Last checked at 28 Jun 2022 07:00
28 June 2022
Savannah Energy PLC
("Savannah" or the "Company")
First Gas Sales to TransAfam Power Limited
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that Accugas Limited ("Accugas"), the Company's 80% indirectly owned subsidiary, has commenced gas sales to TransAfam Power Limited ("TAPL") in relation to the provision of gas for use at its power plants in Rivers State, Nigeria.
As previously announced on 6 June 2022, Savannah signed an interruptible gas sales agreement ("GSA") with TAPL to supply up to 35 MMscfpd daily for an initial three-month period, with the option to extend for a mutually agreed period. The plant is connected to the Accugas network via the Nigerian Gas Company pipeline from Ikot Abasi.
Andrew Knott, CEO, Savannah Energy, said:
"I am delighted to report we have already begun first gas sales to TAPL, having signed an agreement at the beginning of this month. This will be the third customer we have commenced new gas supply to in the past month. We have now signed and operationalised GSAs with power plants comprising around 24% of the country's thermal generation capacity (up from 14% at the same time last year) demonstrating our dedication to the Nigerian industry and being the energy partner of choice."
Vincent Ozoude, MD/CEO, TransAfam Power Limited, commented:
"We are pleased that the gas supply from Accugas Limited to our plant has commenced. This, as earlier mentioned, will support in boosting our plant capacity recovery programme and improving power generation to the country."
Speaking on the development, the President, Transcorp Group, Mrs Owen Omogiafo, said:
"The commencement of the gas supply by Accugas Limited to our subsidiary TransAfam is in line with our strategic intent of increasing power generation in Nigeria, noting the role of energy in the nation's development. We remain committed to optimising our installed capacities across our various plants, as leaders in the sector."
For further information, please refer to the Company's website www.savannah-energy.com or contact:
| Savannah Energy | +44 (0) 20 3817 9844 |
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| Andrew Knott, CEO |
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| Nick Beattie, CFO |
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| Sally Marshak, Head of IR & Communications |
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| Strand Hanson (Nominated Adviser) | +44 (0) 20 7409 3494 |
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| James Spinney |
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| Ritchie Balmer |
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| Rob Patrick |
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| finnCap Ltd (Joint Broker) Christopher Raggett Tim Redfern | +44 (0) 20 7220 0500 | |||||||||||||
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| Panmure Gordon (UK) Ltd (Joint Broker) John Prior Hugo Rich James Sinclair-Ford | +44 (0) 20 7886 2500 | |||||||||||||
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| Camarco | +44 (0) 20 3757 4983 | |||||||||||||
| Billy CleggOwen RobertsViolet Wilson | ||||||||||||||
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The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation (EU) No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended), and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
About Savannah Energy
Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of Projects that Matter in Africa and is active in Cameroon, Chad, Niger and Nigeria.
Further information on Savannah Energy PLC can be found on the Company's website: www.savannah-energy.com.
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