Otto Energy Limited (AU:OEL) has released an update.
Otto Energy Limited reported consistent production and financial results for the quarter ending March 31, 2024, with revenues of US$6.1 million and a notable increase in cash balance to US$37.9 million, reflecting an 11% growth from the previous quarter. The company, currently debt-free and unhedged, plans to return up to A$40 million to shareholders, pending a favorable tax ruling from the Australian Taxation Office. Operational efficiencies led to a 54% reduction in administrative costs compared to the same quarter in the previous year, positioning Otto for further cost reductions and strategic opportunities to enhance shareholder value.
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