• Drilling has begun on the Terrible Creek 21‑2 #2 Cotton Valley test well at Williamsburg, the first of a two‑well programme. Southern holds a c. 50% WI in both wells, with a net drilling and completion cost of US$3.9 mm, slightly below prior guidance of US$4 mm. • The well is expected to reach a total depth of ~19,000 ft, with flow‑test results anticipated in September. • This is a high‑impact programme for Southern, as the company holds c. 95% interest across most of the upside acreage on the ....