Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2013regulatory community update▼ BadMajor
BHP lodged force majeure over SC55, suspending the Fourth Sub-Phase obligations including Cinco-1 and preserving remaining exploration time until SEP clearance arrives. Otto cannot say when. This resolves the August 2013 deadline worry but leaves drilling indefinitely delayed.
2 May 2013joint venture update▲ Good
Kuwait's KUFPEC took over the 26.84% Galoc interest by buying Risco Energy, the parent of the previous partner. Otto stays operator with 33%. Phase II drilling is due June, with first oil in Q4 2013.
1 May 2013debt financing▲ GoodMajor
BNP Paribas confirmed all conditions are met, closing the US$37.4m Galoc Phase II loan, expiring 31 December 2015. First drawdown is now expected Q2 2013 as cash flow has funded spending so far. Otto also removed five group companies.
15 Apr 2013listing compliance notice● Neutral
ASX lifts Otto's trading suspension following its SC55 clarification. The notice wrongly names Indonesia and was amended the same day.
15 Apr 2013admin correction● Neutral
Amended ASX reinstatement notice correcting the country from Indonesia to the Philippines. Trading resumes; no other change.
15 Apr 2013regulatory community update▼ BadMajor
Otto says all critical SC55 permits are held except the Strategic Environmental Plan clearance, held up since August 2012 because Palawan's provincial board wants a socio-economic programme. No extension to the August 2013 deadline has been sought; force majeure remains an option.
10 Apr 2013listing compliance notice● Neutral
Otto asked to extend its voluntary trading suspension to respond to media speculation about SC55 and to get clarity from BHP on approvals for Cinco-1. A release is expected by 13 April 2013.
19 Mar 2013regulatory community update▼ BadMajor
BHP, operator of SC55, told Otto that Philippine regulatory approvals needed to drill Cinco-1 are still outstanding. Otto is assessing the impact on the August 2013 deadline, with temporary suspension under force majeure among the options discussed.
15 Mar 2013other● Neutral
Cover letter releasing the half-year report to 31 December 2012. Content already covered by the earlier 15 March half-year summary (revenue US$24.3m, net profit US$2.12m); no new substance here.
15 Mar 2013half year report● Neutral
Half-year to 31 Dec 2012: revenue US$24.3m (up from US$19.65m), but net profit US$2.12m versus US$15.07m, which had included a US$20.19m gain from taking control of Galoc operator GPC. Phase II FID noted.
14 Mar 2013resource reserve update▲ GoodMajor
Independent review lifts Otto's net Galoc reserves at 1 Jan 2013 to 3.4 MMbbl proved and 4.3 MMbbl proved plus probable. Attributed to better reservoir performance and higher oil prices. Field expected to produce beyond 2020. The 2P figure is slightly below the earlier 4.4 MMbbl.
4 Mar 2013investor presentation● Neutral
Sydney conference presentation repeating known facts: market cap about A$104m at 9.2 cents, cash US$19.3m, no debt (BNP awaiting financial close). Potential for three exploration and two development wells in 2013; Phase II adds about 8 MMbbl.
1 Mar 2013other● Neutral
S&P index notice listing quarterly rebalance changes. Otto is added to the All Ordinaries index effective after close on 15 March 2013. Otherwise no company-specific substance.
22 Feb 2013regulatory community update▲ GoodMajor
Otto was named preferred bidder for Area 7 (about 8,440 km2, offshore Mindoro) in the Philippines licensing round. Final award needs the service contract signed; Otto would then commit at least US$0.5m to seismic reprocessing within 18 months.
20 Feb 2013regulatory community update▲ GoodMajor
Otto and Swala moved into year two of both Tanzanian licences, committing to up to 500 km of 2D seismic. 2012 airborne surveys confirmed basins at Kilosa-Kilombero and possibly Pangani. Seismic results are due before end 2013, when a drill decision follows.
30 Jan 2013investor presentation● Neutral
Investor presentation repeating known facts: market cap about A$120m at 10.5 cents, cash US$19.3m, no debt, BNP facility awaiting financial close. Lists 2013 catalysts: Galoc Phase II, Duhat-2, Galoc North, Cinco and Tanzania seismic.
18 Jan 2013investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab on the December 2012 quarterly report. No new information.
9 Jan 2013price query● Neutral
ASX asked Otto to explain a rise from 9.5 cents (4 Jan 2013) to an intra-day 11 cents on higher volume. The text is the query only; Otto's answer is not included.
21 Dec 2012joint venture update● Neutral
Nido, a Galoc partner, restates the operator's Phase II progress: rig, vessel and subsea tree contracts awarded, rig mobilising early Q2 2013, costs unchanged, first oil still 2H 2013. Repeats Otto's same-day update; Galoc North well still awaits partner sanction.
21 Dec 2012debt financing▲ GoodMajor
Otto signed the binding US$37.4m BNP Paribas loan for its Galoc Phase II share, expiring 31 December 2015, with repayments from Q1 2014. First drawdown is expected Q1 2013. Phase II is on track for first oil in 2H 2013, with rig mobilisation in early Q2 2013.
13 Dec 2012drilling scheduled▲ GoodMajor
The SC51 North partners approved the Duhat-2 well and budget, targeting a spud around mid-2013. Success-case mean recoverable is 23 MMbbl (upside 59 MMbbl, gross), following the new 2D seismic. Otto, holding 80%, will fund it from cash and revenue.
16 Oct 2012investor presentation● Neutral
Investor presentation repeating known facts: market cap about A$102m at A$0.09, cash US$28.3m at June 2012 and no debt. Deliverables by end 2013 are two development wells doubling net output to 4,000 bopd, and three exploration wells.
12 Oct 2012regulatory community update▲ Good
The Philippines DoE extended the current SC51 sub-phase to 31 January 2013, with tenure confirmed to 8 July 2015. Seismic of 102 km was completed in early October. The next sub-phase requires a well, and Duhat-2 is planned for 2013.
12 Oct 2012investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab on upcoming Singapore and Hong Kong oil and gas conferences. No new information.
5 Oct 2012annual report● Neutral
Glossy 2012 annual report, repeating the statutory accounts and known strategy. Plans for FY2013 include two Galoc development wells, a Galoc North well, Cinco-1 and Duhat-2. CEO Gregor McNab notes his first year, having joined in November 2011.
1 Oct 2012annual report● Neutral
Statutory accounts for the year to 30 June 2012, repeating known events: the Vitol buy-out lifting GPC to 100% and the Galoc Phase II FID in September 2012. AGM set for 26 November 2012. Auditor BDO. No dividend recommended.
18 Sept 2012investor presentation● Neutral
Investor presentation repeating known facts: market cap about A$113m at A$0.10, cash US$28.3m and no debt at June 2012. Targets two development wells and three exploration wells by end 2013, doubling net production to 4,000 bopd. Bids submitted for two PECR4 areas.
11 Sept 2012other● Neutral
Partner Nido's release of the Galoc Phase II FID, attaching Otto's announcement. Nido's 22.88% share is about US$43m, and its participation depends on conditions under its Standard Bank debt facility.
11 Sept 2012investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab discussing the Galoc Phase II final investment decision and reserves upgrade announced earlier the same day. No new information.
11 Sept 2012asset acquisition disposition▲ GoodMajor
Otto bought SWAN's 40% of SC51 North (onshore Leyte) for A$1.25m, lifting its interest to 80% as operator. This completes the pending SWAN transaction in Otto's favour. Otto funds all costs through the Duhat-2 well, due to spud in 2013.
