Oil price, Savannah, Hunting, Petrofac. And finally…

WTI (Dec) $58.50 +$1.26, Brent (Dec) $62.59 +$1.27, Diff -$4.09 +1c.

USNG (Nov) $3.45 -2c, UKNG (Nov) 80.99p -0.21p, TTF (Nov) €32.415 +€0.32.

Oil price

After yesterday’s rise on the back of the Trump/Putin summit being cancelled, the announcement of sanctions on Russia via Rosneft and Lukoil hit the target again and crude is up $3 today. The UK and EU followed suit and the latter went as far as to ban Russian LNG into the bargain. 

Now that seems slightly previous to me as the USA and Qatar have objected to an EU sustainability directive, you know the sort of thing, demanding human rights conditions and emissions reductions from its suppliers. What the EU should know is that the USA and Qatar supply c.20% of its imports of LNG, and btw Russia 19%…

Inventory stats were better than expected with a draw of 961/- barrels against a forecast of a build of 1.2m, with a big rise in refinery runs and draws in both products the market tightens. 

Savannah Energy

Following its earlier announcement on 22 October 2025, Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, announces the completion of a fundraising by way of a subscription of new ordinary shares of £0.001 each to raise approximately £11.3 million at a price per Ordinary Share of 7 pence. In addition, the Company announces the completion of the final tranche of the fundraising which was previously announced on 3 March 2025 delivering a further £9.7 million cash injection into the Company.

Andrew Knott, CEO of Savannah Energy, said:

“This morning, we are announcing the completion of a series of primary and secondary transactions in our shares. We are pleased to welcome NIPCO Plc (“NIPCO” or the “New Investor”), a diversified Nigerian energy conglomerate, as a new strategic shareholder in the Company, with an approximate 19.4% investment in the Company following completion of their primary investment and certain secondary share transactions. The proceeds of the New Investor’s primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration. At the same time, I have completed the primary investment I committed to in March 2025 and, through a series of secondary transactions, have increased my shareholding in the Company to approximately 12.6%, demonstrating my continued strong faith in the Company’s future potential.¹

I would like to express my gratitude to our existing and new shareholders and lenders for their support, and I look forward to updating everyone as we progress the delivery of our focus projects throughout this year and next.”

So, last night Savannah released the 2024 Annual Report , 1H ’25 Interims and a 9 month ’25 trading update and this morning has announced the completed funding deal announced within those announcements.

The funding includes a new strategic investor who has a c.19.4% in the company and who will also ‘enable, amongst other things, the advancement of certain business development activities currently under consideration. At the same time CEO Andrew Knott has increased his holding in the company to c.12.6%, ‘demonstrating my continued strong faith in the Company’s future potential’. This is also good news as it shows him further aligning with shareholders, something that having skin in the game really counts for.

The latest of all the updates is clearly the most important and it means that it surpasses all previous updates and it shows strong 9 month results with Total Revenue up 9% y/y and cash collection up 5%. Also it shows the trade receivables balance has also improved some 9% vs y/e ’24. This gives a cash balance of $101.8m against $32m at previous year end. The Accugas Transitional debt facility has also been expanded with the expectation that the remainder of the Accugas US$ facility will be converted to Naira by the end of 2025, aligning Accugas’ debt repayments with the currency in which gas revenues are received.

Stubb Creek has demonstrated strong production as the expansion plan is implemented, currently 3.3 Kbopd which is up 24% against 2024 production. At Uquo it has been confirmed that two wells are to be drilled (a development well and an exploration well), most likely back to back starting in January next year, with first gas due later in the quarter,  and in Niger it seems that there is a possible return to exploration in the R1234 PSC area if agreement can be reached with the Government. 

With regard to the Bini a Warak hybrid hydroelectric and solar project, a possible farm-out has been mooted under which it will replace the current MoA and ‘introduce additional equity partners’. 

In renewables, in addition to the Norfund deal, which includes the first acquisition of a stake in an operating hydropower plant, Savannah are in exclusive talks to buy a portfolio of more than 100 MW of renewable projects in Africa with a strong payment history plus a c.40MW development portfolio.

There is much to take in here, plenty of good news as trading is strong and getting better, FX risk is moderated, and reducing all the time with arbitration continuing albeit not expecting a ruling until next year. The shares have returned to trading after recent suspension which will please shareholders and after a great number of changes in register should create a stronger background for the future. 

Highlights

Funding

·      The Company has completed the Financing, via a subscription for 161,061,510 new Ordinary Shares at a price of 7 pence per Ordinary Share by NIPCO, a diversified Nigerian energy conglomerate raising approximately £11.3 million before expenses;

·      In addition, the New Investor has acquired, for £7.9 million, 113,378,685 Ordinary Shares at a price of 7 pence per Ordinary Share, issued as part of the Company’s March 2025 Fundraising, and has acquired a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades at a price of 7 pence per Ordinary Share, representing a total investment of approximately £28.7 million in the Company and a holding of around 19.4% of the Company’s enlarged share capital (as enlarged by the share issues referred to in this announcement);

·      The Company’s CEO, Andrew Knott, has acquired: (1) 25,598,929 new Ordinary Shares for £1.8m as part of the March 2025 Fundraising; (2) a further 32,202,738 existing Ordinary Shares for a total consideration of £2.3m through a secondary market trade; and (3) 63,690,129 existing Ordinary Shares from the Company’s employee benefit trust (the “EBT”) for a total consideration of £4.5m. Post these transactions Mr Knott’s has a holding of approximately 12.6% in the Company’s enlarged share capital (as enlarged by the share issues referred to in this announcement).

Conditional Share Buyback

·      Share buyback agreement signed to acquire up to 143,565,582 existing Ordinary Shares from certain shareholders at 7 pence per Ordinary Share during the period ending 31 March 2026 (conditional upon the approval of Shareholders, expected to be sought shortly).

Warrant Cancellation

·      The Company intends to acquire and cancel warrants over 101,113,992 Ordinary Shares in the Company.

Details of the Financing, Completion of the Final Tranche of the March 2025 Fundraising and the Secondary Sale Process

As noted above, the Company announces the completion of the Financing to raise gross proceeds of approximately £11.3 million (before expenses) through a subscription of 161,061,510 new Ordinary Shares to NIPCO at a price of 7 pence per share.

Further as noted above, the New Investor has acquired, for £7.9 million, 113,378,685 Ordinary Shares at a price of 7 pence per Ordinary Share issued as part of the Company’s March 2025 Fundraising and has acquired a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades at a price of 7 pence per Ordinary Share, representing a total investment of approximately £28.7 million in the Company and a holding of approximately 19.4% of the Company’s enlarged share capital (as enlarged by the share issues referred to in this announcement).

The Company’s CEO, Andrew Knott, has acquired: (1) 25,598,929 new Ordinary Shares for £1.8m as part of the March 2025 Fundraising; (2) a further 32,202,738 existing Ordinary Shares for a total consideration of £2.3m through a secondary market trade; and (3) 63,690,129 existing Ordinary Shares from the EBT for a total consideration of £4.5m. Post these transactions Mr Knott’s has a holding of approximately 12.6% in the Company’s enlarged share capital (as enlarged by the share issues referred to in this announcement).

The following table illustrates the effect of these transactions on Mr Knott’s shareholding:

The FCA notification, made in accordance with the requirements of MAR, is appended below.

Reasons for the Fundraising and Use of Proceeds

In reaching its decision to proceed with the Financing, the Board considered the proposed introduction of NIPCO to be beneficial to shareholders as a whole, bringing onto the Company’s share register a diversified Nigerian energy conglomerate with deep industry expertise. The Board believes that the New Investor’s investment will strengthen the Company’s balance sheet, broaden its shareholder base, and support the next phase of the Company’s growth. Accordingly, the Board considered the Financing to be in the best interests of the Company and its shareholders. The net proceeds of the equity issuance are expected to be used, inter alia, to enable the acceleration of certain potential near-term business development opportunities and for general corporate purposes.

The Financing was discussed on a wall-crossed basis with shareholders representing approximately 50% of the Company’s enlarged share capital, each of whom provided written confirmation of their support for the Financing.

Details of the EBT Issuance and Transactions

Sale of Ordinary Shares

A company owned and controlled by the Company’s CEO, Andrew Knott, (the “Purchaser”) has purchased 63,690,129 existing Ordinary Shares held by the EBT (which is independent of the Company) at 7 pence per share (the “EBT Share Sale”). The aggregate consideration due by the Purchaser to the EBT is approximately £4.5 million (the “Consideration”), which has been settled by the transfer to the EBT of warrants to subscribe for up to 101,113,992 new Ordinary Shares at 19.2 pence per share and expiring in June 2029 (being the warrants granted by the Company in December 2021 to a company owned and controlled by Mr Knott) (the “Warrants”) (such Warrants currently valued by the Company at approximately £1.3 million using a methodology consistent with the approach adopted by external advisers when valuing the Warrants for annual accounts (the “Warrants Value”)). The balance of the consideration due by the Purchaser to the EBT is deferred and payable in cash over a six-year period (with a commercial rate of applied on monies due until the date of payment). Mr Knott has provided a personal guarantee to the EBT in relation to the deferred consideration.

Purchase and Cancellation of the Warrants

Following completion of the EBT Share Sale, but legally separate and distinct to the EBT Share Sale, it is intended that the Company will purchase the Warrants from the EBT for cash consideration equal to the Warrants Value (the “Warrants Purchase”).  Following completion of this intended purchase, the Warrants would be cancelled, thereby removing an instrument which, if exercised, would result in future dilution. This intended cancellation of the Warrants (the “Cancellation”) was discussed with the New Investor in connection with making its proposed equity investment in the Company referred to above.

The economic effect of the EBT Share Sale and in turn the Warrant Purchase and Cancellation is a reduction in the Company’s enlarged fully diluted share capital by approximately 4.5%. Given the importance of his position within the Company, the Board is highly supportive of Mr Knott acquiring a greater ownership interest in the business and acknowledges the substantial personal financial commitment he is making in the years ahead. The Board also considered that the Cancellation of the dilutive warrants previously granted to Mr Knott is in the best interests of shareholders as a whole.

Proposed Subscription for New Ordinary Shares by the EBT

Ensuring that the Group is able to appropriately incentivise its employees is considered by the Board to be crucial to the future success of the business.  It is therefore proposed to issue 210,000,000 new Ordinary Shares to the EBT at nominal value (£0.001) (the “EBT Share Issuance”), with such shares being held by the EBT for the benefit of the Group’s employees, for example in satisfaction of the exercise of employee options over Ordinary Shares.  The EBT’s subscription obligation will be funded from the EBT’s cash reserves that will derive from the Warrants Purchase.

Receipt of Shareholder Support 

The EBT Share Sale, Warrants Purchase and EBT Share Issuance (together, the “EBT Transactions”) were discussed on a wall-crossed basis with a number of the Company’s shareholders ahead of today’s earlier announcement. Shareholders representing approximately 50% of the Company’s enlarged issued share capital provided written confirmation of their support for the EBT Transactions. In addition, the Company and the trustees of the EBT each obtained independent professional advice in relation to the EBT Transactions.

The Company believes the EBT transactions deliver several key strategic benefits, being: (1) the cancellation of the Warrants and issuance of new shares into the EBT are expected to provide improved transparency regarding the potential future equity dilution faced by shareholders, particularly in light of the Company’s acquisition-led growth strategy and associated headcount expansion; (2) the EBT Transactions are intended to further align the interests of management and employees with those of shareholders through increased equity participation; (3) they reflect a specific request from the New Investor that Mr. Knott increased his shareholding in the Company; and (4) they enhance the Company’s flexibility to incorporate equity components into future remuneration arrangements – something that was previously constrained by the limited number of unallocated shares available within the EBT.

Lastly, when considered together with the other share-related transactions announced yesterday and today – namely, the Financing, the Buyback Agreement, the Warrant Purchase and Cancellation, and the EBT Issuance – the illustrative net change to the Company’s fully diluted share capital is expected to be approximately 6.7%, assuming completion of all such transactions and the corresponding adjustments to the fully diluted share capital.

