Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2023production update▼ BadMajor
GC 21 began flowing 22 March at about 800 bbl/d oil and 400 Mscf/d gas, but only the upper DTR-10 sand is contributing. A further intervention is planned at US$2.8m net to Otto, and FY23 production guidance is cut to 0.75-0.85 MMboe.
29 Mar 2023other● NeutralMajor
Otto launched a formal strategic options review, including a possible partial or full sale of the company or assets, with Seaport Global and Adelaide Equity Partners advising. The board says the share price does not reflect value; no timetable or assurance of a deal.
15 Mar 2023drilling result▲ Good
The GC 21 DTR-10 recompletion is finished and the rig released, within the previously advised cost range. Both upper and lower zones are to produce, with a sustained rate expected early in the June quarter. This resolves the delay and cost blowout thread.
13 Mar 2023half year report▲ Good
Half-year to December 2022: revenue up 18% to US$21.4m, NPAT up 7% to US$11.9m, production 2,526 boe/d. Cash US$25.5m, debt-free; the US$30m facility remains undrawn. FY23 production guidance was unchanged at 0.90-1.05 MMboe.
9 Feb 2023drilling progress report● Neutral
The rig returned to Green Canyon 21 on 5 February to restart the DTR-10 recompletion; first production still expected in March quarter 2023. SM 71's F3 well water cut rose to 28% in the December quarter, with oil declining.
17 Nov 2022investor presentation● Neutral
AGM CEO presentation largely repeating known facts: 4,795m shares, zero debt, cash US$25.0m at 31 October 2022, and market cap A$67.1m at A$0.014. Register is 49% corporate/strategic and 47% retail. No new announcements in the readable text.
17 Nov 2022other● Neutral
Executive Chairman's AGM address: highlights record FY22 results, debt cut 80% to US$2.3m and zero by 30 September 2022, and a focus on acquisitions and prospects. Repeats known facts; no new figures or decisions.
14 Nov 2022investor presentation● Neutral
Company overview presentation repeating known facts: seven assets, 4.795b shares, cash US$24.9m, zero debt, market cap A$57.5m, and reserves of 3.72 MMboe 1P and 5.83 2P at 30 June 2022. No new announcements.
17 Oct 2022other● Neutral
Appendix 4G governance checklist for FY22, stating the corporate governance statement is on Otto's website as at 14 October 2022. Administrative filing with no new substance.
17 Oct 2022annual report● Neutral
2022 Annual Report covering the year to 30 June 2022, repeating the results, reserves and three-pillar strategy already released. Lists six fields with interests of 10.3% to 50% WI. No new figures identified in the readable text.
14 Oct 2022production update▼ BadMajor
GC21 recompletion suspended after loop currents and Hurricane Ian; first production slips to Q1 2023 and Otto's cost rises to US$12-16m from US$5.9m. Offsetting: Oyster Bayou South oil lifted to 1,100 bbl/d, Vick #1 started 26 September, and ST 48 awarded to Otto.
4 Oct 2022investor presentation● Neutral
FY22 results presentation repeating known figures: 4,795m shares, cash US$24.9m, zero debt at 30 September 2022, market cap A$57.5m. No new announcements identified in the readable text.
3 Oct 2022debt financing▲ GoodMajor
Otto made its final repayment and is debt-free, with hedges rolled off. Macquarie facility extended from November 2022 to 31 December 2023, with US$10m Tranche A-2 undrawn and US$20m Tranche B available. Cash US$24.9m at 30 September.
28 Sept 2022other● Neutral
Notice of an investor call on the FY22 results on 4 October 2022, hosted by Mike Utsler and Sergio Castro. No new information about the business.
28 Sept 2022annual report▲ GoodMajor
FY22 (to June 2022): working interest revenue up 29% to US$51.1m, net profit after tax US$15.5m (loss in FY21). Production fell 24% to 2,315 boe/d. Cash US$26.8m, debt US$2.3m after US$9.2m repaid; Eaves, Mosquito Bay West and Oyster Bayou South called commercial discoveries.
12 Sept 2022production update▲ GoodMajor
Oyster Bayou South began flowing at 807 bbl/d oil and 4.6 MMscf/d gas (8/8ths) versus an expected 150 bbl/d. With Mosquito Bay West, about 700 boe/d net to Otto, a 33% lift on the June quarter's 2,117 boe/d. SM 71 F2 recompletion succeeded; Eaves still awaiting meter.
