Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Sept 2011joint venture update● Neutral
Galoc partners approved front-end engineering for Phase II and a new 184 km2 3D seismic survey in October 2011. Phase II sanction is now targeted mid-2012, later than the early-2012 target previously given, with drilling likely in 2013.
19 Aug 2011other● Neutral
Notice giving a link to a Boardroom Radio interview with the Acting CEO about the Galoc/GPC acquisition. No new information.
16 Aug 2011other● Neutral
Notice giving a link to an audio replay of the Acting CEO's interview on the Galoc/GPC acquisition. No new information.
12 Aug 2011investor presentation● Neutral
Presentation on the Vitol/GPC purchase, repeating known terms: US$18.7m net to Otto (US$1.87m on signing, US$16.83m on completion), 33% direct interest, operatorship, funded from cash. Mentions 229 km2 of SC69 3D seismic. No new substance.
12 Aug 2011asset acquisition disposition▲ GoodMajor
Otto agreed to buy Vitol's 68.62% of Galoc operator GPC, taking it to 100% and Otto's Galoc stake from 18.78% indirect to 33% direct after on-selling 26.84% to Risco. Otto's share costs US$18.7m from cash; 2P reserves rise 0.98 MMbbl. Completion due by 30 Sept 2011.
8 July 2011joint venture update▲ GoodMajor
The Galoc partners approved a new turret mooring and riser system for the FPSO, aimed at uptime above 95%. The FPSO leaves the field for about 90 days from September. Phase 2 approval is targeted for early 2012. Production is about 6,800 bbl/day.
6 July 2011admin correction● Neutral
Share registry moves from Computershare to Link Market Services from 8 August 2011. Administrative only.
23 June 2011drilling progress report▲ Good
The SC69 3D seismic survey finished, with over 210 km2 of data acquired. Processing will take about six months before interpretation of the Lampos prospects.
8 June 2011drilling progress report● Neutral
3D seismic acquisition has begun in SC69 over about 210 km2, using the BGP Explorer. It targets the Lampos and Lampos South reefs, with oil in place of 22-713 mmbbl (mean 290). It fulfils the current sub-phase commitment.
25 May 2011drilling result▼ BadMajor
Duhat-1A sidetrack also stuck at 321m, and further drilling was judged unsafe, so the well is being abandoned short of the 1,000m target. Otto cites high gas readings as encouraging, but unexpected shallow overpressure needs study. The well did not test the target.
16 May 2011drilling progress report▼ Bad
Duhat-1 became stuck at 325m because of unstable hole, as in a nearby offset well. It was plugged back to 224m and sidetracked, and is now drilling at 295m. The company says the geological expectations are unchanged.
11 May 2011farm in farm out agreement▲ GoodMajor
BHP Billiton exercised its option to farm into SC55, earning up to 60% and operatorship by reimbursing past costs and funding one deepwater well by 2012. Otto keeps 33.18%. This resolves the open BHP decision; approvals are still needed.
11 May 2011investor presentation● Neutral
May 2011 presentation repeating the BHP farm-in terms (Otto keeps 33.18%, with a carry on two deepwater wells) and the SC55 prospects such as Cinco. Adds a plan for East Africa permit applications in Kenya and Burundi. Mostly known facts.
4 May 2011resource reserve update▲ GoodMajor
Independent review of Galoc reserves at 1 Jan 2011: Otto's share of proven reserves rose 78% to 0.69 MMboe and proven plus probable rose 52% to 1.38 MMboe. Contingent resource for Phase 2 is 0.85 MMboe. Field life now expected to about 2014-2018.
28 Apr 2011drilling progress report● Neutral
Duhat-1 reached 205m with 13 3/8-inch casing set and cemented. The blowout preventer is being pressure tested before drilling on. The company says it is on track to reach its planned total depth.
19 Apr 2011drilling spud● NeutralMajor
Duhat-1 spudded on 19 April 2011 in SC51, onshore Leyte, Otto's first operated Philippine exploration well. It aims for 1,000m in about 27 days. Pre-drill oil in place is 12-263 MMbbl (P50 76 MMbbl); Otto holds 40% pending SWAN approval.