Admission, Total Voting Rights, Options and Warrants  

Application has been made to the London Stock Exchange for admission of the 161,061,510 new Ordinary Shares issued in respect of the Financing and the 138,977,614 new Ordinary Shares issued in respect of the March 2025 Fundraising and the 210,000,000 new Ordinary Shares issued pursuant to the EBT Share Issuance (“Admission”). It is expected that Admission will become effective at 8.00 a.m. on or around 28 October 2025.

Following Admission of the above, in aggregate, 510,039,124 new Ordinary Shares, the Company will have 2,120,654,235 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury and accordingly this will be the total number of voting rights in the Company and may be used by Shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Rules and the Transparency Rules.

In addition to the Ordinary Shares in issue, the Company continues to have in place agreements related to 23,450,849 options¹ granted to certain Directors, which are over unissued Ordinary Shares and no warrants outstanding. Further details on these instruments and the holders are detailed in the below notes and in the Company’s 2024 Annual Report.

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter is pleased to provide the following operational and financial update for the nine months (“9M”) to 30 September 2025. All figures are unaudited.

The Company is also pleased to announce a proposed fundraising, a conditional share buyback arrangement and a warrant cancellation agreement, further details on which are included below.

Andrew Knott, CEO of Savannah, said:

“2025 has been a year of strong progress against the nine focus areas we set out at the beginning of the year. These include increasing our rate of cash collections in Nigeria, with performance remaining on track; advancing the refinancing of our principal Nigerian debt facilities, which we expect to complete by year-end; and successfully completing the acquisition of 100% of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March.

We have also commenced the Stubb Creek expansion project, continued to advance our arbitral processes, and begun site construction ahead of the planned drilling of our Uquo development and exploration wells. In Niger, discussions on the R3 East development are progressing, while in the power sector we have refined our business model to align with future growth opportunities. Finally, we continue to pursue further value-accretive acquisitions across both the oil and gas and power sectors, with the Norfund transaction already announced and several other opportunities under active discussion.

Additionally, earlier in the year, the Company reported a 21% 2P Reserves upgrade on its Uquo gas field and a 29% upgrade on its Stubb Creek oil field 2P Reserves. Collectively, these developments demonstrate the strong operational momentum within the Group and our continued focus on disciplined execution across all parts of the business.

We are also pleased to welcome NIPCO Plc (“NIPCO” or the “New Investor”), a diversified Nigerian energy conglomerate, as a potential new investor in the Company, who we expect to own approximately 19.4% of the Company following completion of their primary investment and certain secondary share transactions. The proceeds of the New Investor’s primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration. Coupled with the imminent completion of the primary investment I committed to in March 2025, a series of secondary transactions, which are expected to occur today, are anticipated to increase my shareholding in the Company to approximately 12.6%, demonstrating my continued strong faith in the Company’s future potential.¹

In addition, we are pleased to announce that should we see a significant improvement in cash collections- and/or receive meaningful proceeds from the arbitral processes we are engaged in, it is the Board’s present intention to consider returning a portion of such funds to shareholders through a tender offer or share buy-back, subject to prevailing capital requirements and shareholder and regulatory approvals. In this vein, today we are also announcing the signature of a conditional off-market share buyback agreement for approximately 6.8% of the Company’s enlarged share capital, to acquire shares prior to 31 March 2026. We are also announcing the proposed cancellation of warrants over approximately 101 million shares.

I would also like to take this opportunity to extend my thanks to all those who contributed to our successes this year – my incredibly dedicated and passionate colleagues, our host governments, communities, local authorities and regulators, our shareholders and lenders, and our customers, suppliers and partners. Thank you all.”

Highlights

Funding

• Intention to complete a fundraising by way of subscription of 161,061,510 new Ordinary Shares at 7 pence per new Ordinary Share to raise approximately £11.3m before expenses;
• Completion of the final tranche of the March 2025 fundraising of 138,977,614 new Ordinary Shares at 7 pence per new Ordinary Share expected imminently, with the final approximate £9.7 million in subscription funds to be received; and
• Planned introduction of a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto Company’s register.

Conditional Share Buyback

• Proposed share buyback agreement expected to be signed to acquire up to 143,565,582 existing Ordinary Shares from certain shareholders at 7 pence per share during the period ending 31 March 2026 (conditional upon the approval of Shareholders, expected to be sought shortly).

Warrant Cancellation

• The Company intends to acquire and cancel warrants over 101,113,992 Ordinary Shares in the Company.

Operational

• 9M 2025 average gross daily production of 20.1 Kboepd (9M 2024: 23.0 Kboepd), of which 85% was gas (9M 2024: 88%)². Following completion of the SIPEC Acquisition in March 2025, we commenced an 18-month expansion programme that has already increased current Stubb Creek gross daily production to 3.3 Kbopd, approximately 24% above the 2024 average;

• Well site construction is currently ongoing for the Uquo NE development well. This follows the earlier signing of a turnkey drilling contract for a planned two-well drilling campaign on the Uquo Field, scheduled to commence in January 2026, with first gas targeted by the end of that quarter;
• New compression system at the Uquo Central Processing Facility (“CPF”) completed and fully commissioned. This project, which was delivered safely and approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells;
• Gas contract extension agreed with the Central Horizon Gas Company Limited (“CHGC”) to end December 2026 for up to 10 MMscfpd;
• Progressing our previously announced proposed acquisition of indirect interests in three East African hydropower projects, including the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s planned entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo (the “DRC”), Malawi and Rwanda;
• Continuing to progress our existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
• Subject to a satisfactory agreement being reached with the Government of Niger, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27; and

• Actively reviewing opportunities in both the thermal and renewable power sector, with the expectation of announcing transaction(s) currently under consideration over the course of the next 24 months in the African power space.

Financial (unaudited)

• 9M 2025 Total Revenues³ of US$185.2 million, up 9% (9M 2024: US$169.3 million) and 9M 2025 cash collections of US$241.6 million, an increase of 5% (9M 2025: US$229.3 million);
• As at 30 September 2025, cash balances were US$101.8 million (31 December 2024: US$32.6 million) and net debt stood at US$629.9 million (31 December 2024: US$636.9 million). Gross debt as at 30 September 2025 was US$731.7 million of which only US$41.4 million (6%) was recourse to PLC;
• The Trade Receivables balance as at 30 September 2025 was US$493.3 million, a 9% improvement on year-end 2024 (31 December 2024: US$538.9 million);
• Agreements signed with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from NGN340 billion (approximately US$222 million) to up to approximately NGN772 billion (approximately US$500 million) (the “Transitional Facility”). It is expected that the Transitional Facility will be utilised to enable the remaining outstanding balance of the Accugas US$ Facility to be repaid by end 2025; and

• Term sheet agreed between Savannah’s wholly owned subsidiary, Savannah Energy EA, anda major African based financial institution for a new US$37.4 million debt facility to provide funding for our planned acquisition of a 50.1% interest in Klinchenberg BV (“Klinchenberg”), which holds indirect interests in three East African hydropower projects.

Employee Benefit Trust

• Intended sale of Ordinary Shares by the Company’s employee benefit trust (“EBT”) and issue of new Ordinary Shares to the EBT.

Reasons for the Potential Funding and Use of Proceeds

The Company intends to conduct a fundraising of approximately £11.3 million at a price of 7 pence per new Ordinary Share (the “Financing”), to be subscribed in full by NIPCO, a diversified Nigerian energy conglomerate. Accordingly, 161,061,510 new Ordinary Shares are expected to be issued pursuant to the Financing.

In addition, the New Investor intends to acquire, for £7.9 million, 113,378,685 Ordinary Shares issued as part of the Company’s March 2025 fundraising and expects to acquire a further £9.5 million, 135,674,944 Ordinary Shares through a series of secondary market trades, representing a total investment of approximately £28.7 million in the Company and an expected pro forma holding of around 19.4% of the Company’s enlarged share capital (as enlarged by the various proposed share issues referred to in this announcement).

The Company’s CEO Andrew Knott also intends to: (1) imminently acquire 25,598,929 new Ordinary Shares for £1.8m as part of the March 2025 fundraising; (2) acquire a further 32,202,738 existing Ordinary Shares for a total consideration of £2.3m through a secondary market trade; and (3) acquire 63,690,129 existing Ordinary Shares from the EBT for a total consideration of £4.5m. Post these transactions Mr Knott is expected to have a pro forma holding of around 12.6% in the Company’s enlarged share capital.

In reaching its decision to proceed with the Financing, the Board considered the proposed introduction of NIPCO to be beneficial to shareholders as a whole, bringing onto the Company’s share register a diversified Nigerian energy conglomerate with deep industry expertise. The Board believes that the New Investor’s intended investment will strengthen the Company’s balance sheet, broaden its shareholder base, and support the next phase of the Company’s growth. Accordingly, the Board considers the Financing to be in the best interests of the Company and its shareholders. The net proceeds of the equity issuance are expected to be used, inter alia, to enable the acceleration of certain potential near-term business development opportunities and for general corporate purposes.

The Financing was discussed on a wall-crossed basis with shareholders representing approximately 50% of the Company’s enlarged share capital, each of whom has provided written confirmation of their support for the Financing.

Excess Cash

The Board is also mindful that an improvement in receivables cash collections and/or a favourable outcome in ongoing arbitral proceedings could, in due course, result in the business holding excess cash balances. In such circumstances, it is the Board’s present intention that, subject to the Company’s capital requirements, shareholder authorities, available reserves and applicable regulatory approvals, a portion of those funds could be used to implement a share buy-back and/or tender offer for the Company’s Ordinary Shares. No assurance can be given that any such distribution or capital management initiative will occur, and the timing and quantum of any return of capital would remain at the sole discretion of the Board. Further, pursuant to authority granted to the Company at the Company’s AGM held in June this year, the Company may conduct market share buybacks of up to 241,592,266 Ordinary Shares, subject to certain parameters with regard to the buyback price, and the Company reserves the right to use such authority on an opportunistic basis.

Buyback Agreement

The Company expects to enter into an off-market share buyback agreement with certain existing Shareholders (the “Buyback Agreement”), the terms of which would allow the Company to buy back (or nominate third parties to purchase) up to 143,565,582 existing Ordinary Shares (the “Buyback Shares”) at 7 pence per share in one or more tranches at any time prior to 31 March 2026 (subject to the Company having sufficient distributable profits at the time of any such buyback). The Buyback Agreement provides for the Company (or third parties) having acquired 50% of the Buyback Shares by 30 January 2026, and the balance of the Buyback Shares by 31 March 2026, subject, in the case of any buybacks by the Company, to the Company having sufficient distributable profits. The Buyback Agreement would terminate on 31 March 2026 and any Buyback Shares not purchased by the Company or third parties on or prior to that date would be released from the arrangement. The Buyback Agreement will require the approval of Shareholders by way of an ordinary resolution.

The Company intends to convene a general meeting of Shareholders in due course to seek approval for the Buyback Agreement and to renew and to potentially expand its general buyback authority. There is no certainty that the Company will ultimately buyback the Ordinary Shares subject to the Buyback Agreement.

No assurance can be given that any such distribution or capital management initiative will occur, and the timing and quantum of any return of capital would remain at the sole discretion of the Board.

Operational Update

Hydrocarbons Division

Average gross daily production was 20.1 Kboepd for 9M 2025 (9M 2024: 23.0 Kboepd), of which 85% was gas (9M 2024: 88%)²;

On 10 March 2025, we announced the completion of the SIPEC Acquisition. Following completion, we commenced a planned production expansion programme that has already increased current Stubb Creek gross daily production to 3.3 Kbopd, approximately 24% above the 2024 average. The full programme, expected to take up to 18 months, is anticipated to raise gross production to as much as 4.7 Kbopd. In parallel, we are evaluating an alternative, lower capex option that could deliver a faster production ramp up, with plateau production sustained for a longer period at a slightly lower rate than under the original expansion programme.

