Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2009capital raising announcement● NeutralMajor
Otto raises about A$35m at 7c a share: A$5.2m placement of 73.9m shares plus a fully underwritten 3-for-4 entitlement issue for A$29.7m. Proceeds fund Italy and Argentina wells, Edirne, and repaying shareholder and director loans, now enlarged to US$7m and A$1.53m. Priced well below the 10c market price.
20 Mar 2009capital raising announcement● Neutral
Letter to option holders on the 3-for-4 entitlement issue at 7c (about A$29.7m, underwritten by Euroz). To take part, options must be exercised by the 31 March 2009 record date. Mostly a mechanical notice of the 20 March raising.
20 Mar 2009other● Neutral
ASX notice that trading in Otto shares will resume once the company's announcement is received. Trading had been suspended pending the capital raising. Administrative.
16 Mar 2009half year report▼ Bad
Half-year to 31 December 2008 shows a loss of $4.8m, against a $91k profit a year earlier. No dividend. Reports Galoc restart on 25 Feb and Otto's share of GPC debt at US$10.4m. Ida Holt is listed as CFO.
12 Mar 2009farm in farm out agreement● Neutral
Otto clarifies its Asia Oil Week figure: it values the BHP SC55 farm-out at about US$150m, mid-point of its own cost estimates (back costs and 3D US$15-30m, two wells US$100-150m). BHP has not endorsed the figures. Deal still conditional on definitive agreements and approvals.
9 Mar 2009production update▲ Good
Galoc produced its first million barrels of oil. CEO Alex Parks called it a significant milestone but said the field was still at the beginning of its life, and thanked the Philippines Department of Energy and the joint venture partners.
6 Mar 2009other● Neutral
S&P index rebalance notice listing many companies. Otto is added to the S&P/ASX 300 and All Ordinaries from 20 March 2009. No operational or financial change for the company.
2 Mar 2009production update▲ GoodMajor
Galoc has averaged over 16,000 bopd since restart, likely settling at 13,000-14,000 bopd. GPC agreed a revised repayment schedule with its banks: Otto's US$1.6m instalments on 27 Feb and by 27 March, balance repaid by 30 June 2009. Otto's share of debt is US$8.8m.
26 Feb 2009production update▲ Good
Partner Nido re-releases the operator's news that Galoc production restarted on 25 February after mooring repairs. Output is to rise to 13,000-15,000 bopd. Nothing new for Otto beyond its own release.
26 Feb 2009production update▲ GoodMajor
Galoc production restarted at 21:30 on 25 February after about ten weeks shut, with a new hold-back mooring. Output is expected to return to about 14,000 bopd. The vessel must still disconnect ahead of typhoons (Otto 18.28% indirect).
25 Feb 2009investor presentation● Neutral
Presentation by the CEO at Asia Oil Week repeating known strategy and assets. Shows cash of about US$5.7m at 31 Dec 2008, debt of about US$10.5m Galoc and US$5m shareholder loan, and market cap about A$49m at 10c.
20 Feb 2009production update● Neutral
Partner Nido re-releases the operator's Galoc repair update: vessel reconnected, riser repairs about to start, restart to follow. It adds nothing new for Otto.
20 Feb 2009production update▲ Good
Galoc's floating production vessel is reconnected to its mooring, with the hold-back mooring partly installed. The operator expects production to restart the following week, if weather holds. Continues the shutdown since December (Otto 18.28% indirect).
30 Jan 2009quarterly activities report● Neutral
December quarter report: Galoc has produced 831,360 bbl since first oil, restart expected mid-February after repairs. Otto's share of Galoc debt is US$10.4m, expected repaid by Q3 2009. BHP SC55 deal to be finalised Q2 2009; Italy and Argentina spuds expected Q2 2009.
23 Jan 2009production update● Neutral
Otto reports Galoc mooring repairs began 22 January and should take about 7 days, with a hold-back mooring added to cut future disconnections. Production is expected to restart around mid-February, later than the end-January target given in December (Otto 18.28%).
23 Jan 2009production update▼ Bad
Partner Nido re-releases the operator's update. Mooring repairs started 22 January with a new stern hold-back mooring; Galoc production is now expected by mid-February. A fourth cargo is deferred. Restart has slipped from end of January.
19 Jan 2009drilling result▲ Good
Partner Incremental reports Ikihoyuk-2 found 27 m of net gas pay over an 87 m interval, about 25% above the pre-drill estimate, with 26% porosity. Not tested yet. Same result Otto reports separately (Otto 35%).
19 Jan 2009drilling result▲ GoodMajor
Ikihoyuk-2 in Turkey reached 500 m and found 27 m of net gas pay between 395 m and 482 m, with 26% porosity. It will be completed for production, not tested now. It is the largest of the six Edirne gas discoveries and is earmarked for early development (Otto 35%).
8 Jan 2009farm in farm out completion▲ GoodMajor
Otto has signed the agreements formalising its Santa Rosa farm-in in Argentina, earning 32.48% (Oromin 67.52%, operator) by funding the first US$1.4m of a US$4.1m work program. Drilling is targeted in the first half of 2009. This resolves the open JV agreement question.
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.
