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Savannah Petroleum ( (GB:SAVE) ) has issued an announcement.
Savannah Energy PLC has announced a fundraising initiative to raise up to £30.6 million through the subscription of new ordinary shares, alongside the lifting of the suspension and restoration of trading on AIM. The company has signed a new US$200 million hydrocarbon asset acquisition facility and provided a comprehensive operational and financial update. Key focus areas for the company include increasing cash collections in Nigeria, completing the SIPEC acquisition, and advancing renewable energy projects. Financially, the company reported a significant increase in total income for FY 2024 and record cash collections, despite a decrease in cash balances and an increase in net debt.
More about Savannah Petroleum
Savannah Energy PLC is a British independent energy company focused on delivering impactful projects. It operates primarily in the energy sector, with a strong emphasis on its gas business in Nigeria, which has significant contracted future revenues and a long reserve and resource life.
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: £344.5M
Find detailed analytics on SAVE stock on TipRanks’ Stock Analysis page.