Savannah Energy : Annual Report and Accounts for 2022

Delivering

Projects that Matter

ANNUAL REPORT AND ACCOUNTS 2022

Contents

Highlighted section one:

Why invest in Savannah

Read more on page 4

Highlighted section two:	Highlighted section three:
Why we do what we do	CEO Shareholder Letter

Read more on page 8

Read more on page 18

Strategic report

2 At a glance

1. Why invest in Savannah Energy

1. Chair's statement

1. Why we do what we do

1. CEO Shareholder Letter

1. Featured article
   Guest authored by Dr. Richard Norris

1. Featured article
   Guest authored by NJ Ayuk

1. Business model

1. Strategy in Action: Renewable energy projects

1. Our strategy and key performance indicators

1. Stakeholder engagement

1. Sustainability Review

1. TCFD

1. Stakeholder views

1. Country review: Cameroon

1. Country review: Niger

1. Country review: Nigeria

1. Financial review

1. Risk management


Highlighted section four: Will net-zero undermine the

rise of Africa?

Read more on page 24

Governance

1. At a glance
2. Board of Directors

1. Chair's introduction to Corporate Governance Report
2. Applying the Quoted Companies Alliance Corporate Governance Code (the "QCA Code")
3. Corporate Governance Report

1. Audit and Risk Committee Report

1. Remuneration and Nomination Committee Report

1. Directors' Remuneration report

1. Compliance Committee Report
2. Health, Safety, Environment and Security Committee Report
3. Directors' Report
4. Statement of Directors' Responsibilities

Highlighted section five Africa is entering

the era of independent energy companies

Read more on page 28

Financial statements

1. Independent Auditor's Report

1. Consolidated Statement of Comprehensive Income
2. Consolidated Statement of Financial Position
3. Company Statement of Financial Position
4. Consolidated Statement of Cash Flows
5. Company Statement of Cash Flows
6. Consolidated Statement of Changes in Equity
7. Company Statement of Changes in Equity
8. Notes to the Financial Statements

1. Reserves and Resources
2. Payments to Government
3. Glossary

1. Definitions

1. Footnotes

1. Company information and Advisers

Cover clockwise from top left: Chukwudoziem Umunna, Operations Superintendent, Uquo Central Processing Facility, Nigeria;

The waterfalls on the Bini River, inside the Bini a Warak project site, Cameroon; Metrological Mast Maintenance Team, Parc Eolien de

la Tarka wind farm project, Niger, photo credit: Abdoul Razack, Sahara Conservation; COTCo's Kome Kribi 1 floating storage and offloading vessel, Cameroon; Abdoulaye Amadou Daouda, Renewable Technician, Ministry of Energy and Renewable Energies for the Republic of Niger, in front of the metrological mast, Parc Eolien de la Tarka wind farm project, Niger

Strategic Report

Delivering Projects that Matter

Our purpose

We are a pan-African energy and resources company seeking to deliver excellent performance for our stakeholders. We want to meaningfully contribute to the economic development of the countries in which we operate through the development of businesses and projects that make

a material difference to those countries. We will continue to evolve to achieve our purpose. We are seeking to pursue

Projects that Matter.

Our stakeholders

Our people

Our host countries and communities

Governments, local authorities and regulators

Our shareholders and lenders

Our customers, suppliers and partners

Our vision

Our vision is to create a best-in-classAfrican-focused energy company delivering Projects that Matter that we and our stakeholders are proud of.

Our strategy

1.	2.
Deliver value	Optimise
safely and	existing
sustainably	portfolio
	performance

3.	4.
Deliver	Deliver
organic	value accretive
growth	inorganic
	growth
5.
Maintain	Read more about our
financial
strategy on page 38
strength and
flexibility

Our "SEE-IT" values

Sustainability	Excellence	Entrepreneurialism	Integrity	Teamwork
We seek to deliver	We strive to be the	We strive to act in a	We value and	We believe that
sustainable	best at what we do,	nimble fashion and	expect effort,	we accomplish
value for our	and we ensure that	prioritise being able	hard work, loyalty	much, much more
stakeholders.	appropriate	to move quickly to	and commitment.	when our people
	resources	take advantage of		work together
	are in place to	opportunities which		across functions
	enable delivery.	arise in our business.		and office locations.

Savannah Energy PLC	1
Annual Report and Accounts 2022

Strategic Report

At a glance

Investing in Africa

What we do

We seek to realise sustainable economic value for our stakeholders through the successful delivery of Projects that Matter.

2022 Total Revenues(a)

US$290.4m

Total Group assets¹

US$1.8bn

Remaining life of contract revenues(b)

US$3.8bn

End 2022 2P Reserves and 2C Resources life

23.7 years

End 2022 net 2P Reserves and 2C Resources

164.9 MMboe

Scale of renewable energy projects in motion

Weighted average remaining contract life

15 years

Key

  Current operations   Planned operations3

		Niger
		Nigeria
Our core		Cameroon
strength	Passion
matrix	for the
development
Debt and	of Africa	Regional
equity capital		relationships and
market access		understanding
Cash flow		Exceptional
	and motivated
generative
	human talent
business
	base
Differentiated		Ambitious,
	performance
operational
	orientated
capabilities
	culture
	Track record
	of technical
	excellence

Up to 525 MW

End of 2022 Group employees2

277

South

Sudan

2	Savannah Energy PLC
Annual Report and Accounts 2022

Our Assets

COTCo's Kome Kribi 1 FSO, offshore Cameroon

Read more about Cameroon on page 68

Strategic Report

Cameroon

• A 41.06%4 indirect interest in COTCo and a corresponding interest in the Cameroon ETS comprising:
• • 903 km export pipeline with a nameplate capacity of 250 Kbopd, including two pumping stations and a pressure reduction station; and
  • The Kome Kribi 1 FSO, offshore Cameroon.
• Agreement signed post-year end for the development of the Bini a Warak Hydroelectric Project, with an expected installed generation capacity of up to 75 MW. Project sanction is expected in 2024, with first power targeted in the 2027 to 2028 window.

Savannah's Eridal discovery, Agadem, Niger

Read more about Niger on page 72

Savannah's City Gate Gas

Receiving Facility, Nigeria

Read more about Nigeria on page 80

Niger

• 13,655 km2 under licence via the R1234 PSC in the highly oil prolific Agadem Rift Basin.
• R3 East development project expected to deliver plateau gross production of 5 Kbopd for eight years and tie in to the new Niger-Benin pipeline. A further exploration bank of 146 potential exploration targets have been identified.
• Progressing the up to 250 MW Parc Eolien de la Tarka wind farm project, with project sanction expected in 2024.
• Agreement signed post-year end for the development of two solar photovoltaic power plants, with an expected combined installed generation capacity of up to 200 MW. Project sanction is expected in 2024, with first power targeted in the 2025 to 2026 window.

Nigeria

• Significant controlling interest in a large-scale integrated gas production and distribution business supplying gas to enable approximately 24% of Nigeria's thermal power generation capacity. This comprises:
• • 80% interest in the Uquo Gas Project; and
  • 80% ownership of the Accugas Midstream Business comprising the 200 MMscfpd nameplate capacity Uquo Central Processing Facility and a c. 260 km gas pipeline network with c. 600 MMscfpd capacity.
• 51% interest in the Stubb Creek Field.

Savannah employees and senior management team at the Strategy Event, UK

Savannah Energy PLC	3
Annual Report and Accounts 2022