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Metgasco Ltd ( (AU:MEL) ) just unveiled an announcement.
Metgasco Ltd reported a 105% increase in quarterly gas revenue, driven by the optimization of Odin-1 well and the commencement of Odin-2 production. The company also saw a 45% increase in Net Proved and Probable Reserves following an independent reserve study. The removal of scale from the Odin gas export meter and installation of a chemical injection system contributed to more accurate gas measurements, aiding in the substantial rise in production and sales revenue. Metgasco is undertaking a strategic review of its business, with the involvement of PAC partners, to potentially optimize operations further.
More about Metgasco Ltd
Metgasco Ltd operates in the gas industry, focusing on gas production and exploration activities. The company is involved in managing and optimizing gas fields, with specific attention to the Odin and Vali gas fields, where it aims to increase production and revenue.
Current Market Cap: A$5.83M
For a thorough assessment of MEL stock, go to TipRanks’ Stock Analysis page.
