Australia's Otto Energy jumps most in over 2 weeks on capital return

Otto Energy

27/10/2023 24:32

** Shares of Otto Energy  OEL.AX  rise as much as 5.3% to
A$0.02, marking their best intraday pct jump since Oct. 10
    ** Oil and gas explorer announces return of capital to
shareholders of up to A$40 mln ($25.31 mln), or A$0.008 per
share, in early 2024
    ** Says intends to use existing cash reserves for capital
return
    ** Adds ongoing review process also includes assessment of
potential partial/full sale of company or its assets
    ** More than 5.3 mln shares change hands, vs the 30-day
average of 4.7 mln shares
    ** OEL up 46.2% this year, as of last close

($1 = 1.5803 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))