Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2024production update▼ BadMajor
The F5-ST Bypass well began production on 30 November 2024, but is mostly gas: about 3 MMscf/d with only 10 bbl/d of oil, against a 500-1,500 bbl/d oil target. Otto says the oil potential is uncertain and it is too early to forecast.
9 Dec 2024security holder rights change▼ Bad
The A$40.0m (A$0.008 per share) return of capital slips again, with payment now targeted 7 March 2025 (previously 20 December 2024). The ATO class ruling is still not received and dates may be extended further.
29 Nov 2024agm notice● Neutral
The chairman's AGM address repeats known points: the sale process ended with offers below the company's value, and admin costs fell US$2.6m (40%). The ATO ruling for the A$40m capital return is still not received.
29 Nov 2024investor presentation● Neutral
Cover release for the CEO's 2024 AGM presentation. The visible text is only disclaimers and reserves notes, so it adds no new information.
25 Nov 2024drilling progress report● Neutral
Completion of the F5-ST Bypass well is finished, the rig is released and hook-up is under way. Pressure data suggests the well is likely connected to the nearby F1 well. First production is expected around end-November or early December.
31 Oct 2024quarterly activities report● Neutral
September quarter revenue fell 18% to US$5.0m, with production down 12% to 1,482 boe/d after hurricane shut-ins. Cash held at US$40.5m, debt-free. The ST 48 lease was relinquished on 1 October 2024; the ATO ruling is still awaited.
30 Oct 2024drilling result▲ GoodMajor
The F5-ST Bypass well reached 7,219 ft, finding 133-177 ft of net pay in the D5 sand, plus 24 ft (I3) and 14 ft (I2). Otto will complete it at about US$3m more; production is expected in November.
28 Oct 2024annual report● Neutral
Otto's 2024 Annual Report covered the year to 30 June 2024. It showed five producing Gulf Coast assets, with FY24 average production (WI) of 896 boe/d at Lightning, 464 at SM 71, 166 at Mosquito Bay West, 128 at GC 21 and 74 at Oyster Bayou South.
28 Oct 2024other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, current as at 17 October 2024. Compliance filing with no business substance.
22 Oct 2024other● Neutral
ASX says OEL's trading suspension will lift immediately once the company releases its drilling results announcement. Administrative notice with no new information.
22 Oct 2024drilling result● NeutralMajor
The F5-ST well at SM 71 found hydrocarbon pay: 133 ft in the main D5 sand, plus 22 ft (I3) and 13 ft (I2). Drill pipe then stuck and the hole was cemented off (about US$2m net loss); Otto will join a US$1.7m net bypass well.
21 Oct 2024other● NeutralMajor
At Otto's request, trading was suspended from 21 October 2024 pending an announcement on F5-ST drilling results. A trading halt had been granted on 17 October. The result itself is not yet known; suspension is expected to last until 22 October at most.
21 Oct 2024director officer appointment● Neutral
Justin Clyne, a lawyer and company director, is appointed independent non-executive director. John Madden has resigned to pursue other interests. Clyne joins the audit and remuneration committees and will stand for election at the 2024 AGM.
16 Oct 2024security holder rights change▼ Bad
The return of capital timetable slips again, with payment now 20 December 2024 (previously 30 October). The ATO class ruling is still not received and the date may be extended further.
2 Oct 2024drilling spud● Neutral
The Enterprise 264 jack-up rig arrived at SM 71 on 1 October 2024, on schedule, to drill the F5-ST sidetrack. It is a 12-day drill to 7,551 ft MD, with a stated 60% chance of success and 500-1,500 bbl/d anticipated. Drilling is about to start.
16 Sept 2024annual report● Neutral
FY24 revenue fell to US$20.4m from US$33.4m, with a US$9.1m GC 21 impairment and a US$1.2m pre-tax loss. Cash rose to US$40.5m, debt-free and unhedged. The strategic review ended without a sale, and the ATO ruling on the capital return is still awaited.
16 Aug 2024drilling scheduled▲ GoodMajor
Otto will join the F5-ST sidetrack well at SM 71 (50% WI), targeting 500-1,500 bbl/d oil with a stated 60% chance of success. Otto's share is US$2.85m dry-hole and US$5.65m completed cost, funded from cash. Spud expected late September or early October 2024.
14 Aug 2024security holder rights change▼ Bad
The return of capital is delayed again, with payment now 30 October 2024 (previously 28 August). The ATO class ruling is still outstanding and the company acknowledges the unexpectedly long delay.
31 July 2024resource reserve update▼ BadMajor
At 30 June 2024, net 1P reserves fell 18% to 2.0 MMboe, 2P fell 32% to 3.3 MMboe and 3P fell 15% to 6.0 MMboe, mainly from production and GC 21 and SM 71 downgrades. Resources unchanged at 8.7 MMboe.
31 July 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice. A confirming resolution will go to the next AGM. Administrative only, with no change of audit firm group.
30 July 2024quarterly activities report● NeutralMajor
The company says it has concluded its strategic review because offers did not match its assessment of value, and will focus on existing assets and returns to shareholders. Cash was US$40.5m, with revenue US$6.1m and 1,690 boe/d. The SM 71 F3 well was shut in indefinitely in May.
8 July 2024director officer appointment● NeutralMajor
CEO Steve Herod resigned to pursue other interests. Chief Commercial Officer Phil Trajanovich became Acting CEO on US$315,000 a year, and the board said filling the role internally would accelerate Otto's cost-cutting initiative.
30 May 2024security holder rights change▼ Bad
The return of capital timetable is pushed back again, with payment now 28 August 2024 (previously 13 June). The ATO class ruling is still not received and there is no assurance on timing.
20 May 2024director officer appointment● NeutralMajor
Chairman John Jetter, a director since 2007, will retire on 30 June 2024. Non-executive director Geoff Page becomes Interim Chairman from 1 July. A change of chair during the unfinished strategic review.
30 Apr 2024quarterly activities report● Neutral
March quarter production was 1,721 boe/d with revenue US$6.1m, steady on the prior quarter. Cash rose to US$37.9m, helped by the final US$1.75m GC 21 insurance payment, resolving that open item. Debt-free; strategic review continues and the capital return still awaits the ATO ruling.
22 Apr 2024security holder rights change▼ Bad
The A$40m (A$0.008 per share) return of capital is delayed again because the ATO class ruling has not arrived. Payment moves from 8 May to 13 June 2024, with no assurance and a possible further extension.
12 Mar 2024half year report▼ Bad
Half-year to 31 Dec 2023: net loss US$5.6m after a US$9.3m GC 21 impairment, on revenue of US$10.9m (down 49%). Cash US$34.1m, no debt. G&A fell 25% to US$2.2m. Return of capital still awaits an ATO ruling, hoped by end April.
23 Feb 2024security holder rights change● Neutral
The A$40m (A$0.008 per share) return of capital is delayed pending an ATO tax-free ruling, now hoped for by end of April 2024. Revised payment date is 8 May 2024, with no assurance and a possible further extension.
31 Jan 2024quarterly activities report● Neutral
December quarter production was steady at 1,731 boe/d with revenue US$6.4m. Cash rose to US$34.1m, no debt. The remaining Pantheon shares were sold for US$1.05m, and a final US$1.75m GC 21 insurance payment is expected in early 2024. The capital return was approved at the AGM.
20 Dec 2023director officer appointment● Neutral
CFO Sergio Castro resigned immediately. Group Financial Controller Julie Dunmore is promoted to CFO, and Phil Trajanovich becomes Chief Commercial Officer. A modest management reshuffle under CEO Steve Herod.
