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%

Copyright 2022 Alliance News Limited. All Rights Reserved.