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Savannah Energy raises revenue forecast on Nigeria, Niger assets by 25.5% on improved output

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Africa-focused oil and gas producer Savannah Energy raised its 2022 revenue forecast for assets in Nigeria and Niger on Tuesday, helped by higher production.

The London-listed company said it expects revenue of more than $270 million, compared with an earlier forecast of $215 million.

The forecast does not include its recently acquired assets in Chad and Cameroon.

Savannah earlier this month closed its purchase of Exxon Mobil Corp’s assets in Chad and Cameroon. However, Chad said last week it may ask its courts to block the deal, saying the final terms of the deal were substantially different from what had been presented to it a year ago.

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The company said on Tuesday production in Chad has continued uninterrupted at an average gross daily rate of about 28 thousand barrels of oil per day (Kbopd).

Savannah had said that its acquisition of ExxonMobil’s interest in the Doba fields and the TOTCO Pipeline “was conducted in full conformity with the requirements of the governing documents and the applicable law.”

The British energy firm last week also agreed to buy producing oil fields in South Sudan from Malaysia’s state energy firm Petronas for up to $1.25 billion.

It also cut its 2022 capital expenditure outlook by more than half to $35 million.

The company reported a 27 percent jump in revenue to $256.7 million for the 11 months to November and a 22 percent increase to its average gross daily Nigeria production.

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