Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2014production update▲ Good
Galoc has produced over 2 MMbbl in eight months since Phase II start-up, in line with or above the 2P profile, with 10 cargoes expected for 2014. Studies of the Mid and North areas and infill drilling to yield a recommendation late 2014 or early 2015.
10 July 2014investor presentation● Neutral
July 2014 investor presentation repeating known points: Galoc over 2,800 bopd net, SC55 at 93.18% with US$27.5m BHP funding and farm-out due in 2014, Tanzania Kito prospect. No new information.
1 July 2014debt financing▲ GoodMajor
Otto fully repaid the US$35.9m BNP Paribas Galoc Phase II facility, ahead of its December 2015 expiry, using Galoc cash flow and strong oil prices. Otto is now debt free; future Galoc cash is to fund exploration.
6 May 2014regulatory community update▲ Good
The DOE acknowledged revised SC55 deadlines after the 2012/13 force majeure: one deepwater well by 23 December 2014, another by 23 December 2016, about 14 months' extension. Farm-out proposals requested in June 2014; Otto aims to secure a partner shortly after.
2 May 2014asset acquisition disposition▼ BadMajor
Otto withdrew from SC51 in the Philippines, saying a well cannot be safely drilled after Duhat-2 hit high-pressure water, and no other drillable prospects remain. Closes the thread of the July 2013 unsuccessful well, whose costs were already written off.
17 Mar 2014director officer appointment● Neutral
Matthew Allen resigned as Company Secretary to focus on being CEO. Scott Blenkinsop, already named on 26 February, remains Company Secretary alongside his Chief Legal Counsel role. Administrative follow-up to the leadership change.
14 Mar 2014farm in farm out completion▲ GoodMajor
The Philippines DOE approved the return of BHP's 60% of SC55 to Otto, lifting Otto to 93.18% and operator. BHP pays US$3m now and US$24.5m after the first well. Farm-out to find a new partner for Hawkeye-1 is targeted for mid-2014.
14 Mar 2014admin correction▼ Bad
Re-release of the half-year results with the net loss corrected to US$14.404m from US$14.035m in the earlier release; other figures appear unchanged. Revenue US$23.2m, US$23.4m of exploration written off.
13 Mar 2014half year report▼ Bad
Half-year to 31 December 2013: revenue US$23.2m, net loss US$14.0m including US$23.4m of exploration costs written off on SC69 and SC51 (Duhat-2). Cash US$16.1m; Phase II debt US$35.9m. Loss figure differs in the later same-day release.
11 Mar 2014investor presentation● Neutral
March investor presentation repeating known points: Galoc about 3,200 bopd net and 3.8 MMboe 2P reserves, SC55 at 93.18% with farm-out to be completed in 2014, Tanzania Kito prospect. No new information.
10 Mar 2014resource reserve update● NeutralMajor
Independent RISC review puts Galoc reserves at 1 January 2014 at 2.75 MMbbl proved and 3.77 MMbbl proved-plus-probable, net to Otto. 2P was adjusted by under 1%, down from 4.3 MMbbl at January 2013 mainly through a year of production. Field expected to produce beyond 2020; current output about 9,700 bopd gross.
26 Feb 2014director officer appointment● Neutral
Following Matthew Allen's CEO appointment, Craig Hasson becomes CFO, Paul Senycia becomes VP Exploration and New Ventures, and Scott Blenkinsop becomes Company Secretary. Internal promotions; no outside hires.
24 Feb 2014director officer appointment● NeutralMajor
CFO Matthew Allen becomes CEO immediately after Gregor McNab resigned by mutual agreement for personal reasons. Allen has been with Otto since 2009; his salary is A$475,000. Changes the chief executive mid-way through the SC55 and Tanzania programmes.
24 Feb 2014farm in farm out agreement▲ GoodMajor
Otto and partner Swala elected to enter Years 3 and 4 of both Tanzanian licences, committing to one exploration well in each block before February 2016. Decision follows positive seismic results and Neogene basins seen as similar to Kenya and Uganda discovery areas. Otto holds 50% of each.