The compression project at the Uquo CPF is now completed and fully commissioned. This project, which was delivered approximately 10% under the original US$45 million budget, is expected to allow us to maximise the production from our existing and future gas wells.

The Company’s Accugas subsidiary was pleased to agree a contract extension (effective 20 June 2025) with CHGC to end December 2026 to supply up to 10 MMscfpd of gas. This represents the fourth such extension to the original contract signed with CHGC in February 2022. CHGC is a major gas distribution company situated in the South-South region of Nigeria, operating a 17 km gas pipeline infrastructure network providing natural gas to industrial and commercial users in the Trans Amadi Industrial Area of Port Harcourt as well as the greater Port Harcourt Area, Nigeria.

Well site construction is currently ongoing for the Uquo NE development well. This follows the earlier signing of a turnkey drilling contract in preparation for a planned two-well drilling campaign on the Uquo Field. Drilling for this well is scheduled to begin in January 2026, with first gas targeted by the end of that quarter and forecast to deliver gas volumes of up to 80 MMscfpd. An additional exploration well in the Uquo Field (“Uquo South”) is expected to be drilled back-to-back with the Uquo NE well. Uquo South is a well targeting an Unrisked Gross GIIP of 131 Bscf of incremental Prospective gas Resources on the Uquo licence area.

The Company notes the supportive public statements made by various officials of the Government of Nigeria during 2025 regarding the Nigerian electricity sector, stating that His Excellency President Bola Tinubu has approved a US$2.6 billion financing package to assist companies operating within the power industry settle outstanding verified invoices to power generation companies (“Gencos”) and subsequently to gas supply companies. This has created renewed positive momentum in the discussions Accugas Ltd, an 80% Savannah owned subsidiary, is having with its offtakers that are Gencos around the repayment of the Company’s outstanding receivables balance in an accelerated manner.

We continue to actively engage with the Government of Niger around our forward work programme plans in country. Subject to a satisfactory agreement being reached with the Government, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27. The R3 East development plan, itself, has been significantly re-worked since the last published Niger Competent Persons’ Report (“CPR”) of December 2021, with a plateau production rate of around 10 Kbopd now assumed (previously 5 Kbopd). The Company has updated its internal management estimates of the potential PV10 value (on an unrisked basis) at an asset level basis for R3 East to US$184.4 million (vs the last CPR asset value estimate of US$150 million). Assuming a successful well test programme is conducted, we would look to accelerate plans to commence commercial oil production from the R3 East Area and intend to incorporate the data acquired into our field development plan. 

Outlook

Given the significant ongoing operation work, including completion of site and logistical preparations for the upcoming material drilling activity and other ongoing well activities at the Uquo Field, together with anticipated levels of customer demand, we expect production to average around 19-20 Kboepd for FY 2025³. From Q2 2026, following the drilling and tie-back of the Uquo NE development well (“Uquo NE”), we expect to materially increase our gas delivery in addition to increased oil production from Stubb Creek.

Power Division

In 2025, we have repositioned our power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects.

Proposed Acquisition of Three East African Hydropower Projects

On 19 September 2025, we announced the proposed acquisition of interests in three East African hydropower projects with the signing by our wholly owned subsidiary, Savannah Energy EA Limited, of a Share Purchase Agreement (“SPA”) with Norfund, the Norwegian investment fund for developing countries, to acquire its current 50.1% interest in Klinchenberg for a total consideration of up to US$65.4 million (the “Klinchenberg Transaction”). Klinchenberg is a joint venture company currently owned by Norfund (50.1%) and British International Investment (“BII”) (49.9%), the UK’s development finance institution. Klinchenberg has interests in a portfolio of hydropower assets, as set out below:⁴

• an indirect 13.6% interest in the operating 255 MW Bujagali run-of-river hydropower plant (“Bujagali”) in Uganda;
• an indirect 12.3% interest in the 361 MW Mpatamanga hydropower development project (“Mpatamanga”) in Malawi; and
• an indirect 9.8% interest in the 206 MW Ruzizi III hydropower development project (“Ruzizi III”) spanning Burundi, the Democratic Republic of the Congo (the “DRC”) and Rwanda.

The consideration includes a US$6.8 million deferred cash element, payable three years post-completion of the Klinchenberg Transaction, and contingent payments in respect of Mpatamanga and Ruzizi III payable upon financial close of these projects. The Klinchenberg Transaction is subject to customary adjustments upon completion and is expected to complete no earlier than Q1 2026. The SPA has an economic effective date of 31 December 2024. The consideration is expected to be funded by through a new US$37.4 million debt facility provided by a major African based financial institution, and the cash resources of the Company.

In 2024, Klinchenberg distributed a gross dividend of US$17.4 million to its shareholders, of which US$8.7 million was attributable to Norfund.

The Bujagali tariff is governed by a 30-year, capacity-based power purchase agreement running to 2042, providing stable, dollar-denominated cash flows. Revenues are anchored in availability payments rather than dispatch volumes, insulating returns from hydrological variability and demand risk.

Net capital expenditure to reach financial close for the Mpatamanga and Ruzizi III projects, after accounting for the acquired interests, is expected to be less than US$2 million. To date, approximately US$6.5 million has already been invested, net to the acquired interests. The project companies are targeting financial close on both projects in 2026. Going forward Savannah expects to account for the transaction as an investment in an associate, through the equity method of accounting.

Existing Projects

We continue to progress our existing portfolio of wind, solar and hydroelectric projects, with our principal focus projects being on the up to 250 MW Parc Eolien de la Tarka project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

Our Parc Eolien de la Tarka project has made significant progress in the year to date, with the Minister of Energy confirming that the project is on the Government’s list of priority projects. We are continuing to progress the additional Environmental and Social Impact Assessment (“ESIA”) field work studies required for the full ESIA, which we expect to complete and submit to the relevant authorities in early 2026. The Company is continuing to seek to negotiate outline terms in relation to the project’s proposed power purchase agreement and continues to work on the project in close collaboration with the International Finance Corporation (World Bank) and the US International Development Finance Corporation.

Negotiations with the Government of Cameroon are at an advanced stage regarding a Joint Development Agreement for the up to 95 MW Bini a Warak hybrid hydroelectric and solar project. This is expected to replace the Memorandum of Agreement signed in April 2023 and secure the terms under which Savannah will collaborate with the Government of Cameroon to develop the project further. Prior to financial close, we currently expect to reduce our ownership interest in the Bini a Warak project by around 50%, so as to introduce additional equity partners.

Future M&A Activity

The Company continues to view mergers and acquisitions activity as a core driver of potential future value creation and is actively pursuing opportunities across both the hydrocarbon and renewable energy sectors.

Savannah has recently entered into an exclusivity period in respect of the proposed acquisition of majority interests in a portfolio of renewable projects located in Sub-Saharan Africa, with an aggregate gross capacity in excess of 100 MW and a strong payment history. The proposed acquisition would also include the associated operational teams and a portfolio of renewable development projects in the same country with a targeted gross capacity of approximately 40 MW. The transaction, which remains subject to the execution of long-form documentation and other customary conditions, is envisaged to involve a potential gross consideration in the US$90 million to US$110 million range and would be expected to be funded through a combination of debt and cash resources.

This proposed acquisition represents the most advanced transaction currently being progressed by Savannah. However, shareholders are advised that there can be no certainty that the transaction will proceed on the above summarised terms or be completed at all. The Company maintains an active business development pipeline comprising a number of potential transactions at various stages of evaluation, although no other opportunities have, at this stage, reached such a level to necessitate disclosure under applicable regulations. The Business development pipeline is sufficiently large that we are however confident of announcing further transaction(s) over the course of the next 24 months in the African oil and gas and power space.

Financial Update (unaudited)

9M 2025 Performance Highlights

9M 2025 Total Revenues³ were US$185.2 million, an increase of 9% over the prior year period (9M 2024: US$169.3 million) and 9M 2025 cash collections were US$241.6 million, an increase of 5% over the comparable prior year period (9M 2024: US$229.3 million).

As at 30 September 2025, cash balances were US$101.8 million (31 December 2024: US$32.6 million) and net debt stood at US$629.9 million (31 December 2024: US$636.9 million). This included debt associated with the SIPEC Acquisition and, for comparison purposes, if this were excluded, net debt would have further reduced to US$587.3 million. It should be noted that only 6% of outstanding debt as at 30 September 2025 was recourse to Savannah, with the balance sitting within subsidiary companies on a non-recourse basis.

The Trade Receivables balance as at 30 September 2025 was US$493.3 million, a 9% improvement on year-end 2024 (31 December 2024: US$538.9 million). This relates primarily to amounts due under various gas sales agreements in Nigeria. Delivering an increase in our rate of cash collections in Nigeria remains a key focus area for the business in 2025. The Company is hopeful that the Trade Receivables balance will reduce further in Q4 2025.

Debt Facilities

In January 2024, a NGN 340 billion (approximately US$222 million) term facility was signed by Accugas with a consortium of five Nigerian banks (the “Transitional Facility”). This facility was fully utilised earlier this year with the resulting funds converted to US$, which, along with cash held, was used to partially prepay the existing Accugas US$ Facility. As at 30 September 2025, there was a remaining principal balance under the US$ Facility of approximately US$193 million. We have signed agreements with the consortium of five Nigerian banks to increase the Transitional Facility to up to approximately NGN772 billion (approximately US$500 million), enabling the remaining outstanding US$ balance to be converted into Naira, with the expectation this will allow the remainder of the Accugas US$ Facility to be fully repaid by end 2025. This process, when complete, is expected to align Accugas’ debt facility with the currency in which gas revenues are received.

Our wholly owned subsidiary, Savannah Energy EA, has signed a term sheet with a major African based financial institution for a new US$37.4 million debt facility to provide funding for the planned acquisition of a 50.1% interest in Klinchenberg, as previously announced on 19 September 2025.

Arbitration Update

Our wholly owned subsidiary, Savannah Chad Inc (“SCI”), commenced arbitral proceedings in 2023 against the Government of the Republic of Chad in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights. Another wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), commenced arbitral proceedings in 2023 in relation to the nationalisation of its investment in TOTCo, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad. SMIL has also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to COTCo, the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon. We currently expect these arbitral proceedings to be concluded in the first half of 2026.

SCI and SMIL are claiming in excess of US$775 million (plus interest which is currently estimated at in excess of US$170 million and costs) for the nationalisation of their rights and assets in Chad.⁵ SMIL has a claim valued at approximately US$330 million (plus interest which is currently estimated at in excess of US$60 million plus costs) for breaches of its rights in relation to COTCo.⁶ Whilst the Government of the Republic of Chad has acknowledged SCI’s and SMIL’s right to compensation, no compensation has been paid by the Government of the Republic of Chad to date. Savannah remains ready and willing to discuss with the Government of the Republic of Chad an amicable solution to the disputes. However, in the absence of such discussions, SCI and SMIL intend to vigorously pursue their rights in the arbitrations.

SCI is involved in further arbitral proceedings in which designates of Société des Hydrocarbures du Tchad allege breaches by SCI of the Doba fields joint operating agreement.⁷ SCI is defending the claims vigorously. We currently expect these arbitral proceedings to be concluded in Q3 2026.

EBT Issuance and Transactions

Sale of Ordinary Shares

It is intended that a company owned and controlled by the Company’s CEO, Andrew Knott, (the “Purchaser”) will purchase 63,690,129 existing Ordinary Shares currently held by the EBT (which is independent of the Company) at 7 pence per share (the “EBT Share Sale”). The aggregate consideration due by the Purchaser to the EBT will be approximately £4.5 million (the “Consideration”), to be settled by the transfer to the EBT of warrants to subscribe for up to 101,113,992 new Ordinary Shares at 19.2 pence per share and expiring in June 2029 (being the warrants granted by the Company in December 2021 to a company owned and controlled by Mr Knott) (the “Warrants”) (such Warrants currently valued by the Company at approximately £1.3 million using a methodology consistent with the approach adopted by external advisers when valuing the Warrants for annual accounts (the “Warrants Value”)). The balance of the consideration due by the Purchaser to the EBT will be deferred and be payable in cash over a six year period (with a commercial rate of applied on monies due until the date of payment). Mr Knott has provided a personal guarantee to the EBT in relation to the deferred consideration.

