Vintage Energy Ltd. (AU:VEN) has released an update.
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Vintage Energy Ltd. reported a dip in quarterly sales revenue to $1.1 million, a 19% decrease from the previous quarter, with annual sales hitting $5.1 million. The company successfully appraised the Odin-2 well, which promises to boost future output, and has a healthy cash reserve of $7.7 million after raising funds through equity issuance. Cost reductions are evident with a 27% reduction in staff costs and maintained corporate expenditure despite one-off legal costs.
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