6 Apr 2011director officer appointment▼ BadMajor
Managing Director Paul Moore resigned, effective 1 July 2011, for personal reasons and to relocate overseas. The board has started a search for a new CEO. Director Ian Boserio will assist management in the meantime.
16 Mar 2011half year report▲ Good
Half-year to 31 Dec 2010: profit of A$4.29m (loss A$2.96m a year earlier) and cash A$30.06m. Reports Galoc output, the Edirne sale to Valeura for US$3.1m, the SC51 farm-out to SWAN and the Duhat-1 rig contract, all already known. No dividend.
9 Mar 2011drilling scheduled▲ GoodMajor
Initial interpretation of SC55's 1,800 km2 seismic shows large to very large Nido carbonate leads alongside Hawkeye. SC69 3D seismic contract is signed for late Q2 2011, Duhat-1 is mobilising, and BHP Billiton's farm-in decision is due in Q2 2011.
3 Mar 2011regulatory community update● Neutral
Otto responded to a BioProspect release, stating Frontier Gasfields holds no interest in SC55 or SC69 and is not party to BHP Billiton's farm-in option. It said no SC55 drilling is committed before August 2011, and that BHP need not yet exercise.
3 Feb 2011farm in farm out completion▲ Good
Otto received SWAN's US$1.5m contribution toward Duhat-1, still awaiting Philippine energy department approval of the SC51 farm-down. It also clarified that after Duhat-1, partners may choose the offshore Argao-1 well or a second northern onshore well.
3 Feb 2011farm in farm out agreement▲ GoodMajor
Otto agreed with partner Trans-Asia to raise its SC55 stake by 8.18% to 93.18%, and its SC69 stake by 9% to 79%. Otto carries Trans-Asia through SC55 wells and part of SC69 costs, with interest reverting if Otto does not drill.
18 Jan 2011farm in farm out agreement● NeutralMajor
Otto farmed out 40% of SC51 to unlisted SWAN Oil and Gas, which pays the first US$1.5m of Duhat-1 and gets 80% of the southern block. Otto stays operator and keeps 40% of the northern block, leaving it with 40% overall. Awaiting Philippine energy department approval.
6 Jan 2011contract award▲ GoodMajor
Otto's subsidiary signed a land rig contract with DESCO to drill Duhat-1 in SC51, onshore Leyte, starting around early March 2011 for about 27 days to 1,000m. Prospective resource 1-62 million barrels recoverable; the well satisfies the sub-phase 3 work commitment.
17 Dec 2010other● Neutral
Updated securities trading policy lodged to comply with Listing Rule 12.9. Governance document only, no operational or financial information.
15 Dec 2010asset acquisition disposition● NeutralMajor
Otto agreed to sell its 35% Edirne gas interest in Turkey to Valeura Energy for US$3.1m, effective 1 October 2010, with closing expected around 22 December. The Turkish assets underpinned Otto's 2004 listing; the sale focuses it on the Philippines.
25 Nov 2010joint venture update● Neutral
Partner Nido re-releases the Galoc operator's report that production resumed at about 8,500 bopd after the typhoon disconnection. It also notes GPC has started arbitration over a contractor dispute and shutdown costs. Nothing new beyond Otto's own release.
25 Nov 2010production update▲ Good
Galoc resumed production at about 8,500 bopd after the mooring was reinstated, resolving the October typhoon shut-in, about a month. FPSO thrusters were also refurbished. Operator GPC has started arbitration over a contractor dispute and shutdown costs.
24 Nov 2010director officer appointment● Neutral
Amended final director's interest notice for the retired Dr Jaap Poll. It reclassifies his holdings as non-registered interests: 8,165,290 shares via RBC Dexia, 5,378,916 via Dormley, plus performance shares and options.
23 Nov 2010director officer appointment● Neutral
Founder Dr Jaap Poll retires from the board, which he joined at the 2004 listing, as flagged in September. Final interest notice shows he held about 17.8m shares across two holders.
