Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2020drilling scheduled▲ GoodMajor
Otto confirms the SM71 joint venture will drill F5 from around 1 March 2020, with Otto at 50% WI. About 25 days to drill, 39 days to complete; first production in Q2 2020 if successful. Fulfils Otto's stated preference for F5.
13 Feb 2020drilling result▼ BadMajor
Byron's SM71 F4 found 91 ft of net hydrocarbon pay in the D5 Upper Sand, at the upper end of expectations, and was drilled 25% under budget. Otto, which declined to participate, gets no share of this well's result.
7 Feb 2020drilling progress report● Neutral
Byron's SM71 F4 well, which Otto declined to join, is at 3,577 ft with surface casing being run; planned total depth is 8,180 ft and drilling is on schedule and budget. Byron holds 100% of this well.
6 Jan 2020drilling result▲ GoodMajor
Green #2ST at Lightning reached 15,121 ft with 146 ft of net pay over seven sands, and is being completed as a producer; Green #1 production has resumed. Gross cost is about US$9.5m versus an US$8.0m budget; Otto holds 37.5%. Resolves the sidetrack.
10 Dec 2019drilling progress report▼ Bad
Green #2 at Lightning reached 15,244 ft TD with logs hinting at more hydrocarbon feet than Green #1, but a stuck tool forced a sidetrack. About 30 more days and US$0.6m net extra cost to Otto (37.5%); Green #1 stays shut in about 70 days total.
7 Nov 2019drilling result▼ BadMajor
The Mustang exploration well (Thunder Gulch #1, Texas, Hilcorp-operated) is non-commercial after testing produced only small gas volumes and no liquids, and will be plugged. Otto, 37.5%, had pre-test internal estimates of up to 15 BCF and 900 Mbbls. Third dry or failed well in the Hilcorp program.
7 Nov 2019resource reserve update▲ GoodMajor
Maiden Green Canyon 21 (Bulleit) reserves booked: 2P 1.828 MMboe and 3P 2.095 MMboe net to Otto (13.336%). Project is sanctioned and funded via the Macquarie facility, with first production expected late Q3 2020.
8 Oct 2019drilling spud▲ GoodMajor
Green #2 development well at Lightning started drilling, reaching 2,800 ft, expected to take 60 days to 15,234 ft MD. Cost US$7.94m gross (US$2.98m net to Otto), to be funded by the pending finance facility; completion early 2020.
19 Sept 2019resource reserve update▲ GoodMajor
Reserves at 30 June 2019: net 1P up 49% to 3.670 MMboe, 2P 7.103 MMboe, 3P 10.152 MMboe, including maiden Lightning 2P of 2.230 MMboe. Green #2 well due Q4 2019; Bulleit and Mustang bookings pending. Resolves the Lightning reserves wait.
8 Aug 2019drilling result▲ GoodMajor
Bulleit reached 15,675 ft MD and found about 110 ft TVD of oil pay in the deeper MP sand, on top of the DTR-10 find. But sidetrack and storm delays raise Otto's cost by an estimated US$6.5-7.5m over the US$9.0m pre-drill budget. Otto is in late-stage talks on development financing.
23 July 2019drilling result▲ GoodMajor
Mustang (Thunder Gulch #1) reached 18,164 ft MD and found at least 57 ft of net hydrocarbon pay, earning Otto 37.5% of the prospect. Completion and testing come next, with first production expected about 90 days after testing. Second Hilcorp program discovery after Lightning.
4 July 2019drilling progress report● Neutral
Mustang (Thunder Gulch #1) set intermediate casing at 15,495 ft MD, with about 15 days to reach roughly 18,000 ft including logging. Final result expected mid-July, in line with the earlier July timing; no result yet.
13 June 2019drilling result▲ GoodMajor
Bulleit's shallower DTR-10 sand shows 119 ft TVD of oil pay, confirmed as a commercial discovery with tie-back to GC18A and first oil expected in 2020. Reaching the deeper MP sand now needs a sidetrack after poor hole conditions, so the main target remains untested.
21 May 2019drilling result▲ GoodMajor
Bulleit logging found 235 ft gross pay in the shallower DTR-10 sand, well developed and oil bearing, with 50-60% net-to-gross. The deeper MP sand main target is still to be drilled, so the full result is pending.
7 May 2019drilling progress report● Neutral
Bulleit appraisal well has begun drilling, with surface casing set and the well at 4,190 ft on 6 May. About 42 days to drill is expected. Confirms the spud flagged on 30 April; no result yet.
