19 Mar 2024
Supplying gas to approximately 17% of Nigeria’s thermal power generation capacity
Upstream assets
Uquo
Savannah Energy Uquo Gas Ltd. holds an 80% economic interest in the exploration, development and production of gas within the Uquo Field, the Uquo Gas Project. The Uquo Field is a non-associated gas field, with gross 2P Reserves of 496.1 Bscf as at the end of 2024. It produces gas that is processed and transported through Accugas’ infrastructure to end customers. Condensate produced from the Uquo Field is exported via the Qua Iboe terminal. The remaining 20% economic interest in the Uquo Gas Project is held by AIIM. The Uquo Field was converted to a 20-year petroleum mining lease in accordance with the Petroleum Industry Act 2021 and effective from 1 December 2023.
496.1 Bscf
Gross 2P Reserves pro forma post SIPEC Acquisition as at end 2024
55.1 Bscf
Gross 2C Resources pro forma post SIPEC Acquisition as at end 2024
122.0 MMscfpd
Average gross daily gas production 2024
Stubb Creek
Stubb Creek Field is a producing oil field with considerable undeveloped, non-associated 2C gas Resources. On 10 March 2025, we completed the acquisition of SIPEC, whose principal asset is a 49% non-operated interest in the Stubb Creek Field, where our Universal Energy Resources Limited affiliate is the 51% owner and operator. This acquisition added 47.2 MMboe of gross Reserves and Resources, including 226 Bscf of gross gas resources1, securing significant additional long-term feedstock gas available for sale to our Accugas customers. We are now implementing an 18-month expansion plan designed to increase oil production from 2.7 Kbopd in 2024 to 4.7 Kbopd. Stubb Creek Field was converted to a 20-year petroleum mining lease in accordance with the Petroleum Industry Act 2021 and effective from 1 December 2023.
14.1 MMstb
Gross 2P Reserves pro forma post SIPEC Acquisition as at end 2024
513.1 Bscf
Gross 2C gas Resources pro forma post SIPEC Acquisition as at end 2024
2.7 Kbopd
Average gross daily production 2024
Midstream gas assets
Accugas
Savannah’s Accugas midstream business focuses on the marketing, processing, distribution and sale of gas to the Nigerian market. Savannah holds an 80% economic interest in Accugas, with the remaining 20% held by AIIM. Accugas receives gas from Uquo at its nameplate 200 MMscfpd processing facility, where the gas is treated and then transported through its approximately 260 km pipeline network.
200 MMscfpd
Gas processing facility
260 km
Pipeline network
4
Customers
Customers
Gas sales agreements
Savannah's three gas customers are:
- Calabar Generation Company Limited (owner of the Calabar power station);
- Lafarge Africa PLC (owner of the Lafarge Mfamosing cement plant); ans
- Ibom Power Company Limited (owner of the Ibom power station);
- A CPR, dated March 2025, for the Nigeria Assets was compiled by McDaniel & Associates, which certified 2P Reserves and 2C Resources as at 31 March 2025. The Reserves and Resources have been adjusted to year end 2024 post SIPEC Acquisition.