23 Aug 2022resource reserve update● NeutralMajor
At 30 June 2022, net reserves were 1P 3.7 MMboe, 2P 5.8 and 3P 7.8, each about 10% lower than a year earlier as production outpaced additions. Post year-end, Oyster Bayou South added 0.4 MMboe. Otto says it replaced about 90% of FY22 production on a proved basis.
18 Aug 2022production update▲ GoodMajor
Mosquito Bay West began flowing at about 700 boe/d (8/8ths) from one sand, with a condensate ratio well above Otto's estimate. SM71 F2 and GC21 recompletions have started. Oyster Bayou South and Vick #1 production are still to come. The ST 48 lease sale was reinstated by US legislation.
18 July 2022drilling result▲ GoodMajor
Oyster Bayou South (30% WI) found 68 ft of net gas pay, in line with Otto's pre-drill mid case. Production is expected in Q4 2022. Otto calls it the third straight exploration success, and says the two Castex wells cost US$6-7/boe to find and develop.
1 July 2022director officer appointment● Neutral
John Madden joins the board as an independent non-executive director from 1 July 2022. He has over 40 years' experience and joins the Remuneration and Nomination and the Audit and Risk committees. He will stand for election at the 2022 AGM.
22 June 2022drilling result▲ GoodMajor
Mosquito Bay West (30% WI) found 111 ft of net gas pay in five sands, well above Otto's pre-drill mid case. First production is expected in Q3 2022. This is the second exploration success after Eaves, and Otto holds about US$30m cash.
24 May 2022drilling spud● Neutral
Mosquito Bay West spudded on 22 May 2022. SM71 F2 recompletion (US$0.7m to Otto) is approved for June, and the GC21 DTR-10 recompletion (US$5.9m to Otto) is set for Q3. Vick #1 pipeline construction is delayed further.
14 Mar 2022half year report▲ Good
Half-year to December 2021: WI revenue up 57% to US$22.6m, net profit US$11.1m (against a US$14.3m loss) and free cash flow US$19.7m. Production fell 21% to 2,431 boe/d. Cash US$26.2m, debt US$6.9m, net cash US$19.3m.
2 Mar 2022drilling scheduled● NeutralMajor
Otto will take 30% WI in two Louisiana state-waters exploration wells, Mosquito Bay West and Oyster Bayou South, for US$1.7m each dry-hole cost, spudding May 2022 from cash. The ST 48 lease win was invalidated by a US judge in January; an appeal has been lodged.
7 Jan 2022admin correction● Neutral
Otto retracts the 4 January terms "Volumetrics" and "Estimated Reserves" for Vick #1, replacing them with Contingent Resources 2C of 5 Bcf and 15,000 bbl (0.4 Bcf net to Otto). Drilling results are unchanged. Corrects the earlier release's resource terminology.
4 Jan 2022drilling result▲ GoodMajor
Vick #1 (Eaves, 10.3125% WI) found gas/condensate pay: 12 ft net in the Yegua and 16 ft net across three Wilcox sands. It will be completed as a producer, with production expected early Q1 2022 and completion cost to Otto about US$0.1m. Offsets the Schindler dry hole. Figures were later corrected (see 7 January).
9 Dec 2021drilling result▼ BadMajor
Schindler #2 reached 13,658 ft and hit the Wilcox target with 11 gas shows, but the sands were too tight to produce. The well will be plugged and abandoned at a cost to Otto of US$0.9-1.0m. This is a dry hole for the first of the two new Texas wells.
22 Nov 2021drilling progress report● Neutral
Schindler #2 spudded on 14 October and was at 12,600 ft, setting casing before drilling to the Wilcox target at about 13,600 ft. The Vick #1 (Eaves) well has its permit and is expected to spud in early December. Progress as planned, no results yet.
19 Nov 2021regulatory community update▲ GoodMajor
Otto is the apparent high bidder, at the US$125,000 minimum, for the South Timbalier 48 lease in the Gulf of Mexico. It would hold 100% WI and 87.5% NRI. The bid is still subject to BOEM review, which can take up to 90 days.
17 Nov 2021investor presentation● Neutral
AGM presentation restates FY21 results and strategy. Updates the snapshot: cash US$13.7m at 30 September, debt US$9.2m, share price A$0.014, market cap A$67.1m, and the remaining Pantheon stake US$3.9m. Nothing new announced.
