on Southern Energy Corp. (isin : CA8533761018)
Southern Energy Corp. Announces Second Quarter 2024 Financial and Operating Results
Southern Energy Corp. (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) has released its second quarter financial and operating results for the period ending June 30, 2024.
The highlights include a petroleum and natural gas sales of $3.9 million, a 4% increase compared to Q2 2023. Average production was 15,465 Mcfe/d, marking a 3% decrease from the same period last year. The company recorded a net loss of $2.6 million, improving from a net loss of $3.8 million in Q2 2023.
During Q2 2024, Southern Energy entered into a fixed-price swap contract for natural gas at $3.40/MMBtu, monetized $1.4 million from excess inventory equipment, and extended the maturity of its convertible debentures to June 30, 2025.
The company continues to evaluate the timing of bringing its drilled but uncompleted wells (DUCs) into production, with completions expected in late 2024 and early 2025. Cost optimization efforts are ongoing to mitigate low natural gas prices.
R. P.
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