Oil price, Savannah, Eco Atlantic, Gulf Keystone.

WTI (Oct) $85.01 -$2.05, Brent (Oct) $92.17 -$2.22, Diff -$7.16 -17c.

USNG (Sep) $2.78 +1c, UKNG (Sep) 169.71p +7.66p, TTF (Oct) €69.165 +€3.335.

Oil price

Oil has fallen another $2.50 today as markets are unsure of whether the Trump/Bessent sanctions will work or not, and even if they do, will likely not become obvious for 30, maybe 60 days. Also the US is rather depending on collateral participation from trading partners of Iran who appear to be China, Iraq, Turkey, India, Russia and Pakistan so good luck with that…

Yesterday the Houthis attacked another Saudi tanker in the Red Sea but interestingly whilst normal reporters show virtually no tanker traffic through Hormuz, the Total CEO alleged that the shadow/dark fleet is still bringing more and more crude oil out…

Savannah Energy

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to provide the following trading update for the seven months to 31 July 2026. All figures are unaudited.

Andrew Knott, CEO of Savannah, said:

“Savannah continues to make strong progress against the nine core focus areas we set out for the business at the start of 2025.

In Nigeria, I am particularly pleased that Uquo 13, formerly known as Uquo NE, has achieved first gas and is on stream, after having successfully been tested at approximately 50 MMscfd. We are also currently completing the Uquo South exploration well, where we have discovered gas in most of the targeted reservoirs. Following completion of the well, we will undertake further testing and evaluation to assess the significance and potential resource implications of the discovery.

At Stubb Creek, our production expansion programme continues to deliver, with average gross daily production increasing by 29% year-on-year to 3.7 Kbopd for the first seven months of 2026 and exceeding 5.0 Kbopd for July. The programme as a whole is targeting annual average gross production of up to 4.7 Kbopd.

Financially, we have maintained a strong momentum in cash collections in the year to date, with collections increasing by 13% year-on-year to US$247.9 million for the first seven months of 2026. Revenue increased by 10% over the same period, while our Trade Receivables balance has reduced by 22% since year-end 2025 to US$394.6 million. We have also strengthened our financial flexibility through the increase of the Stubb Creek Reserve Based Lending facility (the “RBL Facility”).

Looking ahead, our focus is on delivering further operational progress from our existing asset base, including the testing and evaluation of Uquo South and the continued expansion at Stubb Creek, while actively pursuing value-accretive acquisition opportunities across both hydrocarbons and power.”

This update is notable for its operational successes, particularly at Uquo 13 which is now onstream and the company is expecting average gross daily production for the remaining five months of the year to average over 20 Kboepd with guidance of 18-20 Kboepd for FY 26.  

Uquo South is nearing completion and has upside potential which adds to the positive note on the operational front. And Stubbs Creek continues to deliver with average gross daily production in July exceeding 5.0 Kbopd which is an excellent performance.

Elsewhere there are a number of things to watch out for, later this year might see a potential catalyst from the main arbitration decisions expected in the second half of this year. Financially, 7 month Cash collections and Revenue were both up strongly year-on-year at +13% and +10% respectively. The company expect FY 25 accounts to be published in September at which point the shares will immediately resume trading. 

Highlights

Operational

·     Drilling and completion activities at the Uquo 13 well location have been concluded. The well was tied back to the Uquo Central Processing Facility (“CPF”), achieved first gas in July and is on stream, after having successfully been tested at approximately 50 MMscfd;

·      The Uquo South exploration well spudded in early August 2026 and is currently being completed. Gas has been confirmed in most of the targeted reservoirs through pressure measurements, fluid sampling and logging. The Uquo South discovery is expected to be fully evaluated following completion of the well and the planned testing programme;

·      Following completion of the SIPEC Acquisition in March 2025, the production expansion programme underway at Stubb Creek has delivered a 29% year-on-year increase in average gross daily production to 3.7 Kbopd for 7M 2026 (7M 2025: 2.8 Kbopd). Average production in July 2026 was in excess of 5.0 Kbopd;

·      Group average gross daily production was 16.3 Kboepd for 7M 2026 (FY 2025: 18.8 Kboepd). With Uquo 13 now on stream, average gross daily production is expected to exceed 20 Kboepd over the remaining five months of the year, with FY 2026 average gross daily production anticipated to be in the range of 18-20 Kboepd, including further upside potential from the Uquo South exploration well¹; and

·      Actively reviewing opportunities in both the oil and gas and thermal and renewable power sectors, with the expectation of announcing transaction(s) over the course of the next 24 months.

