23 Oct 2017investor presentation● Neutral
Otto releases a video interview with CEO Matthew Allen on ST 224 and SM 71. The text contains only a link and no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2017drilling spud▲ GoodMajor
The ST 224 #1 exploration well has started drilling, at 1,240 feet on 19 October, targeting 10,800 ft TVD. Otto holds 25% with W&T Offshore operating; about 55 days to drill and evaluate. This is the Q4 well flagged earlier; no result yet.
16 Oct 2017investor presentation● Neutral
October investor presentation restates the Gulf of Mexico strategy, SM 71 first oil in January 2018 and the ST 224 well. Text shown has no new results.
16 Oct 2017quarterly activities report● Neutral
September quarter: cash US$16.21m. SM 71 platform decks are stacked, with load-out due late October and first production expected January 2018. ST 224 rig on location. Alaska operator still needs new funding before a drilling campaign in early 2018.
5 Oct 2017drilling scheduled▲ Good
Enterprise 264 rig due on location within a week, with ST 224 drilling to start by mid-October. Target is 3.2 MMbbls oil plus 90 Bcf gas (mid-case, 100%); about 55 days to drill. Otto holds 25%. Confirms the Q4 timing flagged earlier.
29 Sept 2017annual report● Neutral
2017 Annual Report, titled 'Returning to Production', restates the North American strategy, the US$8.2m convertible note funding and the coming SM 71 production. Chairman and MD letters add no new results in the extract.
29 Sept 2017annual report● Neutral
Appendix 4G for the year to 30 June 2017: Otto says its corporate governance statement is on its website and was approved by the board as at 15 September 2017. Administrative filing alongside the annual report; no new commercial information.
28 Sept 2017resource reserve update▲ GoodMajor
An independent 30 June 2017 estimate put Otto's SM 71 2P reserves at 2,793 Mboe, up from 2,271 Mboe, and the B65 prospective resource at 2.869 MMboe. Bivouac Peak was unchanged at 20,520 Mboe. First production was expected in January 2018 at 3,000-4,000 bopd from two wells.
28 Sept 2017investor presentation● Neutral
Otto releases a video interview with CEO Matthew Allen on strategy and upcoming Gulf of Mexico and Alaska activity. The text contains only a link and no new information.
18 Sept 2017annual report● Neutral
Statutory financial report for the year to 30 June 2017, with the directors' report and audited accounts. The AGM is set for 29 November 2017. The extract shown contains no figures, so no result is stated here.
18 Sept 2017investor presentation● Neutral
September presentation restates the SM71 January 2018 first oil target and the Q4 drilling plan. New detail: the convertible notes were issued 2 August 2017, and cash was US$16.6m at 31 August. No new results.
12 Sept 2017contract award▲ Good
Operator Byron's own release: it signed a 60-day contract for the Ensco 68 jack-up rig for SM 71. The rig is due by end-November 2017, to drill the F2 well and complete the F1 and F2 wells. Production is expected in late January 2018. Duplicates Otto's release.
12 Sept 2017contract award▲ GoodMajor
A 60-day contract is signed for the Ensco 68 rig to drill SM 71 F2 and complete the F1 and F2 wells from late November 2017. The F2 well will also test the B65 sand. First production is still targeted for late January 2018.
31 Aug 2017joint venture update● Neutral
Construction of the SM 71 platform restarted after Hurricane Harvey, with no significant damage reported at the Galveston yard. Load out is now estimated for the second half of October 2017, and Otto says January 2018 production remains the target.
30 Aug 2017regulatory community update▲ Good
Otto confirms the SM 71 lease, which was due to expire 31 July 2017, is extended to 30 November 2017 by the regulator. Production is still targeted for January 2018. Duplicates Byron's release of the previous day.
29 Aug 2017regulatory community update▲ Good
Operator Byron says the US regulator granted a Suspension of Production on the SM 71 lease from 1 August to 30 November 2017, extending the lease term. Drilling of SM 71 #2 and completion of #1 are expected to start before end-November. Otto holds the other 50%.
