Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Jan 2009drilling spud● Neutral
Ikihoyuk-2 appraisal/development well in Turkey's Edirne licence is due to spud 7 January, to about 500 m. The joint venture defers two exploration wells and the 100 sq km 3D seismic, as they are not needed for first production. First gas sales still second half 2009 (Otto 35%).
30 Dec 2008drilling scheduled▼ BadMajor
Gazzata-1 in Italy's Po Valley is deferred to no earlier than mid-March 2009, from January. Otto asked for the delay until Galoc production is re-established gives more certainty on finances. Otto has already spent over US$2m on equipment and site works. Target is over 100 Bcf prospective gas.
24 Dec 2008production update● Neutral
Nido Petroleum, another Galoc joint venture partner, re-releases the operator's 24 December update on the mooring repair. It adds nothing new for Otto.
24 Dec 2008production update▼ Bad
A survey found a mooring component partly detached at Galoc. Repair work is due to start early January, with production expected to resume before end of January if weather allows. GPC is discussing the debt repayment schedule with the banks. A 200,000 bbl parcel will be sold on 28 December.
22 Dec 2008farm in farm out agreement▲ GoodMajor
Otto signs a conditional heads of agreement for BHP Billiton to earn 60% of deep-water SC55 by funding 3D seismic and two wells, plus back costs. Otto keeps a carried 25% (down from 85%) and BHP becomes operator. Seismic 2009, drilling 2010. Resolves the SC55 farm-out thread.
17 Dec 2008production update▼ Bad
Galoc production is suspended after the FPSO disconnected from its mooring on 16 December because of bad weather and equipment availability. An inspection is awaiting a survey vessel. This is a new stoppage only about two months after first oil (Otto 18.28%).
15 Dec 2008debt financing▼ BadMajor
Galoc output has settled at 13,000-14,000 bopd, and revenue is below budget. GPC is on a bank 'cash sweep' (Otto's share US$10.4m non-recourse debt) so dividends to Otto are delayed to about mid-2009. Otto took a US$5m, 12% loan from two shareholders, and may raise equity in Q1 2009. Gazzata-1 still January.
1 Dec 2008investor presentation● Neutral
Links to an audio broadcast of the CEO's operations update given at the 27 November AGM. No new information in the announcement itself; share price shown as A$0.195 (market cap ~A$96m).
10 Nov 2008production update▲ Good
The first Galoc cargo of about 300,000 barrels loaded 7-8 November without incident and reached the Petron refinery on 10 November. Output is averaging around 15,000 bopd. Otto's indirect interest is 18.28%.
5 Nov 2008investor presentation● Neutral
CEO Parks presents to a Singapore conference on the Philippines opportunity, Otto's growth strategy and upcoming activity, with 8 discoveries and 20+ prospects. Share price A$0.23 (market cap ~A$113m). Largely repeats known plans.
30 Oct 2008contract award● Neutral
The first Galoc cargo of 300,000 barrels is sold to Petron of the Philippines, loading from 6 November. Average output over 20 days was 15,000 bopd, below the 18,000-20,000 expected a fortnight earlier. The next cargo is expected late November.
21 Oct 2008annual report● Neutral
2008 annual report reviews the year: Galoc first oil, 304.8m shares issued raising A$93.8m, four Turkish wells all successful, and Italy and Argentina entries. Gazzata-1 is targeted for Q1 2009. Mostly restates known events.
20 Oct 2008production update▲ Good
After 11 days, both Galoc wells are producing consistent with expectations; steady output of 18,000-20,000 bbl/day is expected within days. The first crude cargo is scheduled for the first week of November.
9 Oct 2008production update▲ GoodMajor
First oil achieved at Galoc on 9 October 2008 from the Galoc-3 well; Galoc-4 follows in days. This resolves the repeated delays since May. It is Otto's first producing asset (18.28% indirect); operator expects about 20,000 bopd gross.
2 Oct 2008drilling scheduled● Neutral
Gazzata-1 in Italy's Po Valley is now planned to start in January 2009, rather than the earlier Q4 2008, using a rig that became available early. Slot swapping lets drilling follow Galoc cash flow. Otto funds the well to earn 50%; target c.2400 m.
