- Nigeria and Niger focused Savannah Energy posted a deeper annual loss owing to asset writedowns and acquisition costs, but forecast its revenue to jump in 2020.

Pre-tax losses for the year through December 2019 amounted to $105.4m, compared to losses of $24.6m on-year.

Exceptional items related to acquisitions of $75.5m included a fair value adjustment of $54.7m and transaction expenses of $29.7m.

These were offset by a gain on acquisition of $10.2m, arising from the difference in fair value of the assets acquired and the consideration paid.

Savanah Energy also posted maiden revenues of $17.8m and forecast its revenue to jump to more than $200m in 2020.

Cash collection from the Nigerian assets in the first half of 2020 rose to $82.1m compared to $55.3m on-year.

'2019 was a pivotal year for our company,' chief executive Andrew Knott said.

'We completed the Nigerian asset acquisition in November 2019, which transformed Savannah into a highly cash-flow generative full cycle energy company.'

'Since acquiring the Nigerian assets, we have made significant strides in terms of operational and financial progress, as seen with the strong production figures and robust cash collections in the first half of 2020.'

At 9:25am: [LON:SAVE] share price was +0.15p at 7.75p

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