may return cash to investors through share buybacks if arbitration proceedings or receivables collections improve substantially.
