Southern Energy Corp - oil and gas company focused on the US state of Mississippi - Net loss in the first quarter of 2023 narrows to $1.1 million from $1.9 million the previous year. The company generates $1.7 million of adjusted fund flow from operations in this quarter. Quarterly sales falls 12% to $5.2 million from $5.9 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 $75.73 per barrel and $3.25 per thousand cubic feet, respectively.

Looking forward, Southern expects to have $14.5 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%

Copyright 2023 Alliance News Ltd. All Rights Reserved.