24 Sept 2008production update● Neutral
Support vessel CSO Venturer is due at Galoc on 26 September to re-install the repaired subsea equipment, and can work in worse weather than the earlier vessel. Typhoon Hugapit is nearby; about 6-8 days remain before first oil if weather allows.
23 Sept 2008resource reserve update▲ GoodMajor
Otto's own uncertified estimate puts Edirne contingent gas at 8.5 bcf mid case (3.7-14.3 bcf), from six discoveries in six structures, plus 15.7 bcf prospective. First gas still expected mid-2009; Otto estimates US$5-10m a year net (35%).
19 Sept 2008production update● Neutral
Operator GPC says the corroded subsea fittings have been replaced and tested. Re-installation awaits suitable weather, then 6-8 days of remaining work before first oil. Another step in a repeatedly delayed start-up (Otto 18.28%).
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation repeats the portfolio: imminent Galoc production at 3000-4000 bopd net to Otto, 6-10 well campaign, farm-outs of Philippine blocks. Says Galoc is worth about US$12m a month to Otto initially. Largely known information.
1 Sept 2008investor presentation● Neutral
CEO Parks interview: Galoc first oil expected in coming weeks, building to 15,000-20,000 bopd gross. Otto expects US$50-100m over 12-18 months after repaying GPC debt, to fund 6-14 wells. Delay costs Otto little; cash called adequate. Mostly restates known plans.
29 Aug 2008production update▼ Bad
Operator GPC says the Galoc mooring and riser system is repaired and reconnected. Corrosion found in some hydraulic fittings must be replaced first, so first oil slips again to mid September, after the earlier August target (Otto 18.28%).
28 Aug 2008regulatory community update● Neutral
Seabed hazard surveys started in SC50 on 22 August, with SC51 due by mid September. They prepare for two or three wells in first half 2009: Calauit-2, Argao-1 and Bahay-1. This continues Otto's exploration plan.
13 Aug 2008contract award▲ Good
Incremental's release: plant design went to Uhde Shedden and pipeline design to Boral. The Turkish regulator confirmed the joint venture meets the requirements for a wholesale gas licence. The Botas gas price is about US$14.70/mcf. Duplicate of Otto's release.
13 Aug 2008contract award▲ GoodMajor
The Edirne partners awarded plant design to Uhde Shedden and pipeline design to Boral. Turkey's regulator advised the venture meets the wholesale gas licence requirements, a step towards selling into the national grid. First gas is expected mid 2009 (Otto 35%).
23 July 2008production update▼ Bad
Replacement riser parts have reached Galoc, and the mooring and riser system is being recovered for inspection before repair. Operator GPC now says first oil is anticipated in early August, with further delicate operations ahead (Otto 18.3%).
16 July 2008director officer appointment● Neutral
Richard King, formerly of Chevron's Gorgon project, Woodside and Duke Energy, joins as Commercial Manager on 28 July 2008. He will handle contracts, farm-in negotiations and debt financing, as Otto negotiates its Philippine farm-outs.
14 July 2008production update▼ Bad
Damage was found in a riser section when it was lifted, so a new section is coming from Singapore. First oil, previously early July, is now probably in August. CEO Parks calls the delay frustrating but says the financial impact on Otto is relatively minimal.
10 July 2008resource reserve update▲ GoodMajor
An independent report commissioned by operator Oromin puts Santa Rosa's unrisked prospective oil at 45-381 million barrels, most likely 131.6m. It is an unrisked, undrilled wildcat estimate. Otto's farm-in (32.48% for US$1.4m) still awaits due diligence and a JV agreement; drilling is expected Q1 2009.
7 July 2008investor presentation● Neutral
Otto restates its Philippine exploration case (20,803 sq km gross) and invites parties to farm in via purchase or carry. Site surveys are due soon, with Calauit tested in first half 2009. Mostly known information; farm-out thread continues.
7 July 2008flow test result▲ GoodMajor
Arpaci-2A's first zone (340-348m) flowed dry gas at 2.4 MMscf/d, confirming the Arpaci redrill after the plugged Arpaci-2. Two shallower pay zones are still to be tested. Surface facilities are expected by mid 2009 (Otto 35%).
