Surge Energy (TSE:SGY) has released an update.
Surge Energy Inc. has announced the sale of non-core assets for $37.4 million, significantly reducing their debt and enabling the acceleration of shareholder returns. The company is also increasing its base dividend and initiating a share buyback program, following the achievement of a net debt target below $250 million. These strategic moves come alongside the discovery of a large Sparky crude oil field, with updated 2024 guidance reflecting only a minor impact on projected cash flows.
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