A total of US$2.2 million was raised through a prospectus offering of 10,712,387 common shares; US$2.8 million was raised through a placing of 15,853,097 common shares; and US$0.01 million was raised by a direct subscription for 64,516 common shares with the company. The Company plans to utilise the net proceeds from the fundraising to expedite the completion of its four wells, both drilled and undrilled, that were drilled as part of its Q1 2023 drilling programme on its Gwinville area.
At 8 a.m. (GMT) today, the newly issued common shares resulting from the fundraising were admitted to trading on AIM. They were credited as fully paid and rank pari passu with the existing common shares in all respects (“Admission”).
There are 165,718,160 Common Shares of the Company in issue as of the admission of the Common Shares issued in accordance with the financing. Shareholders may use this number as the denominator in their calculations to determine whether they must report to the FCA, in accordance with the Disclosure Guidance and Transparency Rules, their interest in the Company or a change in their interest.
With a substantial low-risk drilling inventory, a steady, low-decline production base, and strategic access to premium commodity pricing in North America, Southern Energy Corp. is a natural gas exploration and production business. The southeast Gulf States of Mississippi, Louisiana, and East Texas are home to conventional natural gas and light oil resources that Southern is primarily focused on acquiring and developing. With a long and successful history of collaboration, our management team has optimised existing oil and natural gas fields, made accretive acquisitions, and used multi-staged fracture completion and horizontal drilling redevelopment strategies to create significant shareholder value.
According to the relevant securities laws, some of the information in this statement is forward-looking. Words like “anticipate,” “believe,” “expect,” “plan,” “intend,” “estimate,” “propose,” “project,” and other terms that imply future events or comments about an outlook are usually included in forward-looking information. This release may contain forward-looking statements about, among other things, how the Offering’s proceeds will be used, the Company’s goals, strengths, and focus, and its capital programme for the balance of 2023.
The timing and success of future drilling, development, and completion activities, the performance of current wells and new wells, the availability and functionality of facilities and pipelines, the geological features of Southern’s properties, the attributes of its assets, the successful application of drilling, completion, and seismic technology, the advantages of current commodity pricing hedging arrangements, the weather at the time, the laws that are in effect in the oil and gas industry, c
While Southern thinks the expectations and underlying assumptions of the forward-looking statements are reasonable, it cannot guarantee that they will turn out to be accurate, thus excessive reliance should not be put on them. By their very nature, forward-looking statements involve risks and uncertainties since they deal with future situations and events. A multitude of variables and hazards might cause actual results to drastically differ from those presently projected. These comprise, among other things, the risk that, in light of future events, the Company may use the proceeds of the Offering otherwise; risks related to the oil and gas sector generally (such as operational risks in development, exploration, and production);
geopolitical risks, political and economic instability abroad, wars (including Russia’s military actions in Ukraine and the Israel-Palestinian conflict), increased operating and capital costs due to inflationary pressures, changes in legislation impacting the oil and gas industry, unfavourable weather or break-up conditions, and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures are just a few of the uncert The Prospectus Supplement, the Base Shelf Prospectus, Southern’s most recent management’s discussion and analysis, and the annual information form all go into further detail about these and other risks.