Metgasco Ltd (AU:MEL) has released an update.
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Metgasco Ltd reported a decrease in sales revenue to approximately $670k in the last quarter, a 26% drop from the previous quarter, attributed to lower gas production from Odin-1 and Vali-1 wells and operational downtimes. The company successfully drilled the Odin-2 appraisal well, which is expected to boost gas production and therefore revenue in Q1 FY25. Additionally, Metgasco has cleared its debt with Keybridge Capital by securing $1M from external investors and using production revenue, positioning itself for stronger financial performance.
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