Company
LON:SOUC
Southern Energy Corp is a natural gas exploration and production company. The company has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Southern Energy's management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.
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A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
Ian Atkinson, president and CEO of Southern, said: "We are truly excited by our ability to begin a long-term development drilling program to unlock shareholder value due to the significant reserves, production and cashflow growth in Gwinvil
“With our strengthened financial capability, we now look ahead to further exciting operational activity at Gwinville while also being capable of considering M&A opportunities in our core area of expertise from a position of strength,” said
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WTI $104.27 -$1.92, Brent $110.05 -$1.69, Diff -$5.76 +23c.USNG $6.24 -62c, UKNG 196.9p -11.9p, TTF €6.133.00 -13cOil priceOil fell again after Jerome Powell of the Fed admitted that they may have misjudged inflation leading to a possible r
When combined with the US$17.5 million prospectus offering the total size of the offering has increased to US$31.0 million (approximately £25.2 million/C$40.3 million) before expenses
The company said all three of the horizontal wells from the Gwinville 1903 padsite were flowing to sales at highly restricted rates, with the padsite currently producing approximately 15.3 million cubic feet per day
“This is an important period for our company, and we are pleased to be adding further expertise to our already strong board,” Southern Energy non-executive chairman Bruce Beynon said
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WTI $122.11 +$2.70, Brent $123.58 +$3.01, Diff -$1.47 +31c.USNG $8.70 -59c, UKNG 156.5p +25.46p, TTF €89.420 +€9.42Oil priceA big rise in the crude price yesterday, Chinese economic data, specifically export numbers was better than expected
The Canaccord analysts said: "We think this is an excellent start, with the well still cleaning up and appearing to improve as that continues"
The natural gas exploration and production company highlighted well GH 19-3 No. 2, which is flowing at an initial level of 7.7 million cubic feet per day, at a highly restricted flowing pressure, exceeding the company's modelled type curve
"Our balance sheet is getting stronger and we are being rewarded for our investment strategy in prior quarters with strong production yielding significant cash flow,” the company's CEO Ian Atkinson said
Archive
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
In a statement reporting fourth quarter and full year figures to end-December, the oiler said net earnings for the 12 months had come in at US$10.1 million, compared to a net loss of US$7.8 million in 2020
Ian Atkinson, president and chief executive officer of Southern Energy said: The NSAI report demonstrates that we have substantially extended the running room and future development potential of our asset which will complement our strategy
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Oil & Gas Daily FlowNon-Independent Research; Marketing & Sales Commentary - MiFID II exempt information – see disclaimer belowThe FCA is to scrap MiFID rules on small company research for companies with a market capitalisation of under £20
The company has an interest in 230 net producing and 90 non-producing wells which are comprised of conventional, low-decline, long-life reserves in fields with abundant infrastructure, low operating costs and premium commodity pricing
Southern Energy CEO Ian Atkinson said: "These wells will have a short payback and are strategically located in proximity to the Henry Hub terminal which attracts premium regional gas pricing”
Southern Energy is positioned to continue its organic and acquisition-based growth strategy, says chief executive Ian Atkinson
Chief executive Ian Atkinson described it as a key moment for the company.
