Savannah Energy an Africa-focused oil and gas company, has released its final audited results for the year ended 31 December 2022, which discloses $290.4 million revenue growth from $230.5 million in 2021 ahead of previously issued guidance of $215 million.
Operating and administrative expenses came in at $66.2m and Capital Expenditure for the year was $23.6m, both significantly under previous guidance. Savannah’s cash balance on 31 December 2022 was $240million, up 56 per cent from last year, compared to its current market cap of US$420m. Total group assets amounted to US$1.76billion, compared to US$1.35million in FY21.
