Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2007annual report▼ Bad
Audited accounts for the year to 30 June 2007 show a consolidated loss of $2,797,839, up from $1,501,857 in 2006. Directors recommend no dividend. Activities remain exploration in Turkey, the Philippines and Argentina; David Riekie resigned as a director on 18 July 2007.
7 Sept 2007security holder rights change● Neutral
15,000,000 fully paid shares will be released from voluntary escrow on 8 September 2007. Administrative notice; the text does not say who holds them.
4 Sept 2007drilling scheduled▲ Good
Incremental identifies two Edirne targets of about 30 bcf each (mean estimate) for drilling December 2007 to February 2008. The shallow wells are 700-800 m deep, with estimated dry-hole cost of US$300,000 each. This sharpens the five-well program planned for Edirne (Otto 35%).
4 Sept 2007investor presentation● Neutral
CEO presentation at the Good Oil Conference pitches Otto as a near-term producer with exploration upside, repeating known facts: Turkey first production in 2008, a five-well Edirne program from December 2007, and Calauit 2P reserves of 5.9 MMbbl.
22 Aug 2007farm in farm out completion▲ GoodMajor
The sale of 30% of Edirne and 60% of Catalca and Ortakoy to Incremental is complete, with US$5.5m received. Edirne 3D seismic is 65% done, and a five-well drilling campaign is scheduled to start December 2007. Otto says it is funded through Turkish work to first production.
25 July 2007capital raising announcement▲ GoodMajor
Otto placed 36.73 million shares at 30c to raise $11.02m, up from the 16c placements earlier in 2007. 25.9m shares ($7.77m) issue now; 10.83m ($3.25m) need shareholder approval. Funds go to Philippines seismic, rig charter payments and long-lead items.
What it means for a shareholder
36.7m new shares at A$0.300 to raise about A$11.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00193% to 0.00159% of the company. To keep it you'd need 708 more shares - about A$212 at the issue price.
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16 July 2007other● Neutral
Otto points shareholders to another independent research report, by RM Research, posted on its website. No new information in the announcement itself.
5 July 2007drilling result▲ GoodMajor
Otto finished the Philippines seismic ahead of schedule and under budget, with data due September/October. SC51 3D covers Argao (up to 270 MMbbl recoverable) and Cabilao (up to 150 MMbbl). The 261 km of SC51 2D is deferred after an NGO challenged the environmental permit.
28 June 2007other● Neutral
Otto announces a commissioned independent ten-page research report by Strachan Corporate is available on its website. The announcement itself contains no new operational or financial information.
28 June 2007drilling progress report● Neutral
Incremental, the Edirne partner (45%), issues the same update as Otto: 2D seismic and GORE sampling done, 149 sq km 3D survey starting 28 June 2007, drilling planned from late 2007. Duplicates Otto's release; no new information.
27 June 2007drilling progress report▲ Good
At Edirne (Otto 35%), the 124 km 2D seismic and 89 sq km GORE sampling are complete. The 149 sq km 3D survey starts 28 June 2007, taking about 10 weeks, to plan a drilling campaign from late 2007. Continues the May survey announcement.
25 June 2007regulatory community update▲ Good
Philippines Department of Energy approved revised work programs, crediting the seismic under way. First wells now due by March 2009 in SC50 and SC51, and August 2009 in SC55. Otto says this fits the rig delivery in Q3 2008 and gives time to find farm-in partners.
20 June 2007farm in farm out agreement▲ GoodMajor
Otto regains Vital's interests, lifting stakes to 99% in SC50 (Calauit), 80% in SC51 and 85% in SC55. Vital exits SC51/55 with no refund and keeps 1% of SC50. Vital issues 4 million shares to Otto in lieu of remaining fees. Otto will seek new farm-in partners after seismic.
12 June 2007drilling progress report▲ Good
The 116 sq km Calauit 3D survey in SC50 is complete and SC55 is about 50% done. SC55 grows to 954 km of 2D, including an extra 94 km line, and SC51 moves last. Whole program still due by end of July 2007.
18 May 2007drilling scheduled● Neutral
Otto starts its Philippines seismic program: 116 sq km 3D over Calauit, 3D and 2D in SC51 and 860 km 2D in SC55, due to finish by end of July 2007. Calauit first oil is now guided to Q3 2008 (earlier target end 2007), with drilling then.
