Winchester Energy Rallies with Restructure and Fundraising

Winchester Energy Ltd (AU:WEL) has released an update.

Winchester Energy Ltd has completed a major restructure of its board and management, alongside a successful Placement and Entitlement Offer that raised AUD $1.094 million before costs. The company is initiating a cost reduction program to achieve positive cash-flow, after reporting a quarterly revenue of AUD $727,464 from an average production of 92 boepd. With these strategic moves, Winchester Energy aims to reverse the previous year’s negative earnings and is projecting immediate cost savings to be reflected in the second half of the 2024 financial results.

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