Purchase and Cancellation of the Warrants

Following completion of the EBT Share Sale, but legally separate and distinct to the EBT Share Sale, it is intended that the Company will purchase the Warrants from the EBT for cash consideration equal to the Warrants Value (the “Warrants Purchase”).  Following completion of this intended purchase, the Warrants would be cancelled (the “Cancellation”), thereby removing an instrument which, if exercised, would result in future dilution. This intended cancellation of the Warrants was discussed with the New Investor in connection with making its proposed equity investment in the Company referred to above.

The economic effect of the proposed EBT Share Sale and in turn the Warrant Purchase and Cancellation is a reduction in the Company’s enlarged fully diluted share capital by approximately 4.5%. Given the importance of his position within the Company, the Board is highly supportive of Mr Knott acquiring a greater ownership interest in the business and acknowledges the substantial personal financial commitment he is making in the years ahead. The Board also considers that the Cancellation of the dilutive warrants previously granted to Mr Knott is in the best interests of shareholders as a whole.

Proposed Subscription for New Ordinary Shares by the EBT

Ensuring that the Group is able to appropriately incentivise its employees is considered by the Board to be crucial to the future success of the business.  It is therefore proposed to issue 210,000,000 new Ordinary Shares to the EBT at nominal value (£0.001) (the “EBT Share Issuance”), with such shares being held by the EBT for the benefit of the Group’s employees, for example in satisfaction of the exercise of employee options over Ordinary Shares.  The EBT’s subscription obligation will be funded from the EBT’s cash reserves that will derive from the Warrants Purchase.

Receipt of Shareholder Support 

The EBT Share Sale, Warrants Purchase and EBT Share Issuance (together, the “EBT Transactions”) were discussed on a wall-crossed basis with a number of the Company’s shareholders ahead of this announcement. Shareholders representing approximately 50% of the Company’s enlarged issued share capital have provided written confirmation of their support for the EBT Transactions. In addition, the Company and the trustees of the EBT have each obtained independent professional advice in relation to the EBT Transactions.

The Company believes the proposed EBT transactions deliver several key strategic benefits, being: (1) the cancellation of the Warrants and issuance of new shares into the EBT are expected to provide improved transparency regarding the potential future equity dilution faced by shareholders, particularly in light of the Company’s acquisition-led growth strategy and associated headcount expansion; (2) the EBT Transactions are intended to further align the interests of management and employees with those of shareholders through increased equity participation; (3) they reflect a specific request from the New Investor that Mr. Knott increase his shareholding in the Company; and (4) they enhance the Company’s flexibility to incorporate equity components into future remuneration arrangements – something that was previously constrained by the limited number of unallocated shares available within the EBT.

Lastly, when considered together with the other proposed share-related transactions announced today – namely, the Financing, the Buyback Agreement, the Warrant Purchase and Cancellation, and the EBT Issuance – the illustrative net change to the Company’s fully diluted share capital is expected to be approximately 6.7%, assuming completion of all such transactions and the corresponding adjustments to the fully diluted share capital. There can be no assurance that all of these transactions will complete as envisaged, or at all.

CEO Service Agreement Renewal

Mr. Knott has agreed with the Board to renew his service agreement on revised terms. The renewed agreement includes a minimum term of two years, securing Mr. Knott’s continued leadership during this period as a key member of the senior management team. All other material terms of his existing service agreement remain unchanged.

The Board, having consulted with and received written support from shareholders representing approximately 50% of the Company’s enlarged issued share capital, believes that the renewal of Mr. Knott’s service agreement is in the best interests of the Company and its shareholders, providing leadership continuity as Savannah advances its growth strategy.

UK Public Markets Landscape

The UK equity market continues to face a number of structural challenges. Industry data indicates that UK equity funds have experienced sustained net outflows for several consecutive years, with cumulative redemptions in the tens of billions of pounds over this period. Over the past two decades, UK pension funds have also materially reduced their allocation to UK-listed equities, from levels of around 50% in 2000 to single-digit percentages today.⁸ As a result, UK-listed companies currently trade at valuation multiples that are materially lower than many of their international peers.⁹

The UK Government and financial regulators have acknowledged these trends and have stated their intention to implement reforms designed to strengthen the attractiveness of the UK’s capital markets and to encourage greater investment in domestic equities.

Savannah Energy plc has actively engaged with the London Stock Exchange in connection with its consultation paper “Shaping the Future of AIM”, contributing to this reform dialogue. Savannah’s particular focus has been on the operation of AIM Rule 14 relating to share suspensions, under which companies may be required to suspend trading for extended periods when undertaking large-scale transactions deemed to be reverse takeovers. The Company believes that such transactions can represent important opportunities for value-accretive growth; however, the potential for prolonged suspension periods can deter companies – particularly those operating in jurisdictions where governmental approvals are protracted – from pursuing such opportunities.

While the Board remains supportive of the Shaping the Future of AIM initiative and is hopeful that it will deliver reforms enhancing AIM’s suitability for high-growth companies, it also recognises the ongoing market challenges noted above, including those relating to cost of capital. Further the Board is concerned that, given the Company’s strategy and ambitions, were AIM Rule 14 not to be significantly amended, there is a risk that the Company’s shares could be subject to another prolonged period of share suspension in relation to a future reverse takeover. The Company continues to evaluate a range of potential corporate transactions which, if pursued, could be classified as reverse takeovers under the AIM Rules. Accordingly, the Board considers that further reform of AIM Rule 14 would be beneficial in supporting the Company’s growth strategy.

As part of its normal course of business, the Board has also initiated a review of the appropriateness of Savannah’s current AIM quotation and the potential alternative options available to the Company, including the possibility of seeking admission to another recognised stock exchange. This review remains at an early and exploratory stage. There can be no certainty that it will lead to any changes to the Company’s current market arrangements. The Company intends to engage with its investor base on this matter during the course of Q4 2025.

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce the publication of its unaudited half-year results for the six months ended 30 June 2025. The results will shortly be available on the Company’s website.

Following the publication of the 2024 Annual Report earlier today, and these 2025 Half-Year Results, trading in the Company’s ordinary shares on the AIM market is expected to be restored on the AIM market at 7.30 a.m. on Thursday 23 October 2025.

H1 2025 Highlights

• Completion of the SIPEC Acquisition in March 2025, increasing our reserve and resource base by approximately 47 MMboe (29%) from 160 MMboe to 207 MMboe¹. Following completion of the SIPEC Acquisition, we commenced an up to 18-month expansion programme designed to increase Stubb Creek production from the 2.7 Kbopd average 2024 level to as much as 4.7 Kbopd;
• SIPEC Acquisition delivered over US$8 million of free cashflow in the c. 16 week period post-completion;
• 29% increase in Stubb Creek Gross 2P Reserves and 21% increase in Uquo Gross 2P Reserves²;
• Average gross daily production of 21.6 Kboepd (FY 2024: 23.1 Kboepd)³;

• Progressed investment in capital projects:
  • Safely achieved completion and full commissioning of the compression project at the Uquo Central Processing Facility (“CPF”), approximately 10% below the original US$45 million budget, post-period end; and
  • Advanced preparations for a planned up to  two-well drilling campaign on the Uquo Field in 2026 with long-lead items procurement process progressed in the period.

• Stable financial performance reported in the period:

• • Total Revenues⁴ of US$127.1million, up 2.8% (H1 2024: US$123.6 million);
  • Cash collections of US$147.2 million, in line with the prior year period (H1 2024: US$148.6 million);
  • Profit before tax of US$101.5 million, up 54% (H1 2024: US$47.2 million);
  • Adjusted EBITDA⁵ of US$72.9 million (H1 2024:US$91.6 million);
  • Leverage⁶ ratio reduced to 3.1x (31 December 2024: 3.5x); and
  • Trade Receivables balance reduced by 2.1% to US$527.7 million (31 December 2024: US$538.9 million).

• As at 30 June 2025, cash balances were over 50% higher than year-end at US$50.4 million (31 December 2024: US$32.6 million) and net debt was lower at US$628.7 million (31 December 2024: US$636.9 million). The debt associated with the SIPEC Acquisition was drawn in the period and, for comparison purposes if excluded, underlying net debt as at 30 June 2025 was over 7% lower at US$590.9 million. Only 6% of outstanding debt as at 30 June 2025 was recourse to the Company, with the balance sitting with subsidiary companies on a non-recourse basis;
• Completion of an equity issuance in March 2025, raising in aggregate, gross proceeds of approximately £30.6 million and the signing of a US$200 million acquisition debt facility providing access to potential funding for future hydrocarbon asset acquisitions;

• Final documentation was agreed in respect of an increase in the Accugas Naira-denominated debt facility from NGN340 billion (approximately US$222 million) to up to approximately NGN772 billion (approximately US$500 million) (the “Transitional Facility”). Agreements were signed post-period end, with the expectation that the upsized facility will be utilised to enable the remaining outstanding balance of the Accugas US$ Facility to be repaid by end 2025;
• Subject to a satisfactory agreement being reached with the Government of Niger, a subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27; and
• Continued to progress our portfolio of large-scale wind, solar and hydroelectric projects, together with the announcement of plans to reposition our Power Division business model, expanding its remit to include potential thermal as well as potential renewable energy projects.

Further to its announcement on 6 June 2025, the Company advises that its 2024 Annual Report and Accounts (the “Annual Report”) have now been published and are available on the Company’s website at www.savannah-energy.com. Printed copies will be posted to shareholders who have elected to receive them by post.

There are no changes to any of the financial information previously disclosed in the Company’s 6 June 2025 announcement. We encourage Shareholders to review the extracts from the Annual Report contained in this announcement, including the Chief Executive Officer’s Review, the Chair’s Statement and the Financial Review.

Following the publication of the Annual Report, and the Company’s interim accounts for the six month period ended 30 June 2025, which is to occur shortly following this announcement, trading in the Company’s ordinary shares on the AIM market is expected to be restored at 7.30 a.m. on Thursday 23 October 2025.

As announced on 6 June 2025, BDO LLP had previously notified the Company of its intention to resign as auditor following the completion of the 2024 external audit. The 2024 audit has now been completed, and BDO LLP has formally resigned as the Company’s auditor. The Company is currently conducting a comprehensive audit tender process covering both the Group and its Nigerian subsidiaries. This appointment process is expected to conclude in the fourth quarter of 2025. 

Chief Executive Officer’s Review

Delivering on our key opportunities in African energy

Dear fellow shareholders,

I would like to welcome you to our 11th Annual Report as a listed company, marking more than a decade of Savannah delivering Projects that Matter in Africa. This year’s letter follows a similar format to those of recent years. The first section discusses the global business environment in 2024. The second section discusses our Company’s continued strong financial, operational and sustainability performance in 2024. The third section discusses key business priorities for the year ahead. The last section talks about the “how” and the “why” we see the African energy transition evolving and discusses the relevance of our hydrocarbon AND renewable energy strategy.

Before turning to the first section, I would like to draw your attention to two guest authored articles in this year’s Annual Report. The first (on page 17) is authored by Hon. Wale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria and discusses his views on “Unlocking Opportunities Across the Economy” (originally published in Forbes Africa). The second article (on pages 27 to 33) is authored by Daniel Yergin, Peter Orzag and Atul Arya, “The Troubled Energy Transition” (originally published in Foreign Affairs), who make an articulate argument that we are now experiencing an “energy addition” as opposed to an “energy transition”, with their critical observation that “throughout history, no energy source, including traditional biomass, has declined globally in absolute terms over an extended period”. We are extremely grateful to our distinguished guest authors for their contributions.

I would also like to highlight on pages 8 to 15 a discussion of “Why we do what we do”, which focuses on our corporate purpose and the associated core beliefs which serve to underpin our strategy and business model. I really believe that this section is essential reading for anyone seeking to understand our Company.

