Savannah Energy PLC has reported a 15% increase in production at Nigeria’s Stubb Creek oil field, reaching an average of 3,100 barrels of oil per day (bopd) in April 2025.
This was revealed in Savannah’s Q1 2025 financial statement published this week.
According to the report, gross production at Stubb Creek was 2.5 Kbopd in Q1 2024.
Earlier this year, the British independent energy company acquired Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC), a move that has contributed to the surge in production.
The SIPEC acquisition was finalized in March 2025 and grants Savannah a 49% non-operated interest in the Stubb Creek field, operated by its affiliate Universal Energy Resources Ltd.
After the transaction, Savannah initiated an 18-month drilling expansion campaign to raise gross production to approximately 4,700 bopd.
In its Q1 2025 trading update, Savannah also reported total revenues of $73.3 million, a 19% increase from the same period in 2024.
The Stubb Creek field contributed approximately $3.6 million to this revenue.
The company’s cash collections also rose by 6% to $124.8 million, with a reported cash balance of $110.4 million as of March 31, 2025.
Its net debt status decreased during the quarter to $597.8 million, down from $636.9 million at the end of 2024.
Significant enhancements in Stubb Creek’s reserves were also noted, with Gross 1P (proven) oil reserves increasing by 197% and Gross 2P (proven plus probable) reserves by 29%.
These improvements are attributed to advanced reservoir modelling and enhanced field monitoring protocols.
Going forward, Savannah is preparing for a potential two-well drilling campaign at the Uquo Field, set to commence in Q4 2025.
The development) well, Uquo NE, is expected to add up to 80 million standard cubic feet per day (MMscfpd) of gas production capacity.
Also planned is another exploration well, Uquo South, that will target an unrisked gross gas initially in place (GIIP) of 154 billion standard cubic feet (Bscf).
Savannah Energy’s CEO Andrew Knott expressed optimism about the company’s trajectory, saying 2025 will continue to be an exciting year for the business as they make progress on the Stubb Creek expansion and the Uquo Field drilling campaign.
The Stubb Creek marginal field, located in Akwa Ibom State, has been in commercial production since 2015. It was converted to a 20-year petroleum mining lease under Nigeria’s Petroleum Industry Act in December 2023.