Otto Energy Limited (AU:OEL) has released an update.
Otto Energy Limited reports a year-on-year decrease in its oil and gas reserves, with Proved Reserves (1P) dropping by 18% to 2.0 million barrels of oil equivalent (MMboe) and Proved Plus Probable Reserves (2P) falling by 32% to 3.3 MMboe. Despite these declines, the company notes strong field performance at its Lightning and Mosquito Bay West locations, leading to reserve additions. Otto also maintains a significant cash position and a steady production rate, with Contingent and Prospective Resources remaining unchanged from the previous year.
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