Financial (unaudited)

·     Stubb Creek RBL Facility increased to US$130.0 million, with the tenor extended to August 2031 and margin reduced to 7.5% per annum;

·      7M 2026 cash collections increased by 13% year-on-year to US$247.9 million (7M 2025: US$219.2 million);

·      7M 2026 Revenue increased by 10% year-on-year to US$160.6 million (7M 2025: US$146.0 million);

·     As at 31 July 2026, cash balances totalled US$62.0 million (31 December 2025: US$42.7 million) and net debt stood at US$672.0 million (31 December 2025: US$658.8 million); and

·     Trade Receivables balance as at 31 July 2026 was US$394.6 million, a 22% reduction on year-end 2025 (31 December 2025: US$508.5 million).

Sustainability

·      Published the Sustainability Review 2025;

·      Published Savannah’s first disclosure report in accordance with IFRS S1 and S2; and

·      Published Savannah’s Sustainability Accounting Standards Board (“SASB”) 2025 disclosure report.

Operational Update

Drilling of the Uquo 13 development well commenced in early April 2026 and was successfully completed at the end of May 2026. The well was subsequently tied back to the Uquo CPF, achieved first gas in July 2026 and is on stream, after having successfully been tested at 50 MMscfpd. The Uquo South exploration well was spudded in early August 2026 and is currently being completed. Gas has been discovered in most of the targeted reservoirs, with the potential resource implications of the discovery to be assessed following completion of the well and the subsequent well testing and evaluation programme. The well was targeting an unrisked gross GIIP of 131 Bscf and, subject to the results of the well testing programme, has the potential to provide incremental gas resources within the Uquo licence area.

Following completion of the SIPEC Acquisition in March last year, the Stubb Creek expansion programme continues to progress well, already delivering a 29% year-on-year increase in average gross daily production to 3.7 Kbopd in 7M 2026. The full programme, expected to take up to 24 months, is anticipated to raise annual gross production to as much as 4.7 Kbopd. The Front-End Engineering and Design phase of the expansion programme has been completed, while we are planning the execution phase, with the expected signing of an Engineering, Procurement and Construction contract by the end of 2026. In parallel, early works have been fast-tracked to support an accelerated production ramp-up ahead of the broader expansion programme, with average production in July 2026 in excess of 5.0 Kbopd.

Average gross daily production was 16.3 Kboepd for 7M 2026 (FY 2025: 18.8 Kboepd), of which 77% was gas (FY 2025: 83%)¹. With Uquo 13 now on stream, average gross daily production is expected to exceed 20 Kboepd over the remaining five months of the year, with further upside depending on the success of the Uquo South exploration well. Savannah expects FY 2026 average gross daily production to be in the range of 18-20 Kboepd.

The Company continues to engage with the Government of Niger in relation to the R1234 PSC and the forward work programme. These discussions are aimed at resolving disputed issues arising under this contract and notably cover the contractual and operational framework for recommencing activity, including the treatment of periods during which operations have been materially constrained. The Company continues to reserve its rights under the R1234 PSC and is seeking to agree a mutually acceptable basis with the Government for future operations. Work will only recommence on these assets if, and when, the Company reaches such a satisfactory agreement with the Government.

Financial Update (unaudited)

7M 2026 Performance Highlights

7M 2026 cash collections increased by 13% year-on-year to US$247.9 million (7M 2025: US$219.2 million), while 7M 2026 Revenue rose by 10% year-on-year to US$160.6 million (7M 2025: US$146.0 million).

As at 31 July 2026 cash balances were US$62.0 million (31 December 2025: US$42.7 million) and net debt stood at US$672.0 million (31 December 2025: US$658.8 million). Gross debt as at 31 July 2026 was US$734.0 million, of which only US$55.7 million (8%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis.

