There have been a lot of quarterly updates released to the market on Thursday.
Three ASX 300 energy shares that have unveiled their latest set of numbers and developments are listed below. Here's how investors have reacted to these releases:
Bannerman Energy Ltd (ASX: BMN)
The Bannerman Energy share price is up 5% to $2.93. This morning, the uranium developer released its quarterly update and revealed that it has made significant progress with its Etango Uranium Project during the three months.
As a result, it is rapidly advancing towards a targeted final investment decision (FID). Management notes that this will be supported by a strong cash position and strengthening market conditions. In respect to the former, it finished the quarter with a cash balance of $81.1 million and zero debt.
Bannerman's Executive Chairman, Brandon Munro, said:
The December quarter saw significant progress at the Etango Uranium Project, with several important milestones achieved. Early works remained on schedule, including the completion of the construction water supply and storage dam, the first blast at the primary crusher site, and continued progress in detailed engineering for the processing facilities.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is up 5% to $1.50. This follows the release of the energy producer's quarterly update. The ASX 300 energy share reported fourth quarter production on a net revenue interest (NRI) basis was 2.59 MMboe, which was 3% lower than the third quarter. However, fourth quarter sales volumes of 3.14 MMboe were 53% higher quarter on quarter due to the timing of Bauna liftings. This resulted in sales revenue of US$222.2 million for the period.
Also going down well with investors was a separate announcement which revealed that Karoon Energy intends to undertake a further US$75 million of on-market share buyback over the course of the 2025 calendar year.
Lotus Resources Ltd (ASX: LOT)
The Lotus Resources share price is up 4.5% to 23.5 cents. This morning, this uranium developer released its quarterly update and revealed that it is making strong progress with its Kayelekera uranium project in Malawi.
Management advised that it the Kayelekera accelerated restart program is in full swing, targeting first uranium in the third quarter of 2025.
The ASX 300 energy share ended the period with a cash balance of $132.8 million. This follows the completion of a two-tranche placement and share purchase plan to raise $125.3 million after costs during the quarter.