2024 Global Business Environment

The global economy remained relatively stable in 2024. Although the OECD1, and Africa2 recorded different GDP growth rates, both showed a similar year-on-year trend of consistent growth. Oil prices remained broadly flat, with the Brent crude benchmark declining by a modest 1.2%.3 Global LNG prices fell by approximately 15% (although they remained elevated by historical standards).4 Results were burdened by weak refining5,6 and chemicals margins7,8 in 2024, as supply significantly outpaced demand growth. Developed economies experienced a notable decline in inflation from an average of 4.8% in 2023 to an estimated 2.6% in 20242, while inflation across African nations remained persistently high at 16.6% in 2023 versus 16.1% in 2024.

Against this backdrop, Nigeria saw a significant increase in inflation in 2024 (29% versus 25% in 2023)9 alongside a substantial 40% depreciation of the Naira against the US$.10 This was largely driven by the transitional impact of market-oriented government policy changes, including a removal of fuel subsidies and the switch from a managed to a floating exchange rate regime.11 We believe that these policies, together with the Government’s stated objective to increase oil production (which contributes approximately 65% of Government revenue and 85% of total exports12) by approximately one-third,13 their intention to impose cost reflective power tariffs, and a likely privatisation programme of select Government assets, have the potential to transform the country’s economy. Early indications have been encouraging; the World Bank reported that Nigeria saw its strongest growth in a decade in Q4 2024, with a 4.6% year-on-year expansion, leading to an annual growth rate of 3.4% in 2024, the highest since 2014;14 foreign exchange reforms have helped stabilise the Naira at around NGN 1,485 (at the time of writing) to the US$15; and in April and May 2025, Nigeria’s credit rating was upgraded to “B” by Fitch Ratings16, and to “B3” by Moody’s respectively. In July 2025, in its latest Article IV Consultation, the International Monetary Fund (“IMF”) formally praised Nigeria for implementing “major reforms over the past two years” that have improved macroeconomic stability and resilience.17

In 2024, the seven energy supermajors – BP, Chevron, ConocoPhillips, Eni, ExxonMobil, Shell and TotalEnergies (the “Supermajors”) – reported a combined profit of US$95.7 billion, representing a 26% year-on-year decline, despite a 6% increase in combined upstream production volumes.18

The corporate performance of the Supermajors was influenced not only by oil production but also by lower gas prices, weaker refining and petrochemical margins, and the corporate mix of business lines, including lower carbon.19 There was a marked divergence between the performance of the US majors and their European counterparts; US companies saw net income fall by 11%, alongside an 11% increase in production volumes, whereas the European majors experienced a 43% decline in net income with only a 1% increase in production.18 This disparity was driven, at least in part, by differing strategic approaches to the energy transition. US companies have typically: (1) invested more heavily in hydrocarbons and less in renewables or lower-carbon divisions than their European peers; and (2) maintained stronger capital discipline with respect to expected investment returns. At the time of writing a new consensus appears to have emerged, at least for now, that more closely aligns with the US approach.20, 21, 22

However, due to the long investment lead times associated with energy projects, it may take several years before the relative performance differential is fully resolved.

Savannah’s 2024 Performance

Savannah’s financial performance in 2024 was ahead of guidance for the year. We reported Total Revenues(a) of US$258.9 million (versus guidance of “greater than US$245 million” and 2023: US$260.9 million versus guidance of “greater than US$235 million”), Operating and administrative expenses(g) of US$71.0 million (versus guidance of “less than US$75 million” and 2023: US$68.8 million) and Adjusted EBITDA(d) of US$181.2 million (2023: US$184.1 million). Our Adjusted EBITDA(d) margin remained industry leading at 70% when compared to the Supermajors’ average margin of 22.3% in 2024.23

At the Nigerian business unit level, we recorded Adjusted EBITDA(d) of US$210.4 million, broadly in line with last year (2023: US$213.9 million), and an Adjusted EBITDA(d) margin of 81%. The US$29.2 million difference between the Group and our Nigerian business Adjusted EBITDA(d) numbers largely reflects the central costs of running the business, the investments we are making in our pre-revenue power business and various transaction costs as we progress our significant future growth plans.

We demonstrated strong operational performance in 2024. Average gross daily production was 23.1 Kboepd for FY 2024, broadly in line with the prior year (FY 2023: 23.6 Kboepd), of which 88% was gas (FY 2023: 91%). We maintained a 97% uptime at our Uquo CPF, with downtime a result of planned maintenance. In 2024, 88% of our revenue stream was derived from fixed price gas sales agreements with no cyclical exposure to oil or international gas prices. Over the last seven years (2017 – 2024) our Nigerian business has achieved an annualised Total Revenues(a) Compound Annual Growth Rate (“CAGR”) of 9%. This Total Revenues(a) growth compares favourably to the long-term trend CAGR of the wider UK stock market constituents of 3%.24 We currently supply gas to support both approximately 17% of Nigeria’s available thermal power generation capacity (up from approximately 10% at the time of acquisition), and approximately 18% of Nigeria’s annual cement production.25 We are clearly performing a critical service to the Nigerian economy.

In 2024 we continued to progress our pipeline of pre-revenue power projects with our principal focus being on the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

We maintained our strong focus around safe operational delivery in 2024, recording an exceptional LTIR of zero and a TRIR of zero per 200,000 working hours. Our performance against key sustainability metrics remained equally industry-leading. At 5.7 kg CO2e/boe, our carbon emissions were 73% lower than the industry average of 21.3 kg CO2e/boe26, registering a 47% reduction year-on-year. Additionally, our senior management female gender diversity was broadly in line with the prior year at 32%, while our local employee ratios in our countries of operation were maintained at 99% for Nigeria and 100% for Niger.

We continued to focus on providing training programmes to support the ongoing skills and knowledge development of our workforce, with a more than 30% increase in training hours in 2024 to an average of 75 hours per employee. This includes an almost three-fold increase in HSE training hours across all levels of the organisation, in line with our strong commitment to health and safety. In addition to the “Safe Start”, “Finish Strong” and “Eye Injury Prevention” internal training campaigns rolled out at our Nigerian operational sites during the year, personnel completed a focused HSE training programme in 2024, using external consultants to cover core topics, such as our life saving rules, safe systems of work, process safety, fire, first aid and permit to work procedures.

Nigeria

In March 2024, we signed a sale and purchase agreement to increase our effective ownership of the Stubb Creek oil and gas field in Nigeria from 51% to 100%, through the acquisition of our Nigerian affiliate Universal Energy Resources’ joint venture partner, SIPEC. This acquisition, completed post-year end in March 2025, increased Savannah’s Reserves and Resources base by approximately 47 MMboe from 160 MMboe to 207 MMboe (on a pro-forma basis as at end of December 2024).27  Following completion, we are now implementing an up to 18-month expansion programme to increase the processing capacity of the Stubb Creek facilities. It is anticipated that this will lead to Stubb Creek gross production increasing from an average of 2.7 Kbopd in 2024 to up to 4.7 Kbopd. Post-year end, Stubb Creek average monthly production was 3.3 Kbopd , an increase of approximately 24% compared to the average production for 2024. In parallel, we are evaluating an alternative, lower capex option that could deliver a faster production ramp up, with plateau production sustained for a longer period at a slightly lower rate than under the original expansion programme.

Post-year end, we announced a 29% increase in Stubb Creek gross 2P oil Reserves, based on the latest Nigeria CPR prepared by McDaniel as at 31 March 2025, compared to the previous March 2024 Nigeria CPR prepared by CGG. The increase is due to an improved ultimate field recovery factor, as determined through the implementation of enhanced field monitoring protocols and advanced reservoir modelling. The entire acquisition consideration was funded through a non-recourse debt facility provided by The Standard Bank of South Africa, and we estimate the acquisition to be over US$150 million accretive to the Company’s NAV10, based on the acquired oil reserves alone. Additionally, the SIPEC Acquisition also secures significant additional feedstock gas (226 Bscf) available for sale to our Accugas subsidiary.

Our Uquo gross 2P gas Reserves as at 31 March 2025 increased by 21% in the latest Nigeria CPR prepared by McDaniel compared to the previous March 2024 Nigeria CPR prepared by CGG. The increase is due to the conversion of one reservoir from Contingent Resources to Reserves and an increase of Reserves in one reservoir based on production data and analysis.

Throughout 2024 we continued to progress the Uquo compression project. Post-year end, we successfully completed this important project, safely and approximately 10% under the original budget of US$45 million, which is expected to allow us to maximise the production from our existing and future gas wells.

The trade receivables balance at year-end 2024 was US$538.9 million (31 December 2023: US$389.9 million) and post-year end has reduced 9% to US$493.3 million. It relates primarily to amounts due under various gas sales agreements in Nigeria. The power sector in Nigeria continues to face very challenging liquidity conditions, which have impacted payment timelines across the value chain. We continue to pursue constructive discussions with our customers to implement structured payment plans to reduce this receivable balance.

Niger

In 2024 we continued to seek to progress the 35 MMstb (Gross 2C Resources) R3 East oil development in South East Niger. The Niger-Benin oil export pipeline, now fully operational, provides a potential route to international markets for crude oil produced from the R1234 contract area of our subsidiary, Savannah Energy Niger SA. Post year-end the Company has sought to actively engage with the Government of Niger around our forward work programme plans in country. Subject to a satisfactory agreement being reached with the Government, our subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27. The R3 East development plan, itself, has been significantly re-worked since the last published Niger CPR of December 2021, with a plateau production rate of around 10 Kbopd now assumed (previously 5 Kbopd). We have updated our internal management estimates of the potential PV10 value (on an unrisked basis) at an asset level basis for R3 East to US$184.4million (vs the last CPR asset value estimate of US$150 million). Assuming a successful well test programme is conducted, we would look to accelerate plans to commence commercial oil production from the R3 East Area and intend to incorporate the data acquired into our field development plan.

Our 250 MW Parc Eolien de la Tarka wind farm project made significant progress in 2024, with the Minister of Energy confirming that the project is on the Government’s list of priority projects. We are continuing to seek to negotiate outline terms in relation to the project’s proposed power purchase agreement and continue to work on the project in close collaboration with two leading development institutions (the IFC, part of the World Bank Group, and the DFC). Our ESIA scoping report, which found there were no endangered flora or fauna detected, has been validated by the Niger authorities and consultants are currently working on the additional studies required to complete the full ESIA. A framework to identify and compensate impacted landowners has also been established.

Savannah is also progressing a large-scale solar project in Niger, comprising two photovoltaic solar power plants, expected to be located within 20 km of the cities of Maradi and Zinder, in southern Niger. Each plant is expected to have an installed capacity of up to 100 MW. In March 2024, we presented preliminary commercial and technical proposals to the Government of Niger. To be clear the Niger solar projects are of lower priority than Parc Eolien de la Tarka and Savannah does not expect significant development activity to occur on these projects prior to financial close being reached on Parc Eolien de la Tarka.

Cameroon

Substantial progress was made on Savannah’s Bini a Warak hybrid hydroelectric and solar project during 2024. Following the approval of the proposed redesign given by the Minister of Water and Energy in late 2023, the project now includes 40 MW of photovoltaic solar, increasing its combined solar and hydro installed power generation capacity from 75 MW to 95 MW.

Hydropower production will adapt to photovoltaic solar production levels, enabling a combined stable level of energy generation throughout the day.

Negotiations with the Government of Cameroon are at an advanced stage regarding a Joint Development Agreement to replace the Memorandum of Agreement signed in April 2023. This, once signed, will secure the terms under which Savannah will collaborate with the Government to develop the project. Prior to financial close, we currently expect to reduce our ownership interest in the Bini a Warak project by around 50%, so as to introduce additional equity partners.

The project is expected to generate clean and stable power for Cameroon’s northern region, increasing the region’s generation capacity by over 50%. Financial close is currently anticipated in Q3 2028, with first power from the solar unit targeted two years thereafter and the hydropower unit commissioned approximately four years after project sanction.

