Despite rise in production, Otto sees sales revenue decline 14% in Q1

While Gulf of Mexico-focussed Otto Energy worked to keep its development projects on schedule leading to an increase in production, sales revenue during the first quarter of the calendar year declined by 14% compared to the last quarter due to the oil price crash.

Despite rise in production, Otto sees sales revenue decline 14% in Q1 Despite rise in production, Otto sees sales revenue decline 14% in Q1 Despite rise in production, Otto sees sales revenue decline 14% in Q1 Despite rise in production, Otto sees sales revenue decline 14% in Q1 Despite rise in production, Otto sees sales revenue decline 14% in Q1

 

The company produced around 114,000 barrels of oil equivalent during the current quarter and is now currently producing around 820 boepd of which 87% is hedged at US$56.