Otto Energy jumps most in nearly 2 weeks on strategic review progress, new CEO

Otto Energy

20/06/2023 05:02

** Shares of Australian oil explorer Otto Energy  OEL.AX  jump
as much as 7.7% to A$0.014, on track for their biggest intraday
pct gain since June 8 
    ** Co says since it undertook a formal strategic review
process in late March, it has received significant interest in
the company and its assets 
    ** Remains confident in a positive outcome from review,
including the return of capital from sale of company assets 
    ** Board appoints Steve Herod as chief executive officer
(CEO) upon the resignation of current CEO Mike Utsler 
    ** Shares hit their highest level since June 13 
    ** More than 15.8 mln shares change hands, compared to the
30-day average volume of 2.4 mln shares  
    ** Stock largely flat this year as of last close


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))