• 1Q23 production stood at 2,607 boe/d, which is in line with our forecasts.
• Net debt at the end of March stood at ~US$19 mm including working capital. The company held ~US$12 mm in cash, which is line with previous indications.
• Southern has achieved drilling cost efficiencies and the cost of drilling and completing new wells is expected to be around US$5.7 mm.
• The completion costs of the four drilled but uncompleted wells is ~US$3.4 mm per well.
• These are expected to be completed at ga ....
30 May 2023
Southern Energy Corp. (SOUC LN/SOU CN): Drilling cost down. Four wells to be completed on gas prices >US$3/mcf
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Southern Energy Corp. (SOUC LN/SOU CN): Drilling cost down. Four wells to be completed on gas prices >US$3/mcf
• 1Q23 production stood at 2,607 boe/d, which is in line with our forecasts.
• Net debt at the end of March stood at ~US$19 mm including working capital. The company held ~US$12 mm in cash, which is line with previous indications.
• Southern has achieved drilling cost efficiencies and the cost of drilling and completing new wells is expected to be around US$5.7 mm.
• The completion costs of the four drilled but uncompleted wells is ~US$3.4 mm per well.
• These are expected to be completed at ga ....