Southern Energy Corp - oil and gas company focused on the US state of Mississippi - Net loss in the first quarter of 2023 narrows to USD1.1 million from USD1.9 million the previous year. The company generates USD1.7 million of adjusted fund flow from operations in this quarter. Quarterly sales falls 12% to USD5.2 million from USD5.9 million the previous year. Production increases by 36% against the same period in 2022, with average production rising to 2,607 barrels of oil equivalent per day. Average realized oil and natural gas prices for the quarter stands at USD75.73 per barrel and USD3.25 per thousand cubic feet, respectively.
Looking forward, Southern expects to have USD14.5 million of unused capacity on its senior secured term loan after the completion of the acquisition of 400 barrels per day in Gwinville on June 1. Chief Executive Officer Ian Atkinson says: "We are encouraged by the outlook of supply and demand dynamics for US natural gas and are well set to immediately capitalize on gas prices with production behind pipe which can be brought on steam in a very short timescale."
Current stock price: 23.61 pence, down 0.6% in London
12-month change: down 65%
By Will Neill, Alliance News reporter
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