Arbitral Proceedings

Savannah Chad Inc (“SCI”), commenced arbitral proceedings in 2023 against the Government of the Republic of Chad in response to the March 2023 nationalisation of SCI’s rights in the Doba fields in Chad, and other breaches of SCI’s rights. Another wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), commenced arbitral proceedings in 2023 in relation to the nationalisation of its investment in TOTCo, the Chadian company which owns and operates the section of the Chad-Cameroon pipeline located in Chad. SMIL has also commenced arbitral and other legal proceedings for breaches of SMIL’s rights in relation to COTCo, the Cameroon company which owns and operates the section of the Chad-Cameroon pipeline located in Cameroon. We currently expect these arbitral proceedings to be concluded in the first half of 2026.

SCI and SMIL are claiming in excess of US$775 million (plus interest currently estimated at in excess of US$170 million and costs) for the nationalisation of their rights and assets in Chad.29 SMIL has a claim valued at approximately US$330 million (plus interest which is currently estimated at in excess of US$60 million plus costs) for breaches of its rights in relation to COTCo.30 Whilst the Government of the Republic of Chad has acknowledged SCI’s and SMIL’s right to compensation, no compensation has been paid by the Government of the Republic of Chad to date. Savannah remains ready and willing to discuss with the Government of the Republic of Chad an amicable solution to the disputes. However, in the absence of such discussions, SCI and SMIL intend to vigorously pursue their rights in the arbitrations.

SCI is involved in further arbitral proceedings in which designates of Société des Hydrocarbures du Tchad allege breaches by SCI of the Doba fields joint operating agreement.31 SCI is defending the claims vigorously. We currently expect these arbitral proceedings to be concluded in Q3 2026.

South Sudan

In 2024, we sought to progress our previously announced proposed acquisition of the PETRONAS assets in South Sudan, a large scale transaction which would have seen subsidiary of Savannah acquiring significant interests in a portfolio of assets which produced an estimated 145 Kbopd (gross) of crude oil on 2023.32 Post year-end, in March 2025, we announced that we had terminated existing discussions relating to the transaction, so as to enable the Company’s shares to be restored to trading on AIM (due to their suspension given the transaction had been deemed a Reverse Takeover under the AIM rules which the Company is subject to). While we would not rule out returning to pursue energy projects in South Sudan in the future, at the time of writing the pursuit of such projects is not viewed as a priority by the business.

Power Division

We have repositioned our Power Division business model, to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects, while maintaining our disciplined approach that all projects must meet similar risk-adjusted investment return thresholds. Against this backdrop, post-year end, we were pleased to announce our planned entry into the Bujagali, Mpatamanga and Ruzizi III hydropower projects through the acquisition of Norfund’s interest in Klinchenberg. Bujagali is a flagship East African power plant with an excellent 13-year operating and payment track record. Mpatamanga and Ruzizi III are advanced-stage developments which are expected to generate highly competitively priced electricity in their respective countries for the benefit of over 30 million people. Each project has a strong partnership group which we are excited to join.

Key Business Priorities for 2025 and H1 2026

We have nine key focus areas in our business over the course of the next 12 months:

•   Delivering a further increase in our rate of Cash Collections(j) in Nigeria. In 2025 we expect to deliver a strong increase in Cash Collections(j) even when set against the 13% CAGR which has been achieved since the announcement of our acquisition of the Nigerian business in 2017;

•   Completion of the refinancing of our principal Nigerian debt facilities. As at 31 December 2024, our Nigerian subsidiary, Accugas Limited, had a US$ denominated debt facility with an outstanding balance of approximately US$212.3 million. Post-year end we increased the Transitional Facility to NGN772 billion (approximately US$500 million) and expect to fully convert the remaining Accugas US$ Facility into Nigerian Naira by the end of 2025;

•   Completion of the SIPEC Acquisition. This highly accretive acquisition (see above discussion) was completed in March 2025. The deal was estimated to be US$201 million accretive to NAV and increased Group gross 2P Reserves and gross 2C Resources by c. 30%;

•   Commencement of the Stubb Creek expansion project. At the time of writing, we are in the process of implementing an expansion at the Stubb Creek processing facilities. It is anticipated that, inter alia, the completion of this project in 2026 would see an increase of more than 80% in near-term free cash flow from the field in 2026-27;

•   The advancement of our arbitral proceedings.33 As discussed previously, SCI and SMIL have claims valued in excess of US$1 billion in aggregate in the Chad disputes with the Paris-based legal arbitral proceedings scheduled to conclude in the first half of 2026 ;

•   The commencement of the safe and successful drilling of our Uquo development and exploration wells. The Uquo NE development well is expected to increase the field’s productive capacity, while the Uquo South exploration well would target a 131 Bscf Gross Unrisked GIIP prospect;

•   The potential advancement of our R3 East development in Niger and/or a return to exploration activity in the R1234 PSC area. We are continuing to seek to progress the 35 MMstb (Gross 2C Resources) R3 East oil development in South East Niger, subject to satisfactory stakeholder agreements being entered into (in parallel with consideration to recommence exploration activity, all of which is subject to reaching suitable stakeholder agreements);

•   The refinement of our power sector business model. We are actively reviewing opportunities in both the thermal and renewable power sectors, following the repositioning of our power sector business model. We were pleased to announce post-year end our planned entry into three East African hydropower projects; and

•   The delivery of further transformational acquisitions. The African energy sector offers attractive M&A market dynamics, with, for example, large divestment programmes by major and national oil companies in the hydrocarbon sector and by private equity firms in the power sector. Savannah is strongly positioned to continue to participate in these divestment programmes, given our operating capabilities, regional reputation and access to capital. We continue to view mergers and acquisitions as a core driver of potential future value creation and are actively pursuing opportunities across both the hydrocarbon and power sectors. Our business development pipeline is sufficiently large that we are confident of announcing further transaction(s) over the course of the next 24 months. Post-deal we would expect to act as a strong asset steward, delivering better underlying operational performance and improvements in unit carbon intensity (within the limitations of the underlying assets) compared to the previous asset owners.

UK Public Markets Landscape

The UK equity market continues to face a number of structural challenges. Industry data indicates that UK equity funds have experienced sustained net outflows for several consecutive years, with cumulative redemptions in the tens of billions of pounds over this period. Over the past two decades, UK pension funds have also materially reduced their allocation to UK-listed equities, from levels of around 50% in 2000 to single-digit percentages today.34 As a result, UK-listed companies currently trade at valuation multiples that are materially lower than many of their international peers.35 The UK Government and financial regulators have acknowledged these trends and have stated their intention to implement reforms designed to strengthen the attractiveness of the UK’s capital markets and to encourage greater investment in domestic equities.

Savannah has actively engaged with the London Stock Exchange in connection with its consultation paper “Shaping the Future of AIM”, contributing to this reform dialogue. Savannah’s particular focus has been on the operation of AIM Rule 14 relating to share suspensions, under which companies may be required to suspend trading for extended periods when undertaking large-scale transactions deemed to be reverse takeovers. The Company believes that such transactions can represent important opportunities for value-accretive growth; however, the potential for prolonged suspension periods can deter companies – particularly those operating in jurisdictions where governmental approvals are protracted – from pursuing such opportunities.

While the Board remains supportive of the Shaping the Future of AIM initiative and is hopeful that it will deliver reforms enhancing AIM’s suitability for high-growth companies, it also recognises the ongoing market challenges noted above, including those relating to cost of capital. Further the Board is concerned that, given the Company’s strategy and ambitions, were AIM Rule 14 not to be significantly amended, there is a risk that the Company’s shares could be subject to another prolonged period of share suspension in relation to a future reverse takeover. The Company continues to evaluate a range of potential corporate transactions which, if pursued, could be classified as reverse takeovers under the AIM Rules. Accordingly, the Board considers that further reform of AIM Rule 14 would be beneficial in supporting the Company’s growth strategy.

As part of its normal course of business, the Board has also initiated a review of the appropriateness of Savannah’s current AIM quotation and the potential alternative options available to the Company, including the possibility of seeking admission to another recognised stock exchange. This review remains at an early and exploratory stage. There can be no certainty that it will lead to any changes to the Company’s current market arrangements. The Company intends to engage with its investor base on this matter during the course of Q4 2025.

How We See the African Energy Transition

As in previous years’ shareholder letters, I have chosen to discuss how we see the African energy transition. Before turning to discuss this, I feel it is important to emphasise that this is only one of several important contributing beliefs driving what Savannah does as a company. On pages 8 to 15 of the Annual Report we have outlined in detail “Why we do what we do”. In that section we discuss our corporate purpose and associated core beliefs which serve to underpin our hydrocarbons AND renewable energy strategy and our business model. In simple terms, the section explains why energy poverty in Africa is the principal problem our Company is seeking to help solve and why we believe this problem is one of the most urgent and important problems facing the world today. I would urge any reader interested in further understanding our Company to read this section, especially if they are from a rich world background and perhaps less intuitively understand the realities of the everyday challenges facing the 429 million people in Africa who are defined by the World Bank as living in extreme poverty (i.e. have incomes of less than US$2.15/day).

Energy is critical to enabling and sustaining people’s quality of life. My preferred chart for demonstrating this is below, which compares GDP per capita to power consumption per capita. As can be seen, people without access to energy are dramatically poorer than those with access to energy. For example, Niger is ranked 188 out of 193 on the UN Human Development Index36 (“UN HDI”) with a GDP per capita of US$723 and power consumption per capita of 62 kWh.37 The United States of America on the other hand is ranked 17 out of 193 on the UN HDI with GDP per capita of US$85,810 and power consumption per capita of 12,551 kWh, 11,774% and 20,144% higher respectively. A similar pattern emerges when we look at the relationship between power consumption and other key quality of life barometers such as life expectancy and lifetime health outcomes.

Over 80% of today’s global energy mix is provided by hydrocarbons with 53% of this provided by oil and gas.38 The scale of investment required to sustain the “status quo” global quality of life is immense. Global non-financial capital expenditures for the energy sector amount to 42% of all global capex.38 The world clearly, therefore, requires oil and gas today, and is prepared to pay vast amounts of money to enable this. The extent to which the world requires oil and gas in the future will depend on the absolute and relative rate of development of renewable energy and carbon mitigation technological improvements, and the absolute and relative rate of their adoption. In this regard, the quote by John Kerry (The former US Climate Change Envoy), which I have cited in my last four shareholder letters, remains pertinent – “I am told by scientists that 50% of the reductions we have to make by 2050 or 2045 are going to come from technologies we don’t have yet.”

While the pace of technological evolution and adoption may be argued to be generally faster today than in earlier periods, I believe that it is important to recognise that the global energy transition is likely to take a relatively long time. As demonstrated on page 25, previous energy transitions have taken 50+ years, and the modern renewable transition only began around 2015. Further, full displacement of the previous energy sources has not occurred in previous transitions (i.e. coal still provided approximately 28% of the global energy mix in 2024). Recent data for H1 2025 has seen more power generated worldwide from renewable sources that from coal for the first time ever.39

In this regard, when we look at the forecast future energy mix, there is currently a big difference between the trend case (i.e. what forecasters are suggesting will actually happen) versus the net zero 2050 case. Essentially the world appears to be on track to have around 52 – 54%40 of its energy mix in 2050 be provided by oil and gas, which, given likely energy demand growth over the course of the next 26 years, suggests that actual oil and gas demand is currently not on trend to fall significantly over the period.

The foregoing contrasts dramatically with the many net zero forecasts which generally see the total share of fossil fuel supply falling to just over 20% of the global energy mix by 2050.40

Further, it is likely that lower-income countries, where the ability to pay for renewable energy infrastructure is lowest and the need for low-priced energy to deliver life changing economic growth is highest, will see hydrocarbons form a much greater part of their energy mix in 2050 than in the developed world. This point is demonstrated well by the map on page 24. On average, only 57% of Africa’s entire population has access to on-grid electricity, with the electricity access rate in our countries of active operations estimated at 71% for Cameroon, 20% for Niger and 61% for Nigeria.41 For much of Africa, the primary issue is around people being given access to reliable and affordable power, period.

