Pending successful drilling results from the current three well program, Southern will evaluate the commencement of a continual drilling program in Gwinville through the company's low-risk drilling inventory to further the company's business plan to provide strong, long-term profitable growth and competitive financial returns in a safe and responsible manner.
To further support the Gwinville drilling program, effective Dec. 30, 2021, Southern entered into the first amendment to the new facility and then, on April 8, 2022, Southern entered into a second amendment to the new facility.
The first and second amendments resulted in: (a) an increase of tranche B to $4.5-million ($4.0-million available to borrow); (b) an extension of the availability to June 30, 2022; and (c) the exclusion of transaction costs related to the August, 2021, AIM admission from the calculation of EBITDAX (as such term is defined in the financial statements).
Add in ongoing well workovers, and we could exit 2022 above 6000 boepd production..