Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2010investor presentation● Neutral
AGM presentation recapping 2010 focus: Galoc, Edirne, Philippine exploration and exit of non-core assets. Hawkeye prospect in SC55 shows mean oil-in-place 484 mmbbl (87-1,539 range), 27% chance of success; Duhat-1 drilling Q1 2011. Forecast year-end cash US$33.5m, no debt.
3 Nov 2010other● Neutral
Notice of a Boardroom Radio audio interview with CEO Paul Moore on the September quarterly results. No new information in the announcement itself.
26 Oct 2010joint venture update● Neutral
Partner Nido Petroleum re-releases the Galoc operator's report on the typhoon disconnection, with the SC14C ownership table. Otto owns 31.4% of operator GPC. Nothing new beyond Otto's own 25 October update.
25 Oct 2010production update▼ BadMajor
Galoc production shut in during Typhoon Megi, with the FPSO disconnected from its mooring; restart is expected to take at least several weeks. Otto met its 2010 target with 427,080 bbl, and 248,000 bbl of saleable crude sits in the tanks.
30 Sept 2010annual report▼ BadMajor
FY2010 statutory loss A$33.3m (A$57.3m prior), mostly A$32.9m non-cash writedowns on Philippine SC50/51 and Edirne exploration spend. Annual production 575,443 bbl; 2P reserves 1.05 mmboe (1.87 prior). Reporting currency changes to US dollars from 1 July 2010.
30 Sept 2010annual report● Neutral
Full 2010 annual report. Chairman and CEO outline focus on the Philippines (Galoc, SC55), with up to two Galoc development wells planned for 3-6 million barrels of additional oil. Early SC55 seismic interpretation is described as promising. Financial results as in the summary announcement.
2 Sept 2010director officer appointment● NeutralMajor
Paul Moore, CEO since July 2009, joins the board as Managing Director, and Ian Boserio, ex-Shell and Woodside explorer, becomes a non-executive director. Founder Dr Jaap Poll will retire at the November AGM; John Zadnik resigns as alternate director.
3 Aug 2010investor presentation● Neutral
Conference presentation by the exploration manager recapping the company's history and assets. Galoc about 8,500 bopd, 5.1m bbl produced; Edirne produced 655 Mscf gross in Q2. Shares on issue now 1,134.5m, market cap A$97m at 8.5c.
3 Aug 2010other● Neutral
Notice of a Boardroom Radio audio interview with CEO Paul Moore on the June 2010 quarterly results. No new information in the announcement itself.
12 May 2010investor presentation● Neutral
May roadshow presentation largely repeating known facts. Galoc output has eased to about 9,200 bopd from about 10,000; shares on issue 1,072.7m, market cap A$100m at 11c. Edirne has 3 discoveries so far in its six-well campaign.
29 Apr 2010regulatory community update▲ Good
Philippine energy department approved a revised SC55 work program: the 3D seismic satisfies Sub-Phase 3, then one well each in Sub-Phases 4 (to Aug 2012) and 5 (to Aug 2013). The 880 km2 area extension is confirmed. Otto holds 85%.
22 Apr 2010other● Neutral
Notice of Boardroom Radio audio interviews with CEO Paul Moore on the March quarterly results and his conference presentation. No new information in the announcement itself.
20 Apr 2010investor presentation● Neutral
CEO presentation at an oil and gas conference restating known facts: Galoc about 10,000 bopd, Edirne plateau 10-14 mmscf/d expected, SC55 and SC69 seismic complete. Market cap A$118m at 11c. Galoc Phase 2 investment decision expected around mid-year.
9 Apr 2010production update▲ GoodMajor
First sales gas from Edirne, Turkey (Otto 35%) was delivered into the BOTAS grid on 9 April, making it Otto's second producing asset. Steady-state output expected at 10-14 mmscf/d after commissioning. Resolves the Q1 2010 start-up thread.
24 Mar 2010drilling scheduled● Neutral
Otto has begun about 900 line km of 2D seismic in SC69 (Visayan Basin, 70% interest). The survey fulfils the current sub-phase commitments and aims to mature leads.
