24 Oct 2013investor presentation● Neutral
Notice of a webcast interview with CEO Gregor McNab on the September 2013 quarterly report. No new information in the notice itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2013quarterly activities report● Neutral
September quarter: Galoc averaged 3,511 bopd after the planned Phase II shutdown, revenue US$12.9m, closing cash US$19.8m, debt available US$11.2m. Phase II forecast cost US$204m (100% basis), within 10% of the FID budget; first oil still November.
21 Oct 2013well test result▲ GoodMajor
Galoc-6H flowed a stable 3,800 bopd on a 56/64" choke, with 4,000-6,000 bopd expected deliverability. This completes Phase II drilling, and the rig is leaving. Hook-up continues through November, consistent with the 12,000 bopd field forecast.
21 Oct 2013well test result● Neutral
Nido, a Galoc partner, re-releases Otto's 21 October announcement that Galoc-6H flowed 3,800 bopd. No new information from Otto.
16 Oct 2013well test result▲ GoodMajor
Galoc-5H flowed 6,300 bopd to surface on a 64/64" choke during clean-up testing. Otto expects 8,000 to 12,000 bopd initial deliverability, consistent with the 12,000 bopd field forecast once Phase II starts in late November 2013. Galoc-6H is next.
16 Oct 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 16 October update that Galoc-5H flowed 6,300 bopd, with 8,000-12,000 bopd expected deliverability. No new information from Otto.
14 Oct 2013joint venture update▲ Good
Operator Swala reports 143 km of 2D seismic acquired over the Kidatu basin, with preliminary results positive and a possible structure of 30 to 60 square kilometres. Prospectivity is unconfirmed pending processing. Kilombero survey has begun, then up to 200 km in Pangani.
9 Oct 2013drilling progress report● Neutral
Eighteenth weekly update: the Galoc-6H upper completion was finished and the well suspended pending subsea tree installation and flow testing. The rig moves to G-5H for its tree and clean-up flow. November 2013 first oil unchanged.
9 Oct 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 9 October weekly drilling update. No new information from Otto.
8 Oct 2013asset acquisition disposition▼ BadMajor
Otto will relinquish its 79% stake in SC69 offshore the Visayas after seismic work and a farm-out process that did not deliver an acceptable commercial outcome. It says drilling in 700 m water without a partner was too risky; this resolves the open farm-down thread.
2 Oct 2013drilling progress report● Neutral
Seventeenth weekly update: the Galoc-5H upper completion was finished and the rig moved to Galoc-6H to start its upper completion. Clean-up flow on G-5H follows. November 2013 first oil unchanged.
27 Sept 2013annual report● Neutral
Otto's 2013 Annual Report restates the year's themes: the Galoc Phase II decision, first oil expected November 2013, a 500 km Tanzania seismic survey, and the Cinco well in SC55. The text provided is truncated; no financial figures are available here.
25 Sept 2013drilling progress report● Neutral
Sixteenth weekly update: the Galoc-5H lower completion was run and the upper completion is under way. Next are the G-6H upper completion and rigging up for clean-up flows. November 2013 first oil unchanged.
18 Sept 2013drilling result▲ GoodMajor
Drilling of Galoc-5H (final depth 4,497 m) and 6H is complete, with 1,645 m of net oil pay across 3,177 m of horizontal reservoir and high permeability. FPSO upgrades are done on schedule; November 2013 first oil unchanged. Well deliverability is still to be confirmed by flow tests.
18 Sept 2013joint venture update▲ Good
Operator Swala reports 130 km of 2D seismic acquired in the Kilosa basin, where preliminary data suggest possible large structures along the basin edges and rotated fault blocks. Prospectivity is unconfirmed pending processing. Crew has moved to Kidatu, about three more weeks.
18 Sept 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 18 September update on completing Galoc-5H and 6H drilling. No new information from Otto.
11 Sept 2013drilling progress report● Neutral
Fourteenth weekly update: Galoc-5H's horizontal hole was drilled from 3,256 m to 4,496 m, with logs in line with pre-drill expectations. Drilling continues, then the completion liner is run. November 2013 first oil unchanged.
4 Sept 2013drilling progress report▲ Good
Thirteenth weekly update: Galoc-5H's horizontal hole was drilled from 2,700 m to 3,526 m, with logs showing it is in line with pre-drill expectations. Drilling continues; November 2013 first oil unchanged.
4 Sept 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 4 September weekly drilling update. No new information from Otto.
3 Sept 2013asset acquisition disposition▲ GoodMajor
Otto formally secured Service Contract 73 (formerly Area 7, ~8,440 km2 offshore Mindoro Basin) in the Philippines contracting round, as flagged earlier. Initial 18-month commitment is seismic reprocessing, minimum US$0.5m, adding new exploration acreage.
29 Aug 2013regulatory community update▲ GoodMajor
Palawan's environmental council (PCSD) approved issuing the SC55 environmental clearance for the Cinco-1 well, which had been expected since September 2012. Written endorsement is being finalised, and the joint venture will ask the Department of Energy to confirm revised work program timing after the force majeure suspension.
28 Aug 2013drilling progress report● Neutral
Twelfth weekly update: Galoc-6H was suspended and the Ocean Patriot rig moved to Galoc-5H, preparing to drill about 2,400 m horizontally. November 2013 first oil unchanged.
28 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 28 August weekly drilling update. No new information from Otto.
21 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 21 August weekly drilling update. No new information from Otto.
21 Aug 2013drilling result▲ Good
Galoc-6H hit a 260 m very high quality reservoir section, at the high end of expectations, and was finished early at 3,958 m with the liner run over it. Rig moves to Galoc-5H. First oil now stated as November 2013.
14 Aug 2013drilling progress report▲ Good
Tenth weekly update: Galoc-6H's 8½" horizontal section was drilled to 3,466 m, including a significant interval of high quality oil-bearing sand. About 1,000 m more is planned. Q4 first oil unchanged.
14 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 14 August weekly drilling update. No new information from Otto.
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.