Southern Energy Corp. float on AIM
August 2021
Southern Energy is an established oil and gas producer headquartered and incorporated in Alberta, Canada, with oil and gas interests in properties located in the south-eastern United States, primarily in Mississippi.
The Group has controlling operated interests in properties covering approximately 30,000 net acres in the Mississippi Interior Salt Basin (“MISB”), which include its two principal properties Mechanicsburg and Mount Olive East, and approximately 1,200 net acres in the Black Warrior Basin. The majority of the Company’s leases (97 per cent.) contain producing wells and are ‘held by production’, requiring no additional drilling or operations for the Group to maintain its existing interest.
The Group currently has a working interest in 239 producing wells. Aggregate Gross production attributable to the Group’s working interests is approximately 2,150 boe/d, predominantly comprised of 11.9 MMscf/d of gas production (Q1 2021 average) from conventional, low-decline, long-life reserves in fields with abundant infrastructure, low operating costs and premium commodity pricing. The majority of the Group’s producing assets have a predictable and consistent production profile and have been on production for more than 10 years.
Admission to Trading on AIM
On 10th August 2021, admission and dealings commenced by way of an Introduction with no new money being raised.
Reasons for the Admission
The Directors are seeking to list Southern Energy’s Common Shares on AIM both to provide access to capital via a broader investor base and to increase liquidity in Southern Energy’s Common Shares. The Directors and the Proposed Director believe that the profile and status of Southern Energy will be enhanced by Admission.
The Perivan shareholder communications team were delighted to work with Strand Hanson Limited who were appointed as Nominated Adviser and Broker to Southern Energy, on the successful publication of the 269 – page admission document.
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