Winchester Energy Limited (ASX: $WEL) Key Facts

Winchester Energy Limited (ASX: $WEL) reported a quarterly revenue of AUD$1,081,309 and an average daily WI production of 93 barrels of oil equivalent per day for the quarter ending 31 December 2023. The company's primary production at JVU#6 exceeded expectations, showing zero decline since late February 2023.

Executive Commentary

The JVU#6 primary production continues to perform exceptionally well, demonstrating no decline since late February 2023. Despite the natural decline and scheduled maintenance affecting production, Winchester Energy remains fully leveraged to strong oil and gas prices, with a 3% increase in total WI oil and gas sales revenue for the December 2023 quarter compared to the previous quarter. We are committed to expanding our Varn Oil Field waterflood programme and anticipate further growth in production and revenue in the upcoming periods.

Summary and Outlook

Winchester Energy Limited (ASX: $WEL) achieved strong quarterly revenue and maintained a steady average daily WI production in the December 2023 quarter. The company's primary production at JVU#6 exceeded expectations, and plans to expand the Varn Oil Field waterflood programme indicate a positive outlook for future production and revenue. With a strong position in the oil and gas market and a focus on operational expansion, Winchester Energy is poised for continued growth and success in the coming periods.