Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
11 Sept 2012material agreement▲ GoodMajor
Galoc Phase II approved: US$188m total cost, Otto's share US$62m, lifting output from 5,600 to over 12,000 bopd with first oil in 2H 2013. Net 2P reserves rise to 4.4 MMbbl. Otto mandated BNP Paribas for a US$37.4m loan, ending its debt-free status once drawn.
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation largely repeating known facts: market cap about A$97m at A$0.085, Galoc Phase II FID described as imminent at US$188m total (Otto US$62m), Duhat-2 and Cinco planned. Targets five wells in 2013.
24 July 2012investor presentation● Neutral
Notice of a Boardroom Radio webcast of CEO Gregor McNab discussing the June 2012 quarterly report. No new information.
19 July 2012quarterly activities report● Neutral
June quarter: Galoc uptime was above 95% and output averaged 5,872 bopd, with the Cargo 26 sale of 325,546 bbl at US$113/bbl. Revenue was US$10.9m and cash US$28.3m. Phase II FID remained on schedule for 3Q 2012, with drilling planned for 2013.
27 June 2012regulatory community update● Neutral
The DoE approved a 9-month extension to SC69 Sub-Phase 3, now ending 7 May 2013. This gives time to rank three 3D-defined drilling targets (Lampos, Lampos South, Managau East). Otto holds 79%, Frontier 15%, Trans-Asia 6%.
25 May 2012regulatory community update● NeutralMajor
The DoE approved a 12-month extension of SC55 Sub-Phase 4 to 5 August 2013, less than the 18 months BHP requested. The Cinco well is still due in that period and no drilling date can be given until a rig is secured.
18 May 2012resource reserve update▲ GoodMajor
Independent review (RISC) lifted Galoc's ultimate recovery by 19.7% (1P) and 3.5% (2P) at 1 Jan 2012. Otto's net 2P reserves are 1.89 MMbbl, with about five years of life from the existing two wells. Phase II FID is still targeted for mid-2012.
8 May 2012farm in farm out completion▲ GoodMajor
Tanzanian government approved the assignment of a 50% interest in the Kilosa-Kilombero and Pangani PSAs from Swala to Otto, resolving the pending approval from February. Aeromagnetic data reprocessing has started and an airborne magnetic and gravity survey is planned for July 2012.
26 Apr 2012investor presentation● Neutral
Notice of a Boardroom Radio audio interview with CEO Gregor McNab on the quarterly report. No new information in the announcement itself.
20 Apr 2012other● Neutral
BioProspect (a third party) says its 50%-owned Frontier Gasfields holds an option over 5% of SC55 from Trans-Asia and a 15% interest in SC69, subject to assignment and DoE approval. Continues the earlier dispute; no new action by Otto.
20 Apr 2012quarterly activities report● Neutral
March quarter: Galoc restarted 2 April and is back above 6,300 bopd, with the next cargo planned for late May. Closing cash was US$29.5m (US$38.7m in December). Tanzania approval and the Cinco rig search remain pending; seismic survey work started in SC51.
16 Apr 2012regulatory community update▼ BadMajor
BHP, as SC55 operator, asked the Philippine DoE to extend Sub-Phase 4 by 18 months, moving the Cinco well deadline from 5 Aug 2012 to 5 Feb 2014. The reason given is securing a suitable ultra-deepwater rig; no drilling date can be given.
2 Apr 2012other● Neutral
Partner Nido re-released the Galoc operator's 2 April 2012 update: production restarted after the FPSO refit with a new non-disconnectable turret, and Phase II FID is still targeted around mid-2012. Repeats Otto's own announcement; no new information.
2 Apr 2012production update▲ GoodMajor
Galoc restarted production on 2 April 2012 after the planned shutdown, on schedule with the late Q1 target. A new bow-mounted, non-disconnectable turret mooring was installed, expected to improve uptime. Phase II FID is still targeted around mid-2012.
15 Mar 2012half year report▲ Good
Half-year report to 31 December 2011 released. Sales revenue was US$19.65m (prior year US$0.1m), reflecting consolidation of the Galoc operator GPC, and gross profit was US$11.16m. The CEO calls results strong, citing improved Galoc uptime and exploration progress.
