9th Jun 2022 16:44
Southern Energy Corp - oil and gas company focussed on the US state of Mississippi - Announces early flowback results from the first well of the three-well padsite at the Gwinville Field which suggest the generation three completion design is "far superior" to any previous Selma Chalk wells in the area. Well GH 19-3 2 is flowing at an initial level of 1,280 barrels of oil equivalent per day at a highly restricted flowing pressure. This is exceeding the company's modelled type curve, it adds. These additional volumes have increase the company's production by 60% to 3,175 boed.
Chief Executive Ian Atkinson says: "This is a transformational moment for our company; not only are we adding material production, reserves, and cash flow at a time when gas prices are near 14-year highs, but we are solidifying and executing our operational strategy to deliver multi-year redevelopment from our assets and highlighting the significant opportunity and optionality we have in providing equity growth for shareholders."
Current stock price: 82.11 pence, up 10% in London
12-month change: up 58%
By Heather Rydings; [email protected]
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