Otto Energy Limited (AU:OEL) has released an update.
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Otto Energy Limited experienced a challenging quarter ending September 2024, with a 12% drop in production and an 18% decline in revenue due to hurricane-related disruptions. Despite these challenges, Otto made significant progress in its SM 71 well operations and is focused on enhancing production at its existing assets while maintaining a strong cash position of US$40.5 million with no debt. The company is also pursuing a tax-free capital return to shareholders and has welcomed new leadership with the appointment of Justin Clyne as an Independent Non-Executive Director.
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