The Trade Receivables balance as at 31 July was US$394.6 million, a 22% reduction on year-end 2025 (31 December 2025: US$508.5 million). This relates primarily to amounts due under various gas sales agreements in Nigeria. Delivering an increase in cash collections in Nigeria remains a key focus area for the business.

Hedging

Savannah implements a rolling hedging programme for Stubb Creek oil production to ensure appropriate levels of cash flow in periods of oil price weakness. This strategy is primarily achieved through purchasing put options together with some limited volumes of collars where appropriate. Savannah does not utilise swaps or other fixed price instruments.

For H2 2026, Savannah has hedged 325,000 bbls of production using put options with a weighted average strike price of US$52/bbl and a further 215,000 bbls of production with collars with a weighted average floor price of US$59/bbl and weighted average ceiling price of US$83/bbl. Over 80% of the forecast oil production for the next 12 months has unlimited oil price upside and the remainder has a ceiling price broadly in line with the current average forecast oil price for the period.

Stubb Creek RBL Facility

Savannah Energy SC Limited (a wholly owned subsidiary of the Company) has signed an amendment to the Stubb Creek RBL Facility, increasing the RBL Facility to US$130.0 million and extending the final maturity date to August 2031. The Standard Bank of South Africa Limited and Stanbic IBTC Capital Limited are the Mandated Lead Arrangers of the RBL Facility.

Arbitration Update

Our wholly owned subsidiary, 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, 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 H2 2026.

SCI and SMIL are claiming in excess of US$775 million (plus interest, which is currently estimated at in excess of US$215 million, and costs) for the nationalisation of their rights and assets in Chad.² SMIL has a claim valued at approximately US$330 million (plus interest, which is currently estimated at in excess of US$67 million, and costs) for breaches of its rights in relation to COTCo.³ 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 arbitration proceedings.

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.⁴ SCI is defending the claims vigorously. We currently expect these arbitral proceedings to be concluded in H1 2027.

Capital Allocation

As stated in the Company’s update on 4 February 2026, Savannah’s capital allocation policy remains unchanged. The Company intends to allocate any excess capital to its highest risk-adjusted return investment opportunities, assessed against the potential to return capital to shareholders. In this context, the Company has authority, granted by shareholders at the Annual General Meeting held on 1 June 2026, to purchase up to 313,288,589 Ordinary Shares and may undertake share buybacks opportunistically, subject to the Company being in an open period and not being in possession of inside information, and having regard to corporate liquidity and prevailing market conditions.

Update on FY 2025 Annual Report

The Company currently expects to release its FY 2025 Annual Report in September 2026. Pursuant to the requirements of AIM Rule 19, trading in the Company’s shares will remain suspended until publication of the FY 2025 Annual Report.

AIM Quotation Review Update

As previously announced on 22 October 2025, the Board initiated a review of the appropriateness of Savannah’s admission to trading on AIM and the potential alternative options available to the Company, including alternative listing venues or structures (the “Review”). The Review remains ongoing and no decision has been taken by the Board in relation to its outcome. A further announcement will be made as and when appropriate.

Eco (Atlantic) Oil & Gas

Eco has noted the recent announcements from its strategic partner Navitas Petroleum LP regarding assets in the Falkland Islands and South Africa.

Falkland Islands

As per Navitas’ Quarterly Report, announced on 24 August 2026, Navitas (subject to completion of its acquisition of PL001) intends to drill a multi-target exploration well on PL001 during its development drilling campaign in the North Falkland Basin, with part of the Sea Lion Project (NDA1) drilling campaign expected to commence at the beginning of 2027.

Navitas estimates that the first chosen drilling target on PL001 holds a 2U prospective resource of 640 million barrels of oil (“MMbbl”). Based on this estimate and pending completion of Eco’s acquisition of JHI Associates, Inc. (“JHI”), Eco’s share of the 2U prospective resource of PL001 will be approximately 225 MMbbl in the drilling success case. Navitas notes that in a success case this target could be tied back to the Sea Lion platform.