From a Savannah perspective, our primary focus is on participating in Projects that Matter in Africa. We expect to continue to acquire hydrocarbon businesses and to reinvest the cash flows we generate in both hydrocarbon AND renewable energy projects. We firmly believe that Africa needs both if it is to be given the opportunity to grow and lift ever more of her citizens out of energy poverty.

Closing thoughts

I continue to be excited and optimistic about the future of our business and the urgency of enabling the African energy transition through responsible investment. We at Savannah are strongly positioned to take advantage of a significant shift in ownership of hydrocarbon assets, while participating in integrated power generation sources from both thermal and renewable energy sources to deliver electricity to millions of people who are not currently benefiting from a modern quality of life afforded by access to power. I believe that Savannah will achieve great things over the course of the coming years and look forward to continuing this journey with you, my fellow shareholders.

Lastly, I would like to extend thanks to all those who contributed to our successes in 2024 and beyond – my incredibly dedicated and passionate colleagues, our host governments, communities, local authorities and regulators, our shareholders and lenders, and our customers, suppliers and partners. Thank you all.

Andrew Knott

Chief Executive Officer

22 October 2025

Chair’s Statement

Dear fellow shareholders,

I am pleased to present Savannah’s Annual Report for 2024. The year was marked by significant achievements and strategic advancements, particularly around our Nigerian assets and our portfolio of power projects.

Our commitment to safety and the well-being of our employees and contractors remains unwavering. We are particularly pleased to have maintained our achievement of a zero LTIR and zero TRIR in 2024, especially given the large compression project undertaken at our Uquo CPF in Nigeria.

In 2024, we achieved a significant reduction in our Scope 1 carbon emissions intensity to 5.7 kg CO₂e/boe (2023: 10.7 kg CO₂e/boe), which compares favourably to the average supermajors’ Scope 1 and Scope 2 carbon intensity of 21.3 kg CO₂e/boe in 2024.26

We are grateful for the continued support and engagement of our stakeholders. As announced in 2024, the conversion of both the Uquo Field and Stubb Creek Field to new 20-year PMLs, effective December 2023, clearly highlights our collaborative efforts with host governments. During the year, we were honoured with visits from both Rt. Hon. Ekperikpe Ekpo, Nigeria’s Minister of State, Petroleum Resources (Gas), and Chief Adebayo Adelabu, Nigeria’s Minister of Power, to our Uquo CPF, while in Niger, we were delighted to host H.E. Professor Haoua Amadou, Niger’s Minister of Energy, on a tour of our Parc Eolien de la Tarka wind farm project site. During the year, we also secured an agreement with the prestigious international financial institution, the DFC, to fund one-third of the pre-development costs of Parc Eolien de la Tarka. This brings the total pre-development funding secured for the project to approximately two-thirds, following a similar agreement reached with the IFC the prior year, and we expect to see further collaboration of this nature on future projects.

The strength of our presence and relationships with our customers in Nigeria was demonstrated by the successful securing and extension of three significant gas contracts in 2024, collectively amounting to a total of up to 105 MMscfpd, together with a further contract extension agreed post-year end. This highlights our critical role in Nigeria’s energy sector, where we currently support c. 17% of the country’s thermal power generation capacity. In addition, our social impact projects in our host countries continue to support a range of education, health, infrastructure and economic development initiatives, reinforcing our commitment to promoting socio-economic prosperity in line with Pillar 1 of our sustainability strategy.

The Board continues to use the 2018 Quoted Companies Alliance Corporate Governance Code as the basis of the Group’s governance framework and the Corporate governance report on page 97 of the Annual Report explains how we applied these principles in 2024. It is vital to continue to develop our Board in line with the planned expansion of the Company, and Savannah places significant value on diversity of experience and expertise within our leadership team. 

I would like to extend my sincere thanks to Sir Stephen O’Brien and David Clarkson, who have recently retired from the Board after eight years of dedicated service. Their insight, integrity and presence around the Board table will be greatly missed, and I am pleased that both will continue to support Savannah in consultancy roles. I also look forward to welcoming Uyi Akpata and Kehinde Olamide Ogunwumiju to the Board in 2026. Both are highly respected professionals in finance and legal affairs respectively, with proven records supporting dynamic, high-growth organisations like Savannah. Their bios are provided on page 94 of the Annual Report.

We have endeavoured to keep in close contact with our shareholders during the recent periods of share suspension and I have been privileged to engage personally with a number of you in my role as Chair. The Board appreciates the patience of shareholders with the delay in publication of this Annual Report and the resulting share suspension. Please refer to Note 2 of the financial statements in the Annual Report for further information on the background to, and reasons for the delay and to the report of the Audit Committee on page 100 of the Annual Report which discusses the impact on the financial statements. The financial statements presented in the Annual Report are unchanged compared to the preliminary results announced on 6 June 2025.

Post-year end we successfully completed both the SIPEC Acquisition and the Uquo compression project, as well as announcing plans to acquire interests in three hydropower projects, marking our entry into five new African countries. I believe these significant achievements position us well for the remainder of 2025 and beyond, as we continue to grow the business and deliver for our stakeholders.

Finally, I thank you for your continued support.

Sincerely,

Joseph Pagop Noupoué

Chair of the Board

22 October 2025

Financial Review

Financial performance ahead of market guidance

Performance Against Market Guidance 2024

Year in Summary

Our business in Nigeria continued to perform well during 2024, delivering gas to five customers such as power stations and other large industrial companies, and supporting approximately 17% of Nigeria’s available thermal power generation.

Total Income(b) for the year was US$393.8 million (2023: US$289.8 million), comprising Total Revenues(a) of US$258.9 million (2023: US$260.9 million) and other operating income of US$134.9 million (2023: US$28.9 million), with a resulting Adjusted EBITDA(d) of US$181.2 million (2023 US$184.1 million).

Total Cash Collections(j) in 2024 were the highest we have received in any year at US$248.5 million (2023: US$206.0 million) and seeking a further increase in the rate of Cash Collections(j) in Nigeria remains a core focus in 2025.

Our Nigerian business is underpinned by long-dated, take-or-pay contracts which have no linkage to commodity pricing and provide long-term, predictable cash flows. At the end of 2024 we had over US$3.4 billion of future contracted revenues with an average weighted remaining contract life of 13 years.

We progressed major capital expenditure programmes during the year including completion of construction of the US$45 million Uquo gas compression project.

During 2024, Accugas fully utilised the NGN340 billion term facility (the “Transitional Facility”) provided by a consortium of five Nigerian banks. The Transitional Facility has been used to pay down a substantial portion of the existing Accugas US$ Facility which at year end stood at US$212 million. This is the first step in the previously announced refinancing plan which will align the currency of Accugas’ principal revenue Cash Collections(j) with its debt service obligations, significantly reducing Accugas’ foreign exchange exposure.

Following a volatile year in 2023, we saw a significant devaluation in January 2024 of the Naira, which was followed by a comparatively stable environment for the rest of the year. This enabled Accugas to convert Naira cash balances and use proceeds of the Transitional Facility to pay interest and principal on the Accugas US$ Facility. The foreign exchange loss for the year amounted to US$78.1 million (2023: US$104.7 million) which was principally a result of the significant devaluation seen at the start of the year. Our customers pay for gas predominantly in Naira; however, under the terms of the GSA with our principal customer, the exchange losses realised can be invoiced via a true-up mechanism. The invoices raised under this provision are shown in our income statement as other operating income, referred to above.

Post-year end, in March 2025, we announced a £30.6 million equity raise with funds raised being used to repay/acquire subsidiary-level borrowings, accelerate business development opportunities and for general corporate purposes. We also announced a US$200 million acquisition debt facility to provide access to potential funding for future hydrocarbon asset acquisitions. In the same month we also announced the completion of the SIPEC Acquisition which was fully funded by a new debt facility arranged by The Standard Bank of South Africa Ltd. This transaction takes our economic interest in the oil producing Stubb Creek field to 100%. Post-year end, Stubb Creek average production (in September 2025) has increased by approximately 24% compared to 2024 average to 3.3 Kbopd.

As set out in the Audit Committee Report (and Note 2 of the financial statements) in the Annual Report, a number of internal financial control matters were identified during 2025. As a result of this, and as set out in the Independent auditor’s report (and Note 2 of the financial statements) in the Annual Report, the audit opinion has been disclaimed in relation to these matters. A number of remedial actions have been identified and the Group is focused on implementing enhancements, which includes the establishment of an internal audit function during 2025.

Key Performance Metrics Summary

Consolidated Statement of Comprehensive Income

Revenue

Revenue during 2024 was US$227.0 million (2023: US$224.2 million), of which 88% was gas revenue US$199.8 million (2023: US$202.7 million) with US$26.4 million (2023: US$20.5 million) being derived from oil and condensate sales. US$0.8 million (2023: US$0.9 million) was for processing of third-party crude oil.

Gas is sold under a mixture of short and long-term gas sales agreements, all of which have individually agreed prices defined in US$, with certain long-term contracts adjusted annually for consumer price indexation. The majority of our gas sales contracts are supported by investment grade(f) guarantees, including a World Bank Partial Risk Guarantee for the Calabar power station gas sales contract.

The weighted average sales price for the year was up 4% to US$4.68/Mscfe (2023: US$4.51/Mscfe).

Impact of Take-or-pay Accounting Rules under IFRS 15 on Total Revenues(a) versus Revenue

Revenue recognition for our gas sales agreements is impacted by the take-or-pay accounting rules under IFRS 15. Under take-or-pay contracts, customers agree to buy a minimum amount of gas from us each year. This gas is either delivered to them, or the volume not taken (which is described as make-up gas) is effectively pre-paid for by the customer for potential delivery in future periods. During 2024, our customers took less gas than they had contracted to buy, so there was a difference between invoiced oil and gas sales of US$258.9 million (Total Revenues(a)) and revenue as reported in our consolidated statement of comprehensive income of US$227.0 million.

A key point to highlight is the cash neutrality of the take-or-pay accounting treatment; had our customers requested the make-up gas to be delivered to them in the accounting year, then all the invoiced sales would have been recognised as Revenue in the Consolidated statement of comprehensive income and our cash generation would have been the same in either case (as this reflects receipts from customers regardless of whether they related to delivered gas or make-up gas). We report Total Revenues(a) as management believes that this is a more meaningful method of describing the cash generation capacity of the business.

To provide further clarity on the take-or-pay accounting rules, please refer to the theoretical simplified worked example which is shown on page 57 of the 2020 Annual Report and Accounts, which can be accessed on our website.

Operating Expenses plus Administrative Expenses(g)

Operating expenses plus administrative expenses(g) for the year were US$71.0 million (2023: US$68.8 million) which compared favourably with guidance of up to US$75 million and the modest 3% increase reflects tight cost control in an inflationary environment, especially in Nigeria, and was lower than the increase seen in average sales price.

Depreciation, depletion and amortisation (“DD&A”) amounted to US$35.7 million (2023: US$38.4 million) made up of US$13.9 million (2023: US$14.7 million) for infrastructure assets, which are depreciated on a straight-line basis over their estimated useful life, and US$18.0 million (2023: US$20.1 million) for upstream assets, which are depreciated on a unit-of-production basis, plus US$3.8 million (2023: US$3.6 million) for right-of-use and other assets.

Other Operating Income

Other operating income of US$135.2 million (2023: US$28.9 million) principally relates to amounts invoiced under the true-up mechanism in the GSA with our principal gas customer which allows for recovery of realised foreign exchange losses. Other operating income also includes an additional US$0.3 million (2023: zero) of grants received for renewable development projects.

Finance Costs

Finance costs for the year were stable at US$101.1 million (2023: US$102.7 million), of which US$97.9 million (2023: US$83.3 million) related to bank and loan note interest expense. The average interest rate on debt for the Group was 15.5% (2023: 14.1%), this increase being driven by the greater proportion of borrowings denominated in Naira.

Foreign Exchange Losses

Foreign exchange losses amounted to US$78.1 million (2023: US$104.7 million). The official Naira/US$ exchange rate devalued from around NGN900/US$ to NGN1,400/US$ in January 2024 and following such proactive action by the Central Bank of Nigeria we have seen more stable exchange rates for the remainder of the year, ending 2024 at NGN1,544/US$.

