Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter: Galoc produced 442,819 bbl gross (83,161 net), about 8,000 bopd at quarter-end. Edirne sale to Valeura (US$3.1m) not yet closed, now expected late February. Closing cash US$29.8m; focus on SC55 and SC69 maturation.
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.
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.
28 Oct 2010quarterly activities report● Neutral
September quarter: Galoc produced 687,771 bbl gross (129,163 net), 92% uptime, about 8,000 bopd at quarter-end. Edirne gas revenue US$1.543m. Cash US$32.7m, no debt, excluding US$7.242m escrowed for SC55 seismic. Duhat-1 well in SC51 committed.
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.
29 July 2010quarterly activities report▲ Good
June quarter: Galoc 796,815 bbl gross at 100% uptime; Edirne gas sales began, 655 Mscf gross at US$7.40/mscf (US$1.673m revenue). Four more Edirne wells all found gas. Cash A$24.4m, debt free. Galoc output was about 8,600 bopd at quarter-end.
29 July 2010quarterly activities report● Neutral
Reissue of the June quarter cash flow report (Appendix 5B), showing closing cash of A$34.2m (includes escrowed seismic funds) and nil debt. Estimated next-quarter outflows are A$5.4m. Shares on issue 1,072.7m. Administrative re-release of the cash flow report.
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.
19 Apr 2010quarterly activities report▲ Good
March quarter: Galoc produced 767,315 bbl gross (83% uptime); GPC receipts US$10.512m; cash A$23.0m, debt free (plus A$16.6m escrowed for SC55 seismic). First Edirne sales gas delivered 8 April. Italy's Cento and Bastiglia blocks exited, closing that thread.
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.