30 Jan 2014investor presentation● Neutral
Investor presentation repeating known points: Galoc Phase II complete, 4.3 MMboe 2P reserves (Jan 2013 figure, update pending), SC55 at 93.18% with US$27.5m BHP funding, Tanzania Kito prospect. Says about 10 cargoes expected in 2014.
21 Jan 2014farm in farm out completion▲ GoodMajor
Otto signed final binding agreements with BHP to end the SC55 farm-out, replacing the November letter of intent. On DOE approval Otto takes back BHP's 60% (to 93.18%); BHP pays US$3m then US$24.5m after the first well. Hawkeye-1 could spud as early as Q4 2014; farm-out under way.
17 Jan 2014investor presentation● Neutral
Notice of a Boardroom Radio webcast with CEO Gregor McNab on the December 2013 quarterly report. No new information in the notice itself.
18 Dec 2013joint venture update● Neutral
Otto re-releases partner Swala's 18 December Pangani seismic results, adding that they support its 50% East Africa position and the Kito finding. No new information from Otto.
18 Dec 2013joint venture update▲ Good
Swala, Otto's Tanzanian partner and operator, reports completion of 200 km of 2D seismic over Pangani. The northern Moshi basin appears deep, 2,000-3,000 m of fill; the southern Mvungwe basin is shallower, under 1,000 m. Early results, with modelling still to do.
11 Dec 2013resource reserve update▲ GoodMajor
Partner Swala's independent assessment of the Kito prospect in Kilosa-Kilombero gives Otto's 50% a net prospective (undrilled, unrisked) resource of 19.2-169.6 million barrels, best estimate 60.4 million. Otto's first quantified Tanzanian target, following the November seismic; to be matured to drillable status.
11 Dec 2013investor presentation● Neutral
December company overview repeating known points: Galoc Phase II complete, SC55 at 93.18% with US$27.5m of BHP funding under the letter of intent, Kito identified in Tanzania. Says an updated reserve report is due for 31 December 2013.
5 Dec 2013investor presentation▲ Good
December investor update repeating known points: Galoc Phase II first oil, the BHP letter of intent for SC55 (93.18%), and about 11 cargoes expected in 2014. States Otto's share of Phase II (US$67m) was funded without dilution; market cap A$95m at 8.3c.
5 Dec 2013production update● Neutral
Nido, a Galoc partner, re-releases Otto's 5 December announcement that Phase II production has started, adding its own comment. No new information from Otto.
5 Dec 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast with CEO Gregor McNab on Galoc Phase II first oil. No new information in the notice itself.
5 Dec 2013production update▲ GoodMajor
Galoc Phase II first oil: the 5H and 6H wells began producing on 4 December, with field output at 14,500 bopd and 12,000 bopd expected going forward. Delivered about 14 months after approval, close to the August 2012 budget. Otto holds 33%. Resolves the hook-up thread.
28 Nov 2013farm in farm out agreement▲ GoodMajor
Otto signed a letter of intent with BHP to take back BHP's 60% of SC55, lifting Otto to 93.18%. BHP would pay US$3m on government approval and US$24.5m when the first well is drilled. Otto plans Hawkeye-1 and a farm-out. Resolves the BHP withdrawal dispute; binding agreement still to come.
28 Nov 2013production update▲ Good
Nido, a Galoc partner, says subsea installation connecting the Galoc-5H and 6H wells is nearing completion. The operator expects Phase II production to start early next week. Continues the November hook-up thread.
14 Nov 2013other● Neutral
AGM chairman's speech and CEO presentation. Chairman calls BHP's decision not to drill Cinco-1 in SC55 a surprise, says the board is assessing options; Phase II drilling is complete and first oil is expected soon. Mostly repeats known facts.
11 Nov 2013production update● Neutral
Nido, a Galoc partner, re-releases Otto's 11 November update on the Typhoon Haiyan restart of Galoc production. No new information from Otto.
11 Nov 2013production update● Neutral
Super Typhoon Haiyan passed through the Galoc field on 8-9 November. Production was suspended 8 November and restarted 11 November after inspections found only minor damage. No injuries; Phase II installation has resumed.
