Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2017half year report● Neutral
Half-year report to 31 Dec 2016 shows a net loss of A$2.6m, versus A$8.6m a year earlier. Restates the SMI-71 platform, Q4 2017 first production target and Bivouac Peak resource of 15,288 MBOE. Cover note itself adds no new news.
31 Jan 2017director officer appointment● Neutral
David Rich is appointed CFO and Company Secretary. Company Secretary Neil Hackett resigned 31 Jan 2017, and CFO Craig Hasson leaves 28 Feb 2017. Rich has over 30 years' experience, including 15 as CFO of ASX-listed oil and gas companies.
31 Jan 2017quarterly activities report● Neutral
December quarter report: cash US$16.95m, down from US$18.83m. SMI-71 manned platform proposal (extra US$3.0m net) and Q4 2017 first production restated. Otto still seeking a Kito-1 extension beyond 20 Feb 2017. Mostly restates known events.
23 Jan 2017joint venture update● Neutral
Operator Byron confirms the manned-platform redesign for SM 71 and has drawn down an A$8m Metgasco convertible note to fund development. Byron says more funding is needed by mid-2017 to finish the project, with production in late December 2017 quarter.
23 Jan 2017joint venture update● NeutralMajor
Byron proposes changing the SMI-71 platform to a manned design, capable of 4,500 bopd, at an extra US$3.0m net to Otto. Otto's net development cost is about US$9m, funded from cash. First production now slated for Q4 2017; Otto supports in principle, pending final approval.
16 Nov 2016investor presentation▼ BadMajor
AGM presentation defers the first Alaska well from the 2017 winter to summer (July-September 2017), testing the Raptor prospect. This pushes back the earlier 1H 2017 start. Otto cites time to interpret seismic and a deferred state exploration tax credit payment.
16 Nov 2016other● Neutral
Chairman's AGM address reviews the shift from South East Asia to US focus after screening over 300 projects, and says Otto now targets projects with at least 40% chance of success. Notes SMI 71 will produce in 2017. No new facts.
25 Oct 2016investor presentation● Neutral
October presentation recaps Otto's track record (Galoc sale for US$108m, A$74.5m returned to shareholders) and repeats SM71 reserves, platform purchase, Bivouac Peak and Alaska plans. No new information.
19 Oct 2016quarterly activities report● Neutral
September quarter report: cash down to US$18.83m from US$20.31m. Alaska drilling targets identified, and Otto is seeking an extension to drill Kito-1 in Tanzania in 2H 2017. SM-71 production now expected 2H 2017. Otherwise restates known events.
20 Sept 2016annual report● Neutral
2016 annual report restates the year: SM-71 discovery, Galoc sale proceeds returned (6.4 cents per share including dividends), Bivouac Peak 45% election, Alaska seismic. First production from SM-71 now expected 2H 2017, with Bivouac Peak and Alaska drilling in 2017.
20 Sept 2016other● Neutral
Corporate governance statement and Appendix 4G for FY2016, a compliance document. It reports where Otto does or does not follow ASX governance recommendations. No operational or financial news.
13 Sept 2016investor presentation● Neutral
Good Oil Conference presentation repeats known points: SM71 discovery, production platform bought, first production 2H 2017, Bivouac Peak and Alaska plans. Mentions first production in 2H 2017 rather than the earlier 'mid-2017'. No new results.
6 Sept 2016investor presentation● Neutral
September presentation pushes Alaska North Slope drilling, targeting a 650 million barrel prospective resource (100%) with the first two wells. Plans 2-4 wells in 2017, with Otto's exposure capped at US$2.6m per well on the first three. Mostly restates known plans.
26 Aug 2016contract award▲ GoodMajor
Operator Byron buys a used six-slot tripod platform and production equipment for SM71 from Laredo Construction, fixed at under US$4.5m. Installation is expected from mid-2017 with production to follow; Otto bears 50% of costs. Permits are still needed.
29 July 2016joint venture update▼ BadMajor
Otto issues dispute notices to Swala's Tanzanian subsidiary over unpaid cash calls, about US$360,000 of interest, and seeks its removal as Kilosa-Kilombero operator. Otto says Kito-1 is unlikely to be drilled in 2016 until disputes are resolved, a delay to the 2H 2016 spud.