31 July 2017quarterly activities report● Neutral
June quarter: cash US$12.20m, down from US$15.04m. The US$8.2m convertible note funding is secured and the Tanzania exit is complete. SM 71 platform installation is expected late 2017, with ST 224 drilling in Q4 and Alaska drilling in early 2018.
24 July 2017drilling scheduled▲ Good
Operator W&T has contracted the Enterprise Offshore 264 jackup rig for ST 224, and the regulator has approved the exploration plan. Drilling is still expected in Q4 2017. Otto's 25% farm-in from 3 July moves closer to a spud.
20 July 2017investor presentation● Neutral
Presentation for the Noosa conference repeats known facts: SM71 first oil January 2018, ST 224 drilling in Q4 2017, cash US$12.2m, convertible note vote on 25 July 2017. Adds Byron's SM 71 slides as an annexure. No new results.
3 July 2017farm in farm out agreement▲ GoodMajor
Otto farms into the South Timbalier 224 lease in the Gulf of Mexico for a 25% interest, alongside operator W&T Offshore. Otto funds about US$2.7m of well costs, with drilling expected in Q4 2017. A gas condensate prospect.
22 June 2017farm in farm out agreement● NeutralMajor
Otto elects to take up to 50% of Vermilion VR 232 if Byron wins its appeal against the regulator's bid rejection. If not, Otto can take 50% of SM 74 on the same terms. Both lie near the SM-71 discovery. Depends on the appeal outcome.
22 June 2017joint venture update● Neutral
Operator Byron says the US regulator (BOEM) rejected its high bid for Vermilion block VR 232, and Byron will appeal. Its bids for SM 57, SM 59 and SM 74 were deemed acceptable. Otto can take 50% of VR 232 if awarded, or of SM 74 if not.
29 May 2017capital raising announcement● NeutralMajor
Otto will raise US$8.2m through secured convertible notes, mainly from major shareholder Molton Holdings (US$8m), to fund SM-71 development. Conversion price is A$0.055, 14% interest, maturing 30 June 2019, plus a success fee. Needs shareholder approval at a July 2017 meeting.
26 May 2017joint venture update● NeutralMajor
Otto settles with Swala. Swala pays Otto US$800,000 by 31 Aug 2017 over Pangani, ending the Federal Court case. Otto exits Kilosa-Kilombero, pays creditors US$249,016, and gets a 2% gross overriding royalty. This ends the Tanzania dispute and Otto's 50% licence interest.
12 May 2017other● Neutral
Otto releases an updated securities trading policy covering when directors and staff may trade its shares. Administrative document only, with no operational or financial news.
27 Apr 2017quarterly activities report● Neutral
March quarter report: cash US$15.04m, down from US$16.95m. SMI-71 platform refurbishment is progressing, with installation expected late 2017. Alaska drilling now expected early 2018, and the Tanzania disputes are heading to mediation and arbitration. Otto is screening one new Byron lease opportunity.
21 Apr 2017admin correction● Neutral
Registry provider Link announces a new Perth address for shareholder enquiries, effective 24 April 2017, covering many listed companies including Otto. Administrative notice only, no company news.
29 Mar 2017joint venture update▼ Bad
Otto starts formal dispute proceedings against Kilosa-Kilombero operator Swala (SOGTP), which in turn claims to require Otto to withdraw from the joint venture and has cash-called Otto for the entire 2017 work programme. Otto says it will defend its interest. Escalates the existing dispute.
13 Mar 2017investor presentation● Neutral
March investor presentation recaps the Galoc sale, SM71 discovery, reserves and manned platform plan (Otto net cost about US$9m). First production is targeted for late Q4 2017. Repeats known facts; no new results.
6 Mar 2017regulatory community update▲ GoodMajor
Tanzania's minister grants a one-year extension of the Kilosa-Kilombero licence's exploration period to 22 Feb 2018, resolving the extension request. Kito-1 is to be drilled in 2017. Joint venture disputes and the Swala court case continue; MV Upstream talks continue.