• Southern achieved production of 2,259 boe/d in 4Q24, close to with our forecasts of 2,192 boe/d. The YE24 working capital deficit of US$24.9 mm also met our expectations.
• YE24 1P and 2P reserves were estimated at 12.7 mmboe and 27.9 mmboe, respectively. Accounting for 0.9 mmboe production in 2024, the reduction from YE23 to YE24 is attributed to technical factors (0.3 mmboe due to a minor shrinkage adjustments in Gwinville) and economic factors (0.5 mmboe).
• Despite Southern investing only ....