1 Mar 2012resource reserve update▲ GoodMajor
Nido, a Galoc partner, reported an independent audit lifting Galoc 2P reserves to 22.89 MMstb gross (from 18.6) at 31 December 2011. Better-than-expected reservoir performance in late 2011 is credited. Nido's own net 2P figure is 3.07 MMstb. Positive for Otto's 33% Galoc stake.
22 Feb 2012farm in farm out completion▲ GoodMajor
The Philippine Department of Energy approved the transfer of 60% and operatorship of SC55 to BHP Billiton, completing the farm-in conditions. Otto keeps 33.18% and Trans-Asia holds 6.82%. Cinco-1 drilling planning continues, with the rig situation still to be updated.
21 Feb 2012asset acquisition disposition▲ GoodMajor
Otto agreed to acquire a 50% interest in two onshore Tanzanian PSAs, Kilosa-Kilombero and Pangani, from partner Swala. The blocks cover almost 34,000 km2. This is Otto's first East Africa entry, fulfilling its stated strategy. Tanzanian government approval of the assignment is pending.
30 Jan 2012other● Neutral
BioProspect (a third party) responded to Otto's clarification, describing a chain of options through Trans-Asia over a 5% interest in SC55. It confirms Frontier would not be a direct SC55 participant. No new action by Otto.
30 Jan 2012quarterly activities report● Neutral
December quarter: Galoc was shut in from 23 November for the mooring upgrade, with return expected late Q1 2012; cumulative output 8.46m bbl gross. Quarter revenue was US$19.6m and closing cash US$38.7m (the report's table also shows US$28.3m, apparently the prior quarter). SC55 final farm-in documents are signed, with assignment approval pending.
30 Jan 2012investor presentation● Neutral
Singapore investor presentation repeating known facts: about 1.13b shares, 27m performance rights, cash US$38.7m at December 2011, no debt, market cap about A$100m at A$0.088. Names Molton and Santo Holdings as 21.3% holders each. Strategy focus is SE Asia and East Africa.
18 Jan 2012admin correction● Neutral
Otto clarified BioProspect's claims: it holds no SC52 interest and has no association with Frontier Gasfields. Frontier has no entitlement to an SC55 interest. Trans-Asia holds an option over 5% of Otto's SC55 stake, exercisable by paying 5% of first-well drilling costs.
18 Jan 2012drilling scheduled▼ BadMajor
BHP Billiton terminated the contract for the Transocean Deepwater Expedition rig because it failed key acceptance tests. The Cinco well start date is now unconfirmed, against a 5 August 2012 deadline for the sub-phase. This undermines the planned April 2012 spud.
18 Jan 2012other● Neutral
BioProspect (a third party) announcement about its Frontier Gasfields investment, including SC52 re-entry and a claimed option over 5% of SC55. Otto is not a party to SC52. Otto disputed the SC55 claims the same day.
28 Dec 2011farm in farm out completion▲ GoodMajor
Otto signed the final SC55 farm-in agreements with BHP Billiton, following BHP's May 2011 option exercise. Otto receives a final US$7.3m back-cost payment, of which US$5.0m is already received. Philippine Department of Energy approval of the transfer is still needed.
30 Nov 2011investor presentation● Neutral
CEO McNab's Singapore congress presentation repeats known facts: US$28m cash at 30 September, no debt, Galoc 33% operated, Cinco to be drilled April 2012 with BHP carrying costs. Galoc North prospect shown with STOIIP of 9 to 66 MMbbls. No new announcement.
28 Nov 2011production update▼ Bad
Galoc was shut in on 23 November 2011 and the FPSO sailed to Singapore for a roughly 3-month turret installation. It returns in late Q1 2012, with production restarting shortly after, so no Galoc revenue until then.
24 Nov 2011other● Neutral
Notice giving a link to an audio interview with CEO McNab on the AGM presentation. No new information.
22 Nov 2011agm notice● Neutral
Both AGM resolutions passed on a show of hands: adoption of the remuneration report and re-election of John Jetter. Administrative result only.
