Southern Energy Share Price (SOUC)

Take a look at another of Strand Hanson companies. (i.e. that Strand Hanson advises or is NOMAD to). Look at what is proposed * and how it will affect shareholders who are not amongst the chosen few- 3 to be precise. In particular, read the paragraph headed “Additional B-Shares”.

The 3 favoured investors are to be given bonus shares equalling 10% of the issued capital – in effect transferring value from other shareholders. Not only that, but the scheme enables the chosen few to avoid having to make a bid under Rule 9 of the City Code on Takeovers and Mergers.

If it can happen at Tungsten West, Strand Hanson can advise to do it here too.

*Tungsten West plc (TUN) RNS of 9/12/2025.

https://www.lse.co.uk/rns/TUN/bridge-loan-project-financing-cln-update-0xayr0nnl3hbvbw.html

Wow! The new well declined to 412 boepd in August - a laughable 25% decline in a month.

I doubt they will get back the $2.2m invested to complete the well never mind the $8m - $10m spent drilling it. Gross revenue will take 2 years or more to reach $2.2m . Of course that gross revenue would be subject to tax, royalty, transportation costs, water disposal costs, opex and maintenance capex

The placing wasn't to complete 3 wells and drill another 2.

It wasn't to get to 4000boepd by end year.

It was to line the pockets of directors for another year or two whilst the whole company slowly declines inline with production and then they will try to rinse and repeat

The new well produced 600 boepd average for 5 days of June which then dropped to 550 boepd average for July. So end July it’s probably down to 500 boepd. In Sept … probably close to 400 boepd… but we need to wait until mid Nov to know for sure That is an awful result and blows away the board,s rationale for raising $5m in the placing. $2.2m spent completing the well which will take probably 18months just to pay that back ( not accounting for tax, royalty, transportation and the capex on drilling the well in the first place).

If netback is $6 per boe ($1 per mcf) if will take 4 years to pay back the $2.2m…that’s a joke well

. . . plus a very recent quote: "quite happy with the results, and just need natural gas prices to follow the expected path into the $4/MMBtu range to start to unlock the value of our assets". Untapped reserves stacked in JeffersonDavis (Gwinville) formations.

Much better results. Outlook looking much more promising. Time for shareholder value to be regained