25 July 2016resource reserve update● Neutral
Byron's full reserves report covers its own portfolio, including Bivouac Peak gross prospective resource of 15,990 Mbbl and 177,666 MMcf. Byron's GI 95 gas project was downgraded to contingent resource. Mainly relevant to Otto through Bivouac Peak and SM 71.
25 July 2016resource reserve update▲ GoodMajor
Independent estimate puts Bivouac Peak at 15,288 MBOE net to Otto (unrisked best estimate), up from 3.1 MMbo and 34.6 Bcf at December 2015. The rise is attributed to additional 3D seismic showing a deeper prospect. Drilling planned for 2017.
20 July 2016quarterly activities report● Neutral
June quarter report: cash fell to US$20.31m from US$26.73m. Records the SM-71 reserves, the Bivouac Peak 45% election, the Tanzania farm-out and completed Alaska seismic. Largely restates known events.
20 July 2016admin correction● Neutral
Re-release of the 7 July SM-71 reserves announcement after the ASX said it did not meet Listing Rule 5.31. Same 2,271 Mboe net 2P figure, with added required disclosures. No new result.
20 July 2016investor presentation● Neutral
July presentation promotes a 2017 return to production and 6+ wells funded from existing cash. Repeats known facts on SM70/71 (US$8-10m development, 1,500-2,000 bopd), Bivouac Peak, Alaska and Tanzania. Cites 8.9 MMBOE net Bivouac prospective resources.
7 July 2016joint venture update● Neutral
Operator Byron confirms Otto has exercised its option over Bivouac Peak, earning 45% by paying 66.67% of Byron's share of the first well, capped at US$6.0m. Byron will not re-enter SM6 #2 and will plug and abandon it. Drilling expected early 2017.
7 July 2016asset acquisition disposition▲ GoodMajor
Otto exercises its option to take 45% of the ~2,500-acre onshore Bivouac Peak lease in Louisiana, with the first well planned early 2017 and funded from cash. The SM-6 #2 well will not be re-entered; Otto's remaining cost is about US$0.1m and it holds no SM 6 interest.
7 July 2016resource reserve update▲ Good
Byron's operator report on SM 71 shows net 2P reserves of 2,271 MBOE to Byron, up 508% on 2015, with initial production targeted mid-2017. Otto holds an identical 50% interest, so this sets up the same figure for Otto (see Otto's own release).
7 July 2016resource reserve update▲ GoodMajor
Otto books its first Gulf of Mexico reserves: net 2P of 2,271 Mboe at SM-71, a finding cost of US$2.11 per boe. Converts the April discovery into reserves, and Otto targets production in 2017.
21 June 2016farm in farm out agreement▲ GoodMajor
Otto farms out 25% of Kilosa-Kilombero to MV Upstream for US$2.3m of historical cost reimbursement. MV Upstream also carries Otto's remaining 25% up to US$2m in Kito-1, with well cost about US$10m. Subject to approvals; spud expected 2H 2016.
17 June 2016asset acquisition disposition● NeutralMajor
The Philippines Department of Energy approved a two-year SC55 moratorium to 23 December 2017. Otto will not continue and will assign its 78.18% interest to remaining partners. This ends Otto's ten years in the Philippines after the Hawkeye-1 gas find proved uneconomic.
13 May 2016other▼ Bad
Swala says Otto has begun legal action against it, its Tanzanian subsidiary and some current and former directors, seeking about US$1m plus damages over the Pangani licence. Swala denies the claim. Otto's partner in Kilosa-Kilombero is now a litigation opponent.
10 May 2016investor presentation▲ Good
Otto's May presentation promotes the SM70/71 discovery (151 feet total net pay) and a planned 2017 return to production. Development is estimated at US$8–10m gross, 1,500–2,000 bopd initially. Mostly repeats known facts; a reserves report is due in about three months.
2 May 2016joint venture update▲ GoodMajor
Byron reports SM71 #1 reached 7,477 feet and found a further 19-foot gas or condensate sand below the 132 feet of net oil pay. Otto has confirmed it will take its 50% interest in SM70/71. The well will be suspended for production.
29 Apr 2016other● Neutral
Appendix 4G, the checklist pointing to Otto's corporate governance statement. Administrative filing with no substance for shareholders.
