Otto Energy (ASX:OEL) reports strong H1 FY23 results

Otto Energy (ASX:OEL) has reported a US$21.4M revenue in its H1 Fy23 financial results, up 18% on the previous corresponding period (pcp).

Otto Energy says this was driven by higher production due to new discoveries brought online, and higher oil and natural gas prices. 

Its EBITDAX of US$15M (H1 FY22 US$17.2M) was affected by a decrease in mark-to-market value of Pantheon Resources (ASX:PLC) shares held.

Otto Energy also recorded a NPAT up 7% on the pcp to US$11.9M, and an operating cashflow up 4% on pcp to US$10.6M.