Navitas noted in its presentation there are several additional prospects that are not yet included in the resource reports. Eco will continue to update shareholders in due course, including updates on the completion of its acquisition of JHI, and any further updates from Navitas on the additional PL001 mapped prospects inclusion into the NSAI resource reports in due course. 

South Africa

Following the announcement of its farm-in to Block 1 CBK offshore South Africa in May 2026, which is pending government approval, Navitas and Eco have been working closely together to assess the scale of the block’s prospective resource to assess its potential future development options for the acreage.

Through this process, and based on existing seismic data, Block 1 CBK is estimated to have unrisked prospective gas resources totaling approximately 4.5 trillion cubic feet (“TCF”) and >3,600 MMbbl. While additional seismic interpretation will take place, the increased updates to Block 1 CBK’s resources is a reflection not only of the quality of the acreage but also the success of Eco and Navitas’ ongoing technical work. The licence Joint Venture partners are awaiting the customary regulatory approvals, including approval of Navitas’ Section 11 application, which is currently being reviewed by the relevant authorities based on Navitas’ regulatory-required technical and financial capabilities. 

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

“Yesterday’s updates from Navitas further support our ongoing cooperation in both the Falkland Islands and South Africa, as well as in Guyana and potentially other projects. In the Falkland Islands, the resource estimate released by Navitas for the first drilling target on PL001 further underline the quality and potential of the asset and reinforce our decision to increase Eco’s exposure to the licence through our acquisition of JHI, which we expect to complete once final approval is received from the Falkland Islands Government.

As evidenced by Navitas’ updated resources for Block 1 CBK, South Africa has world-class offshore oil and gas potential, with the capacity to strengthen energy security, attract significant international investment and support jobs and economic growth. However, unlocking these benefits requires a clear, stable and efficient regulatory framework that gives investors the confidence to commit capital while maintaining rigorous environmental standards, as has been achieved by Eco in 2022 in the Orange Basin South Africa and in neighbouring Namibia.”

Navitas’ filings can be accessed via the following link:

https://maya.tase.co.il/en/companies/1688/reports

Gulf Keystone Petroleum

Gulf Keystone has today announced its results for the half year ended 30 June 2026.

Jon Harris, Gulf Keystone’s Chief Executive Officer, said:

“GKP’s operational and financial performance in the first half of 2026 demonstrated the resilience of our business, our people and the Shaikan Field through a period of significant regional disruption. Our priority throughout has been the safety of our workforce while decisive action to reduce expenditures has enabled us to minimise cash outflow, maintain a robust, debt-free balance sheet and pay a $12.5 million dividend to shareholders.

We are pleased to have recently restarted production and exports following the extension of the tripartite interim export agreements, with volumes continuing to ramp up to prior levels. Despite the security issues in 2026 impacting production, the interim export agreements have worked effectively, with improved remuneration relative to local sales and consistent payments without delay following crude liftings.

Looking ahead to the remainder of the year, our focus is on maintaining stable production and exports, progressing the PF-2 water handling project and securing full PSC entitlement for past and present export sales at international prices. The latter would bolster cash flow generation, supporting our decision today to announce a semi-annual dividend of $10 million, and provide the foundations for a return to production growth in 2027. I would like to thank our staff, shareholders and wider stakeholders for their continued support.”

Given the circumstances this is a highly creditable set of interims, production has been volatile and now appears to be back up to c.45/- b/d with much bigger potential longer term. With exports through the pipeline giving international prices the company are clearly bullish, having paid a $12.5m dividend already, today they announce a $10m ‘semi-annual’ payment due 28th September. 

Assuming no further changes on the political front, and if production continues to ramp up with the PF-2 water handling facilities ‘progressing’ enabling increases in output, then the outlook is good. Whilst the receivables backlog still has cause to questions from shareholders at today’s webcast the balance sheet is ‘robust and debt free’ which is excellent.

Although the short term outlook remains uncertain, GKP has stayed the course and the Shaikan field is a world class asset with substantial potential capable of throwing off cash under almost any circumstances, the outlook is positive indeed. 

