Otto Energy Limited (AU:OEL) has released an update.
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Otto Energy Limited demonstrated resilience in a volatile energy market by maintaining a strong production profile from its five assets, despite facing significant challenges. The company conducted a strategic review to maximize shareholder value, resulting in a reduction of administration costs by 40%, but did not find external offers that matched its value assessment. Despite reporting a loss due to asset underperformance, Otto Energy’s financial position remains robust with improved cash balances and ongoing efforts to secure a tax-free return of capital.
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