1 May 2019drilling spud● NeutralMajor
Mustang exploration well (Thunder Gulch #1, Chambers County, Texas) started drilling, the next Hilcorp program well after Lightning and Don Julio 2. Otto pays 50% of cost (US$6.77m) for 37.5%; 56% chance of success; 74 days to reach about 18,000 ft TVD.
30 Apr 2019farm in farm out completion▲ GoodMajor
Final documents signed with Talos and EnVen for the Green Canyon 21 earn-in, confirming the 29 March deal: 16.67% interest for 22.22% of the Bulleit well cost. The drillship is on location with drilling due within days; Bulleit's P50 prospective resource is 14.5 MMboe gross.
13 Mar 2019drilling result▼ Bad
Partner Red Emperor repeats the Winx-1 final report: low oil saturations, no hydrocarbon samples, well to be plugged and abandoned. Duplicates Otto's same-day announcement; nothing new for Otto holders.
13 Mar 2019drilling result▼ BadMajor
Winx-1 wireline logs and fluid sampling showed low oil saturations and no mobile oil in the Nanushuk and Torok, so no production test will be run. The well will be plugged and abandoned. Reverses the earlier encouraging shows; Otto will reprocess seismic for remaining Western Blocks prospects.
7 Mar 2019drilling result● Neutral
Partner Red Emperor repeats the operator's Winx-1 update: total depth 6,800 ft reached 3 March, all targets intersected, wireline logging to start. Duplicates Otto's 6 March release; nothing new for Otto holders.
6 Mar 2019drilling result● Neutral
Winx-1 in Alaska reached 6,800 ft on 3 March, intersecting all pre-drill targets with multiple potential pay zones, including the primary Nanushuk. Wireline logging over about 10 days will decide whether to test. Builds on the 4 March oil shows; no confirmed result yet.
4 Mar 2019drilling result▲ Good
Partner Red Emperor repeats the Winx-1 interim results: oil shows in the primary Nanushuk targets at 4,667-4,901 ft and the Torok at 6,052 ft. Duplicates Otto's same-day update; nothing new for Otto holders.
4 Mar 2019drilling result▲ GoodMajor
Winx-1 intersected the primary Nanushuk targets at 4,667-4,901 ft with elevated gas, oil shows and higher resistivity, comparable to a nearby successful well. Otto calls it encouraging but cautions more data is needed. Wireline logging at total depth will decide on testing.
26 Feb 2019drilling progress report● Neutral
Winx-1 passed the blowout preventer inspection and started the intermediate section on 25 February, at about 2,640 ft. Primary Nanushuk targets are at about 4,500 ft. Otto says wireline logging and possibly testing are needed for definitive results.
22 Feb 2019drilling progress report● Neutral
Winx-1 was drilled to about 2,500 ft and surface casing run successfully. Blowout preventer testing comes next, with intermediate section drilling, which reaches the primary Nanushuk target, due week of 25 February. No hydrocarbon result yet.
18 Feb 2019drilling spud● NeutralMajor
Winx-1 in Alaska began drilling on schedule at 15:15 on 15 February 2019 and was at 880 ft by 17 February. Surface casing is planned at about 2,500 ft. Target is 400 MMbbl gross (75 MMbbl net to Otto).
15 Feb 2019drilling spud● NeutralMajor
Don Julio 2 (Middleton Trust #1), first of four Chambers County Vicksburg wells with Hilcorp, began drilling, targeting ~11,600 ft TVD in about 37 days. Otto earns 35.625% by paying 47.5%, about US$3.53m. Chance of success is 44%; mean 1.46 MMboe net.
6 Feb 2019drilling progress report● Neutral
Nordic Rig #3 began moving to the Winx-1 site on 1 February. Ice road, ice pad and cellar are complete. Spud is scheduled for about 15 February 2019. Otto's net target remains 75 MMbbl of 400 MMbbl gross.
4 Feb 2019drilling result▲ GoodMajor
Lightning (Green #1) reached 15,216 ft TVD and is a commercial discovery with at least 180 ft net pay, well above the pre-drill 31 ft P50. Otto earned 37.5%. Production is expected by end-March 2019. Resolves the open Lightning thread.
31 Jan 2019drilling progress report▲ Good
Winx-1 ice road and pad are substantially complete, conductor installation has begun and rig mobilisation is imminent. Spud is now mid-February 2019, with drilling and testing taking about 50 days if successful. Schedule is slightly firmer than 'mid-late February'.
