Cloudbreak Discovery associate G2 Energy Corp (CSE:GTOO, OTC:GTGEF).saw record oil production in March 2024.
UK-listed Cloudbreak holds a US$2 million convertible debenture in G2 and 4,225,400 common shares, while Cloudbreak directors Andrew Male and Paul Gurney are on its board.
Production in March totalled 3,022 barrels of oil equivalent with projected net revenue of US$137,000.
Andrew Male, Cloudbreak’s interim CEO, said: "This is a very positive step for Cloudbreak and its investment in G2.
“We have worked hard with G2 to get the Amending Agreement, financing and production into a positive place.
“As the workover program completes, we are looking forward to an increase in production that will make G2 even more financially sustainable."
G2 purchased the Permian Basin Masten Unit, located in Levelland Texas, through its wholly-owned subsidiary G2 Energy TX1, on 1 June 2022.
Field operations were transferred to Oilwell Operators (OOI) in July 2023 and the production has seen steady growth culminating in record production for March 2024.
G2 and OOI implemented a production enhancement plan, and the stable and incremental production growth is a direct result of this activity.