EARNINGS: Savannah Energy confident despite 2024 revenue drop

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on ...

Alliance News 22 January, 2025 | 3:04PM
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(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Wednesday, and not separately reported by Alliance News:

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Savannah Energy PLC - London-based mining company focused on Africa - Estimates total revenue in 2024 was USD258.7 million, down slightly from USD260.9 million year-on-year. Production was "broadly in line with the prior year", though Savannah averaged 23,100 barrels of oil equivalent per day, down from 23,600 boepd in 2023. The firm expects to report higher total income of USD393.6 million versus USD289.8 million year-on-year, with an increase in other operating income offsetting the revenue drop. Annual cash collections in Nigeria rose to a record USD248.5 million from USD206 million the previous year. However, cash balance reduced to USD32.6 million at December 31 from USD107.0 million the prior year, due to higher net debt, which was around USD634.0 million at the year-end, compared to USD473.7 million in 2023. Savannah says it converted a NGN332 billion loan into approximately USD213,328, which was used for partial repayment of a separate loan. The company says it is commissioning a USD45 million processing facility in Nigeria, with procurement underway on new drilling campaigns. Plans are progressing to acquire Sinopec International Petroleum Exploration & Production Company Nigeria Ltd. Savannah is also looking for an "alternative transaction structure" to buy into a South Sudanese oil and gas project. The company expects total invoiced sales for 2024 ahead of previous guidance. The firm anticipates capex slightly below expectations.

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Ariana Resources PLC - London-based miner of gold and technology metals - Reports its "second highest revenue ever" at the Zenit project in Turkey, where estimated gross revenue was USD54.7 million and average revenue per gold ounce was USD2,621. Ariana says it sold 20,866 ounces of Zenit gold in 2024 versus the expected 20,000 ounces. The company continues work at its Tavsan and Kiziltepe projects, also located in Turkey. Production will restart shortly at Kiziltepe's Arzu South mine which was recently extended. This has exposed additional ore for mining in the first-quarter of 2025, Ariana says. The company adds that Tavsan's production grew during 2024, with the processing plant now complete, and testing due to commence, though some operations at the site are delayed by weather conditions.

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Afentra PLC - London-based mining firm focused on African oil and gas` - Says net average production in the year to December 31 was 6,229 barrels of oil per day, with 2.27 million barrels sold at an average price of USD82 each. The company estimates USD186.7 million in revenue from the sales. Year-end cash resources are valued around USD54.8 million, including USD7.9 million in restricted funds. Afentra has a USD42.0 million reserve-based loan and no working capital facility. The firm says net cash balance at December 31 was USD12.8 billion. Afentra notes "strong operational performance post-shutdown" of its facilities, which were upgraded in 2024. The company notes a new licence award for onshore mining in Angola's Kwanza Basin and says it expects to increase investment in 2025.

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Greatland Gold PLC - London-based miner targeting Western Australia - Says it has completed acquisition of the Telfer and Havieron projects, putting its stake at 100% as of December 4. The company notes Telfer's total production as 29,864 ounces of gold and 1,189 tonnes of copper during Greatland's first 27 days of ownership. Greatland is planning to extend Telfer and is engaged in feasibility studies for the Haverion project, targeted for completion in the second-half of 2025. Greatland says net cash balance at December 31 was AUD145.0 million, approximately GBP73.7 million, with an undrawn working capital loan of AUD75 million. The company will report guidance for the remainder of 2025 in April.

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Europa Metals Ltd - Perth, Australia-based mining firm with European assets - remains suspended in London as it continues negotiations to buy Viridian Metals Ireland Ltd. Europa says it is seeking "additional near term funding" for the acquisition. The two companies entered a conditional term sheet on September 4, with a 150-day mutual exclusivity period. Europa shares will remain suspended from AIM until the company publishes an admission document for the deal, or announces that it will not be proceeded. Europa advises caution for any transactions of its shares on the Johannesburg Stock Exchange, where they are still trading.

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By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Afentra PLC 51.80 GBX -1.15 -
Greatland Gold PLC 7.30 GBX 20.66 -
Ariana Resources PLC 1.69 GBX -3.43 -
Savannah Resources PLC 4.30 GBX -1.15 -
Europa Metals Ltd 2.00 GBX 0.00 -

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