Coelacanth Energy, Inc. (TSE:CEI) has released an update.
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Coelacanth Energy Inc. has reported a significant year-over-year increase in oil and natural gas sales by 151% for Q4 2023, although there was a 15% decline in annual sales compared to the previous year. The company successfully drilled and commenced production from multiple wells, enhancing its production capabilities, and completed a public financing deal which raised $80 million, leading to an adjusted working capital of $67.6 million at year-end. Despite these operational successes, Coelacanth experienced a net loss and a decrease in cash flow from operating activities, highlighting the volatile nature of the energy sector.
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