14 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 14 August weekly drilling update. No new information from Otto.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2013joint venture update● Neutral
Swala (Otto's 50% partner, operator) announced the 2D seismic programme has started in Tanzania's Kilosa basin, about 100 km over coming weeks. This begins the survey flagged for July; results will guide any drilling decision.
7 Aug 2013drilling progress report● Neutral
Ninth weekly update: Galoc-5H's 12¼" section reached 2,700 m and 9⅝" casing was run and cemented. Rig moves to Galoc-6H to drill about 2,000 m horizontally. Q4 2013 first oil unchanged.
31 July 2013drilling progress report▲ Good
Eighth weekly update: Galoc-5H's 12¼" hole reached 2,597 m with angle building to about 75 degrees. Logs confirm oil-bearing Galoc sandstones as predicted. Drilling continues to horizontal at about 2,720 m. Q4 first oil unchanged.
31 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 31 July weekly drilling update. No new information from Otto.
30 July 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab discussing the Duhat drilling update. No new information in the notice itself.
30 July 2013drilling result▼ BadMajor
Duhat-2 hit high-pressure brackish water at about 200 m on 25 July and was shut in with cement on 26 July. Otto will plug and abandon it as a safety decision, with no injuries. Seismic gave no warning; SC51 future work will be reviewed. This ends the well, with no oil found.
25 July 2013drilling spud● NeutralMajor
Drilling of the onshore Duhat-2 well in SC51, Leyte began at 1600 hours on 24 July 2013, expected to take about 31 days if dry. It targets a mean 34 MMbbls (range 1-88) and is funded from Galoc cash flow. Earlier Duhat wells in 2000 and 2011 failed to pass about 300 m.
24 July 2013drilling progress report● Neutral
Seventh weekly update: Galoc-6H's 9⅝" casing was cased and cemented to 2,554 m. The Ocean Patriot has moved to Galoc-5H and is running in to drill its 12¼" section. Q4 first oil unchanged.
18 July 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab discussing the June 2013 quarterly report. No new information in the notice itself.
17 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 17 July weekly drilling update. No new information from Otto.
17 July 2013drilling progress report▲ Good
Sixth weekly update: Galoc-6H's 12¼" section was drilled to 2,554 m and steered near horizontal. Logs confirm oil-bearing Galoc sandstones in line with pre-drill expectations. Casing has begun; the rig then moves to Galoc-5H. Q4 first oil unchanged.
10 July 2013drilling progress report● Neutral
Fifth weekly update: the blowout preventer was installed and tested on Galoc-6H, and drilling continues in the 12¼" hole toward the reservoir at about 2,500 m. Schedule of about 115 days and Q4 2013 first oil is unchanged.
10 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 10 July weekly drilling update. No new information from Otto.
4 July 2013investor presentation● Neutral
CEO presentation to investors in July 2013 restating known facts: about 1.14bn shares, cash US$23.1m at March 2013, no debt drawn, 33% of Galoc, and Duhat-2 and Tanzania plans. It notes a market value of $81m at 7.1 cents and Area 7 licence still to be executed.
3 July 2013drilling progress report● Neutral
Fourth weekly update: 13⅜" casing was cemented on Galoc-6H, and Galoc-5H drilled to 950 m with casing cemented. Next is running the blowout preventer on Galoc-6H. Q4 first oil is unchanged.
3 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 3 July weekly drilling update. No new information from Otto.
1 July 2013drilling scheduled▲ GoodMajor
The Desco Rig-30 has started moving to the Duhat-2 site in SC51, Leyte, with drilling due by late July 2013. The prospect holds a mean 34 MMbbls (range 1-88). Otto holds 80% and says Galoc cash flow fully funds the well; early production possible from 2014 if it succeeds.
26 June 2013drilling progress report● Neutral
Third weekly update: Galoc-6H drilled the 17½" hole to 950 m, and the Galoc-5H 30" conductor was set and cemented. Next is casing on Galoc-6H. No change to schedule or Q4 first oil.
20 June 2013resource reserve update● Neutral
Nido, a Galoc partner, re-releases Otto's 20 June Galoc exploration update: 12 MMbbls of upside and the exploration well deferred. No new information from Otto.
20 June 2013resource reserve update● NeutralMajor
Studies on 2012 3D seismic support a further mean 12 MMbbls recoverable at Galoc, beyond current development. The joint venture deferred an exploration well because the Ocean Patriot rig, rated to 400 m water depth, cannot reach the best locations. A suitable rig is needed first.
19 June 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 19 June drilling update. No new information from Otto.
19 June 2013drilling progress report● Neutral
Second weekly update: the 30" conductor was set and cemented on Galoc-6H, and the Galoc-5H hole was opened to 36". Schedule unchanged at about 115 days, with first oil in Q4 2013.
12 June 2013drilling progress report● Neutral
First weekly update: the 36" hole on Galoc-6H and the 26" hole on Galoc-5H were each drilled to 400 metres. Drilling is still expected to take about 115 days, with first oil in Q4 2013.
11 June 2013regulatory community update▲ GoodMajor
The Philippines Department of Energy approved a six-month extension of SC69 Sub-Phase 3 to 7 November 2013. Otto (79%) will finish technical work, start well planning and run a farm-down. This resolves the lapsed Sub-Phase 3 date and gives time to find a partner.
4 June 2013drilling spud▲ GoodMajor
The Ocean Patriot began drilling the Galoc-5H and 6H Phase II development wells at 1300 hours on 4 June 2013. Drilling is expected to take about 115 days; weekly updates start 12 June. This starts the Phase II work toward Q4 first oil.
23 May 2013drilling progress report▲ Good
The Ocean Patriot rig left Singapore under tow for Galoc, due in about 10 days. Galoc-5H and 6H will then be drilled over about 115 days. First oil from Phase II is expected in Q4 2013.
23 May 2013joint venture update● Neutral
Nido, a Galoc partner, re-releases Otto's Ocean Patriot mobilisation update with its own comment. No new information from Otto.
10 May 2013contract award▲ Good
Swala, Tanzania operator, awarded the 2013 2D seismic contract to Polaris, worth US$7.3m (US$3.66m net to Swala's subsidiary). The 500 km programme runs June to September 2013, covering 300 km in Kilosa-Kilombero and 200 km in Pangani.
3 May 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast with CEO Gregor McNab on the March 2013 quarterly report. No new information.