Australis Oil & Gas Ltd. (AU:ATS) has released an update.
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Australis Oil & Gas Ltd. reported a productive first quarter in 2024 with a 13% increase in sales volumes and an 11% rise in revenue to US$5.2 million, bolstered by higher production and reduced workover costs. The company’s strategic position in the Tuscaloosa Marine Shale (TMS) underpins its potential, with 89 million barrels of net reserves and resources, and efforts continue to secure a development partner. With a stronger cash balance of US$7.9 million and a net debt slightly reduced to US$4.1 million, Australis is poised for growth.
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