Oil and Gas

Southern Energy CEO Ian Atkinson

Southern Energy President and CEO Ian Atkinson says the company's strategy focuses on the conventional nature of some undercapitalized assets.

Southern Energy (TSXV:SOU) is pivoting away from burning coal to generate power, and Southern Energy CEO Ian Atkinson says the company's strategy focuses on the conventional nature of some undercapitalized assets.

“A lot of US companies have been very focused on developing shale plays, whether it's shale gas, shale oil, and they've really ignored some of these older, mature bases that have some of these conventional assets” Atkinson said. "Our expertise is going into these conventional reservoirs, recapitalizing them, redeveloping them in a pretty cost-efficient manner."

He added that one reason for the company’s listing on the London exchange is the need for a significant amount of capital to redevelop these assets. Reaching a more global equity market was important.

In November 2021, Southern Energy announced the closing of an equity financing for aggregate gross proceeds of US$10.1 million through the offering of 254,304,014 common shares. The completion of the equity financing, according to Atkinson, allowed the company to kick off three horizontal well programs at the Greenville asset, which is in Central Mississippi. The company will be going back and drilling horizontal wells and will expect results from that by late March or early April, as it kicks off the drilling program early next week.

“We're a growth company," he said. "We want to grow our cash flow, which should translate into growing our share price within our current assets. Right now, we do have a deep inventory of natural gas drilling we call organic growth. We've put a lofty target out there of reaching over 25,000 barrels of oil a day equivalent of natural gas production. For the next foreseeable future, we certainly see ourselves growing beyond that 25,000 barrels of oil per day.”

Watch the full interview of Southern Energy President and CEO Ian Atkinson above.

Disclaimer: This interview is sponsored by Southern Energy (TSXV:SOU). This interview provides information that was sourced by the Investing News Network (INN) and approved by Southern Energy in order to help investors learn more about the company. Southern Energy is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Southern Energy and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

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