Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2011investor presentation● Neutral
Roadshow presentation by new CEO McNab repeating known facts: Galoc 33% operated, Cinco to be drilled April 2012, no debt, focus on SE Asia and East Africa. Market cap about A$92m at A$0.08. Mooring upgrade now cited for Q1 2012.
2 Nov 2011director officer appointment● NeutralMajor
Gregor McNab, a BHP Billiton executive for seven years, became CEO on 1 November 2011, ending the Acting CEO period. Package: A$500,000 salary, A$150,000 short-term incentive and 15m performance rights. Resolves the CEO search.
27 Oct 2011quarterly activities report● Neutral
September quarter: Galoc made 8.14m bbl cumulative, about 6,500 bopd at quarter-end. Closing cash fell to US$28.3m from US$35.6m, after the acquisition payment. Cinco well planned for Q2 2012 with BHP carrying Otto's cost; CEO appointment being finalised.
30 Sept 2011asset acquisition disposition▲ GoodMajor
Otto completed the Vitol deal, owning 100% of Galoc operator GPC and holding a 33% direct interest in Galoc. This resolves the acquisition announced on 12 August; Otto now operates the field and turns to Phase II.
29 Sept 2011annual report▲ Good
Cover announcement that the 30 June 2011 annual report is released. The Acting CEO describes 2010/11 as Otto's first financial profit with a solid balance sheet.
29 Sept 2011annual report● Neutral
Annual report for the year to 30 June 2011. The chairman highlights the BHP Billiton SC55 farm-in and the Galoc operator acquisition, with the Cinco well expected in 2012. Mostly repeats known developments.
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.
26 July 2011quarterly activities report● Neutral
June quarter: Galoc produced 618,244 bbl gross (116,106 net), about 6,750 bopd at quarter-end. Cash US$35.6m. Matthew Allen is Acting CEO and the CEO search continues. SC55 enters the next sub-phase, needing a well before August 2012.
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.
28 Apr 2011quarterly activities report● Neutral
March quarter: Galoc produced 651,551 bbl gross (122,361 net), about 7,000 bopd at quarter-end. Edirne sale to Valeura completed in March. Closing cash US$34.4m. Duhat-1 drilling due mid-April; BHP decision on SC55 expected Q2.
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.
1 Mar 2011agm notice● Neutral
A general meeting approved issuing director plan options to Managing Director Paul Moore, passed on a show of hands. Proxies for the resolution were about 533m votes against about 80m.
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.