19 Mar 2010production update▲ Good
Edirne gas plant construction is complete and gas gathering and tolling agreements are finalised. Sales await BOTAS completing a hot tap, expected near end of March. Yolboyu-1 reached 2,000m with possible gas, to be suspended. Resolves the tolling thread.
15 Mar 2010half year report● Neutral
Half-year to 31 December 2009: loss A$3.5m (prior period A$4.8m loss), no dividend. Cash up A$6.0m to A$18.2m, driven by A$14.8m (US$13.1m) received from GPC. Argentine Santa Rosa stake relinquished for A$1.
5 Mar 2010other▼ Bad
S&P index rebalance notice; Otto Energy is listed among removals from the All Ordinaries index effective after trading on 19 March 2010. This is an index change, not a company announcement.
3 Mar 2010investor presentation● Neutral
March investor presentation restating known facts: Galoc over 4m bbl produced, 10,000-11,000 bopd, Edirne start-up around end Q1 2010, SC55 seismic under way. Market cap A$107m at 10c; cash A$18m at 31 December, no debt.
15 Feb 2010drilling progress report● Neutral
Phase 2 Edirne drilling covers up to seven shallow gas wells (35% interest). Yolboyu-1 spudded 12 February, a higher-risk 2,000m step-out with up to 7 Bcf potential that would need extra infrastructure. Other wells target modest volumes.
10 Feb 2010drilling scheduled● Neutral
Otto begins a roughly 1,800 km2 3D seismic survey in SC55 on 10 February, expected to take about two months. This is larger than the 590 km2 survey planned in December, and fits with the BHP Billiton seismic agreement.
28 Jan 2010drilling result▲ Good
Kumluk-1 in the Edirne licence reached 550m, with 9m of net gas pay over three intervals, in line with pre-drill estimates. Cased as a potential producer. Extends Edirne's run of drilling success; Kartal-1 is next.
22 Jan 2010other● Neutral
Notice of a Boardroom Radio audio interview with CEO Paul Moore on the December quarterly results. No new information in the announcement itself.
15 Jan 2010farm in farm out agreement▲ GoodMajor
BHP Billiton will fund 1,000-2,000 km2 of 3D seismic in SC55 in return for an option to earn 60% by funding two deepwater wells and refunding Otto's past costs. Subject to formal agreements and approvals. Advances the Philippine farm-down effort.
15 Dec 2009material agreement▲ GoodMajor
Edirne JV signed a five-year gas sales agreement with AKSA for all Edirne gas, at a 15% discount to the BOTAS industrial tariff (Otto expects US$7-8/GJ). Gross 2P+2C about 8.5 Bcf (Otto 3 Bcf), initial 10-14 mmscf/d from early 2010. Resolves the pending sales agreement.
9 Dec 2009drilling scheduled▲ Good
Otto will acquire 590 km2 of 3D seismic in the southwest of SC55 (Otto 85%, operator), starting with the vessel arriving 14 December. It meets the current work commitment and follows the DoE-extended SC55 programme.
8 Dec 2009investor presentation● Neutral
December investor presentation repeating known facts: market cap about A$75m at 7c, cash A$11m, no debt. Molton and Santo each hold 19.7%. 2.5m performance shares convert if Edirne gas sales occur by 30 June 2010.
1 Dec 2009security holder rights change● Neutral
8,000,000 unlisted options (34c strike) expired on 30 November 2009 and were cancelled. Administrative; no cash or share impact.
18 Nov 2009investor presentation● Neutral
AGM presentation by CEO Paul Moore, largely restating known points: Galoc about 11,500 bopd and 3m bbl produced, Phase 2 start-up targeted first half 2011, Turkey plant under construction, farm-downs sought. Cash A$10.55m at 30 Sept, about 1.07bn shares.
10 Nov 2009production update▲ Good
Galoc production resumed on 9 November after the October suspension caused by delayed offloading. Offloading began once the faulty export hose was replaced. Resolves the pause flagged on 27 October; Otto's indirect interest is 18.78%.