Consolidated Statement of Financial Position

Receivables and Payables

Trade receivables amounted to US$538.9 million (2023: US$389.9 million). The increase was largely due to the invoicing of foreign exchange losses incurred which were invoiced.

Trade and other payables reduced by over 25% in the year to US$80.1 million (2023: US$108.0 million) which will be settled in the normal course of business.

Debt

The net debt(h) at year end was US$636.9 million (2023: US$473.7 million), an increase of 34% year on year. The NGN340 billion Accugas Transitional Facility has now been fully drawn down and the resulting funds converted into US$ to partially repay the Accugas US$ Facility and to pay interest due. In September 2025, the Transitional Facility was extended so that the remainder of the Accugas US$ Facility can be repaid leaving all Accugas’ borrowings in Naira, matching the currency in which it receives revenues for gas sales. The Transitional Facility has been increased post-year end to up to NGN772 billion.

Details of the debt facilities available to the Group are in Note 29 of the financial statements contained in the Annual Report. It is worth noting the treatment of the debt facility entered into to finance the acquisition of the Chad and Cameroon Assets. Despite the Nationalisation there remains an outstanding balance of US$134.6 million at the year end (2023: US$119.3 million). Of this amount only up to US$37 million is recourse to the Company.

Gross debt is US$669.5 million (2023: US$580.7 million) of which 94% is non-recourse to the Company.

Leverage(i)

Consolidated Statement of Cash Flows

Cash balances at year-end were US$32.6 million (2023: US$106.9 million). Cash balances reduced in the year despite the strong operational Cash Collections(j) performance due largely to unrealised foreign exchange loss resulting from Naira devaluation early in the year of US$57.4 million (2023: US$81.8 million). During the year, we also made debt repayments of US$148.7 million (2023: US$84.2 million) and reduced the interest due amount to US$27.2 million (2023: US$136.1 million). The debt repayments were also supported by drawdowns under the Transitional Facility.

We continued to invest in the asset base with capital expenditures of US$23.1 million (2023: US$13.0 million) related largely to the compression project at the Uquo CPF.

Going Concern

The Group places significant importance on managing its liquidity position and ensuring that all parts of the business have appropriate funding as needed to meet their obligations. The Directors have reviewed the Group’s forecasted cash flows as well as the funding requirements of the Group for the period to 31 October 2026. This forecast was prepared on a “bottom-up” basis, at each major asset and corporate level, and it reflects the Group’s best estimate of costs and revenues for the period. The capital expenditure and operating costs used in this forecast are based on the Group’s approved corporate budget which includes operating budgets for each of the operating subsidiaries and an estimate of the corporate, general and administrative costs for the period.

The Directors recognise the range of risks facing the business on an ongoing basis, as set out in the Risk management section on page 86 of this Annual Report.

Notwithstanding the risks across the Group, both the base case forecasts and sensitised scenarios confirm that the Directors believe that the Group and each subsidiary company has sufficient liquidity to continue as a going concern for the period to 31 October 2026.

Please refer to Note 2 of the consolidated financial statements in the Annual Report for further details on the going concern review.

FY2025 Outlook

The key financial priorities for the remainder of 2025 include:

•   securing a further increase in our rate of Cash Collections(j) in Nigeria;

•   implementation of enhancements to the financial control environment in our Nigerian operations, including the establishment of a Group internal audit function;

•   with the increased Transitional Facility now in place, completion of the refinancing of our principal Nigerian debt facilities.

Nick Beattie

Chief Financial Officer

22 October 2025

Hunting

Hunting has announced its Q3 2025 Trading Update.

Q3 Summary

·       Group EBITDA of c.$100.5 million in the year to 30 September 2025 – up 15% year-on-year.

·       Group EBITDA margin of c.13% recorded.

·       c.$416.4 million sales order book at 30 September 2025.

·      Hunting Titan is trading in line with expectations and well ahead of the same period in 2024 as improvements to financial performance are delivered.

·      North America operating segment performing marginally ahead of expectations, driven by robust demand for TEC-LOCK™ semi-premium connections.

·    Subsea reports trading in line with expectations in the year-to-date, with a robust market outlook to 2028. Integration of Flexible Engineered Solutions (“FES”) progressing well, with cross selling opportunities being captured.

·      EMEA restructuring continuing, with management on track to deliver annualised cost savings of c.$11 million by June 2026. The restructuring has disrupted trading to certain businesses within the region, leading to the Group’s anticipated full year outturn noted below.

·       Asia Pacific also trading in line with expectations.

·      Organic Oil Recovery (“OOR”) business scaling up following technology acquisition, with two treatments in the North Sea underway in the quarter for a major operator.

·       Balance Sheet remains strong with net assets of c.$907 million.

Cash and Liquidity

·      Total cash and bank / (borrowings) of c.$47.1 million at quarter-end, reflecting investment in inventory, and the impact of the share buyback.

·    Total liquidity¹ of c.$336.5 million as of 30 September 2025 available to the Group to pursue acquisition focused growth.

·    The Directors continue to examine a range of bolt-on acquisition opportunities across all the Group’s key product groups.

·     During the period, the Group exercised its option to extend the maturity of the $200m RCF by 12 months to October 2029.

Outlook and 2025 Outturn

·    2025 EBITDA outturn is expected to be at the lower end of the Company’s published guidance range of $135-$145 million, representing strong year-on-year growth compared to 2024.

·       c.$30 million / 75% of share buyback to be completed by year-end.

·      Year-end cash and bank / (borrowings) anticipated to be c.$40-$45 million, which includes projected cash to be absorbed from the share buyback, in addition to the impact of working capital instruments utilised by the Group.

Jim Johnson, Chief Executive of Hunting, commented:

“The encouraging performance at the half year has continued into the third quarter with Hunting delivering a 15% year-on-year increase in its year-to-date EBITDA thanks to trading within the OCTG product group.

“The integration of FES has continued in the quarter with strong cross selling opportunities being identified, above those anticipated at the time of acquisition.

“Our balance sheet remains strong, coupled with a robust year-end cash projection and Hunting retains c.$336.5 million of liquidity available to pursue growth opportunities, while also balancing these with increased shareholder returns. Management is also continuing to review high quality acquisition opportunities, with a focus on subsea and well completions.”

Yet again Hunting has delivered in line with strong expectations with $100m of  EBITDA and as promised an increase in margin to 13%, heading towards the 15% target. The order book is $416.4 which is excellent, flattening of course due to the KNOC order but that has already seen an increase in revenues. 

The guidance has remained but management are tilting at the lower end of the range due to higher than expected EMEA restructuring, elsewhere operationally all seems in good nick. US onshore pressure hasn’t really affected the business, for example Titan is in line with expectations which it should be remembered are ‘well ahead’ of the same period in 2024. Overall, in North America Hunting report the operating segment performing marginally ahead of expectations, driven by robust demand for TEC-LOCK™ semi-premium connections.

In Subsea things are unsurprisingly looking good, in line with what have become high expectations the company report a ‘robust market outlook to 2028, yup 2028…The company have said that the integration of Flexible Engineered Solutions is progressing well with cross selling opportunities being captured. 

I can second that as last week I was privileged to go up to Ashington and meet the team at FES and take a look around the facilities.  The business is a real joy, high quality subsea and fluid transfer engineering and with all the top international oil companies as clients and at very high margins. It is a natural fit with Hunting who I imagine are already getting stuck into serious cross-fertilisation. 

Hunting has a very strong balance sheet with cash of $47.1m massively up on last year despite divvis and the buy-back, and with the plan to continue to make further acquisitions, says that it retains c.$336.5 million of liquidity available to ‘pursue growth opportunities’.

Hunting has performed very well recently, despite the oil price the shares are up a short 40% in the last six months and I’m more than happy with my TP of 500p. Business is good and in high margin, high tech, repeatable areas of the market such as energy, medical and power generation.

Q3 Trading Update

Hunting’s trading performance during Q3 2025 was, overall, in-line with management’s expectations across most operating segments and product groups.

The Hunting Titan operating segment reports stronger profitability compared to the prior year, as management focus on improved production efficiencies, while also capitalising on market activity in South America and the Middle East. Trading within the North America operating segment has been marginally ahead of expectations, due to strong OCTG sales in the period, offsetting some softness within the Advanced Manufacturing product group. The Subsea Technologies operating segment delivered better results throughout the quarter as orders for ExxonMobil Guyana and TPAO in the Black Sea were progressed. Management now expects FES to contribute c.$3 million to the Group’s EBITDA result for 2025. Multiple cross selling opportunities have been identified since acquisition, which are being developed by management, as the integration continues. The restructuring within the EMEA operating segment continues, with the facilities being closed in the Netherlands and Norway in the period, coupled with the opening of the Group’s larger facility in Dubai, UAE. This led to some disruption to trading during the quarter. The Group’s Asia Pacific operating segment has continued to trade in line with expectations.

Year-to-date EBITDA of c.$100.5 million reflects an in-line trading result across all the Group’s product groups and operating segments. Group EBITDA margin of c.13% has been achieved in the year-to-date.

On 30 September 2025, total cash and bank / (borrowings) was c.$47.1 million.

Under the Company’s share buyback programme, which began on 28 August 2025, 3,510,198 Ordinary shares have been purchased for cancellation, absorbing c.$15.6 million to 21 October 2025 before costs.

The Group’s balance sheet remains strong, with net assets on 30 September 2025 of c.$907 million. Working capital is marginally higher since the Half Year at c.$366.5 million, reflecting raw materials purchases made in the quarter for committed orders. Management anticipates that working capital will reduce by c.$25 million by the year-end.

The 2025 interim dividend of 6.2 cents per share will be paid on Friday 31 October 2025, which will absorb c.$9.6 million.

Capital expenditure for the full year is now anticipated to be c.$35-$40 million, comprising tangible and intangible expenditure.

The Group continues to report a strong tender pipeline across most product groups. New, large tenders are being assessed by management for the Group’s OCTG product group. Management has a positive outlook for Subsea orders, as new tenders are anticipated to be issued during 2026.

Management continues to evaluate several acquisition opportunities, with the focus remaining on subsea and well completion targets.

Outlook and 2025 Outturn

The Directors remain vigilant and continue to monitor the macro-environment closely for increased signs of volatility. Trading remains steady across most product groups, with the expected outturn for the year at the lower end of the Company’s guidance range of $135-$145 million. Year-end cash and bank / (borrowings) is likely to be in the range of $40-$45 million, assuming that the share buyback continues at the current rate of market purchases.

Date of Next Trading Update

The Group’s next Trading Update is scheduled for Tuesday 13 January 2026.

Notes:

1.    Total liquidity is comprised of Hunting’s $200 million revolving credit facility which remains undrawn; uncommitted facilities of $89.4 million and total cash and bank / borrowings of $47.1 million.

Petrofac

Further to its announcement on 21 October, Petrofac confirms it has received notification from TenneT terminating its scope of work on the 2GW programme with immediate effect.

Having carefully assessed the impact of TenneT’s decision, the Board has determined that the Restructuring, which had last week reached an advanced stage, is no longer deliverable in its current form.

The Group is in close and constant dialogue with its key creditors and other stakeholders as it actively pursues alternative options for the Group. In the meantime, Petrofac remains focused on serving its clients and maintaining operational capability and delivery of services across its businesses.

Further information will be shared in due course.

If this is what the further information is going to be like I’d rather not see it if that’s alright with you. The Petrofac situation goes from bad to worse and as I said before, I for one am getting pretty bored with it, what used to be the best company in the sector is now a laughing stock. 

And finally…

It’s Champions league time and on Tuesday the Gooners beat Athletico 4-0, the Magpies saw off Benfica and Villareal lost 0-2 to the Noisy Neighbours. Last night it got better, Chelsea put 5 on Ajax, Liverpool scored 5 away at Eintracht Frankfurt but Spurs only got a 0-0 draw at Monaco.

The third T20 against the Black Caps went the way of the first and was lost to rain, England won the series 1-0.