ASX 300 Energy Shares Report Positive Quarterly Updates
ASX 300 energy shares, including Bannerman Energy, Karoon Energy, and Lotus Resources, reported positive quarterly updates with significant progress in their projects, leading to share price increases.
On Thursday, several quarterly updates were released to the market regarding ASX 300 energy shares.
One of the companies, Bannerman Energy, has seen its share price increase by 5% to $2.93 following its quarterly update. The uranium developer announced significant progress on its Etango Uranium Project over the past three months.
Management indicated that they are moving swiftly towards a targeted final investment decision (FID). The company ended the quarter with a robust cash position of $81.1 million and zero debt, which bodes well for future advancements.
Bannerman's Executive Chairman, Brandon Munro, stated: "The December quarter saw significant progress at the Etango Uranium Project, with several important milestones achieved." This includes the timely completion of the construction water supply and storage dam, the first blast at the primary crusher site, and continued progress in detailed engineering for processing facilities.
Another notable performer is Karoon Energy, with its share price also up 5% to $1.50. The energy producer reported fourth quarter production on a net revenue interest (NRI) basis of 2.59 MMboe, slightly down by 3% from the third quarter. However, fourth quarter sales volumes reached 3.14 MMboe, marking a 53% increase quarter on quarter due to the timing of Bauna liftings. This yielded sales revenue of US$222.2 million for the period.
Furthermore, Karoon Energy's announcement of a planned on-market share buyback of US$75 million throughout the 2025 calendar year was well received by investors.
Lastly, Lotus Resources saw its share price rise by 4.5% to 23.5 cents after releasing its quarterly update, indicating strong progress with its Kayelekera Uranium Project in Malawi. The company highlighted that it is actively working on the Kayelekera accelerated restart program, aiming for the first uranium production by the third quarter of 2025. They concluded the quarter with a cash balance of $132.8 million after successfully completing a two-tranche placement and share purchase plan, raising $125.3 million post-costs.
