Petrus Resources (TSE:PRQ) has released an update.
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Petrus Resources reported an increase in average production and oil weighting in the first half of 2024 despite facing challenges like reduced capital investment and low natural gas prices. The company successfully cut operating expenses by 27% and continued paying its monthly dividend. Looking ahead, Petrus plans to resume its drilling program in September and maintain its dividend payments, supported by a hedging strategy covering a significant portion of its production.
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