StockMarketWire.com - Nigeria and Niger focused oil company Savannah Energy said it had achieved a 25% rise in production since it acquired new assets in Nigeria last year.

Average gross daily production in the period between 15 November and 31 March had jumped to 19.6k barrels of oil equivalent per day, up from 15.7 Kboepd on-year.

Cash collections from the Nigerian assets in the 2019 financial year were $168.8m, while collections from the beginning of the Savannah ownership period to date in 2020 were $96m.

'Power is an essential service for any country,' chief executive Andrew Knott said.

'In Nigeria, we are responsible for the provision of gas supplies to providers of over 10% of the country's current power generation capacity, a responsibility we take very seriously.'

'In this time of global uncertainty, it has been widely reported in the local press that many companies have struggled to supply gas-for-power in recent months, which has led to significant power outages in country.'

'In stark contrast Savannah, working closely with our principal customer Niger Delta Power Holding Company and the Transmission Company of Nigeria - who we thank for their strong cooperation - has increased our gas production levels by 34% since completing the acquisition of the Nigerian Assets.'




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