savannah energy plc said monday that it exceeded revenue guidance in 2021 as production grew 14 heres what the africafocused oilandgas company had to say fy 2021 average gross daily production was 223 kboepd a 14 increase from the average gross daily production of 195 kboepd in fy 2020 of the fy 2021 total average gross daily production of 223 kboepd 881 was gas including a 15 increase in production from the uquo gas field compared to 2020 from 103 mmscfpd 171 kboepd to 118 mmscfpd 197 kboepd fy 2021 total revenues of us2305m up 7 on fy 2020 on a likeforlike basis after adjusting 2020 total revenues of us2359m for an advance payment of us20m from lafarge africa which was received on entering a revised gas sales agreement this is ahead of the companys previously issued fy 2021 guidance of total revenues of greater than us2050m group cash balance of us1543m up 46 versus fy 2020 yearend cash balance of us1060m and net debt of us3700m down 9 versus fy 2020 yearend net debt of us4087m as at dec 31 2021 operating expenses plus administrative expenses are at or below the lower end of the guidance range of us550mus650m driven by the ongoing control of the cost base group depreciation depletion and amortisation of us20m fixed for infrastructure assets plus us23boe amended from us19m fixed for infrastructure assets plus us26boe an overall reduction due to the 27 reserves increase in nigeria as announced in the publication of the updated nigeria competent persons report on nov 23 2021 fy 2021 capital expenditure for the year is significantly below the guidance of up to us650m following the successful drilling of the uquo 11 gas development well and ongoing compression works which are now scheduled to complete in 2022