Highlights to 30 June 2026 and post reporting period

Operational

• Gross average production of 14,600 bopd in H1 2026 (H1 2025: 44,100 bopd) reflects impact of precautionary shut-in between 28 February and 23 June 2026 due to regional security issues
  • After gross production had restarted on 24 June 2026 and successfully ramped up to over 45,000 bopd, a second precautionary shut-in took place between 19 July and 15 August 2026
• Shaikan Field production restarted on 16 August 2026, with gross volumes currently approaching 40,000 bopd
  • The production ramp-up is ongoing, with well activities underway to bring incremental volumes online and return to prior production levels soon
• Majority of work programme suspended during shut-ins to reduce costs and preserve liquidity, with only safety critical or strategic projects proceeding
  • Installation of water handling facilities at PF-2 remains on track for start-up in Q1 2027, targeting incremental production growth, increased facility capacity and reduced reservoir risk
• Assets and workforce protected, with zero Lost Time Incidents for over three and a half years

Financial

• Resilient financial performance in H1 2026, with cost reductions enabling the Company to minimise the free cash outflow in the period to $(2.0) million (H1 2025 free cash flow: $24.6 million)
• Revenue based on entitlement invoices, a non-IFRS measure, of $82.8 million in H1 2026 was broadly flat relative to the prior period (H1 2025: $83.1 million)
  • Average realised price of $83.5/bbl (H1 2025: $27.8/bbl) for H1 2026 export sales, representing a $8.8/bbl discount to Dated Brent
  • Cash receipts for H1 2026 export sales equated to approximately $30/bbl as per the interim export agreements, with the differential to the reported realised price accruing as a top-up receivable
• Adjusted EBITDA of $51.7 million in H1 2026 (H1 2025: $41.1 million), with reduced production resulting from the temporary shut-in more than offset by higher realised prices and lower operating costs
  • 25% decrease in operating costs to $20.2 million in H1 2026 (H1 2025: $26.9 million), reflecting the production shut-in and the prompt implementation of cost reduction measures
  • 6% reduction in other G&A expenses to $4.3 million (H1 2025: $4.6 million)
• Net capital expenditure of $18.3 million (H1 2025: $18.1 million) reflecting investment in safety critical facility upgrades, well workovers and the ongoing construction of PF-2 water handling facilities
  • Almost half of the expenditure in the period took place prior to the production shut-in on 28 February 2026 and actions taken by the Company to suspend or slow down the majority of capital projects
• $12.5 million semi-annual dividend paid to shareholders in April 2026
• Robust, debt free balance sheet, with cash of $63.5 million as at 24 August 2026

Outlook

• Gulf Keystone is focused on completing the ongoing ramp-up of production to prior levels and maintaining stable export sales, subject to the security environment
• Assuming stable production and export sales, the Company will continue to progress the PF-2 water handling project, safety critical facilities upgrades and selective, low-cost production optimisation initiatives
• The Company is focused on achieving full PSC entitlement for export sales at international prices:
  • The tripartite interim export agreements between the International Oil Companies (“IOCs”), Federal Government of Iraq (“FGI”) and Kurdistan Regional Government (“KRG”) have been extended for six months to the end of January 2027 to enable the negotiation of longer-term agreements for export sales at international prices
  • Following the completion of the independent consultant’s review of IOC invoices and contractual entitlements, the Company is working to secure additional liftings and associated top-up payments to reconcile export sales since September 2025 to international prices
  • The Company is seeking the commencement of additional liftings in Q3 2026
• In parallel, the Company is engaging with Kurdistan’s Ministry of Natural Resources (“MNR”) regarding a revised Shaikan Field Development Plan (“FDP”) and preparing for a potential return to field development and drilling in 2027, subject to receiving full PSC entitlement for export sales

Shareholder distributions

• The Board has carefully considered the Company’s operating environment and outlook, current cash balance, ability to reduce expenditures and progress towards achieving full PSC entitlement for its export sales
• Consequently, the Board has decided to declare an interim dividend of $10 million, equivalent to $0.046 per Common Share
• The dividend will be paid on 28 September 2026, based on a record date of 11 September 2026 and ex-dividend date of 10 September 2026