16 May 2007drilling scheduled▲ Good
Otto and Incremental begin a 125 km 2D seismic and surface gas survey in the Edirne Licence, with a 149 sq km 3D survey being tendered. Drilling is expected towards the end of 2007; Urun prospect could hold up to 10 bcf.
29 Mar 2007farm in farm out agreement● NeutralMajor
Otto lifts its stake to 70% in SC51 and 75% in SC55 after Vital cut its farm-in from 30% to 10% in each. Vital keeps its 35% of Calauit. Otto plans an accelerated seismic program and an Argao well by year end.
16 Mar 2007half year report● Neutral
Half-year to December 2006: loss of $368,694 against $360,680 a year earlier, with no dividend. Notes the $6m placement completed 9 February 2007, the Incremental sale and the $2.608m Swiss placement completed 14 March. Largely recaps known events.
13 Mar 2007other● Neutral
Invitation to a Board Room Radio audio presentation by the CEO on the Turkish farm-out on 13 March 2007. No new information.
13 Mar 2007farm in farm out agreement▲ GoodMajor
Otto sells Incremental a further 30% of Edirne and 60% of Catalca and Ortakoy for US$5.5m (about A$7.3m), leaving Otto 35% in Edirne and 20% in the others. Otto says cash rises to about A$15m. This cuts its stake but funds the Turkish gas development.
13 Mar 2007farm in farm out agreement● Neutral
Incremental Petroleum announces buying a further 30% of the Edirne gas project from Otto for US$5.5m, lifting its stake to 45%, plus 60% of two other Thrace licences. Edirne then stands at Incremental 45%, Otto 35%, Petrako 10%, Merty 10%. Mirrors Otto's own release.
12 Mar 2007capital raising announcement▲ GoodMajor
Otto placed 16.3m shares at 16c to raise $2.6m from two Swiss-managed oil and gas funds, escrowed for 12 months. This follows the $6.0m placement of February and dilutes existing holders; completion is due about 15 March 2007.
What it means for a shareholder
16.3m new shares at A$0.160 to raise about A$2.6m. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held A$1,000 of shares (6,250 at the issue price), your slice goes from 0.00399% to 0.00361% of the company. To keep it you'd need 651 more shares - about A$104 at the issue price.
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9 Mar 2007director officer appointment● Neutral
Company Secretary Nicki Telfer has resigned and Emma McCormack has been appointed in her place. Administrative change only.
2 Feb 2007director officer appointment▲ Good
Craig Martin, with over 20 years in oil and gas operations, joins as Manager of Operations and Development. He will first focus on the Calauit project, where Otto now hopes for first oil by the first quarter of 2008.
31 Jan 2007capital raising announcement▲ GoodMajor
Otto arranged a placement of 37.5m shares at 16c to raise $6.0m, said to be heavily oversubscribed and scaled back. Completion is expected around 7 February 2007. Funds go to Philippines, Turkey and Argentina work and working capital, and the placement dilutes existing holders.
What it means for a shareholder
37.5m new shares at A$0.160 to raise about A$6.0m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (6,250 at the issue price), your slice goes from 0.00525% to 0.00399% of the company. To keep it you'd need 1,967 more shares - about A$315 at the issue price.
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25 Jan 2007drilling scheduled● Neutral
The rig was released on 18 January. Yagci-1 will be drilled and Umur-1 re-entered in about three months, once equipment arrives and a rig is available. The Umur-1 test was postponed because critical equipment was unavailable. A feasibility study is under way.
25 Jan 2007other● Neutral
Invitation to a Board Room Radio audio presentation by the CEO on 25 January 2007 about the next Turkey drilling campaign. No new information.
19 Jan 2007flow test result▲ GoodMajor
Bati Umur-1, the December 2005 discovery, flowed gas at up to 3.6 million cubic feet per day from 365-370m. Operator expects a sustainable 2.5-3 MMcf/d. This confirms the well's production potential and supports a feasibility study targeting production in late 2007.
17 Jan 2007drilling progress report▲ Good
The rig has moved to Bati Umur-1, where the 365-370m interval is being prepared for flow testing. The joint venture agreed feasibility study parameters, and Zorlu Petrogas has expressed interest in buying gas. Only an expression of interest, not a contract.
11 Jan 2007drilling result▲ GoodMajor
Otto calls Koyustu-1 a future producer with about 17.5m net gas pay, against a 10m pre-drill estimate. Testing of the main zone was skipped to keep the well suited for production. The rig is moving under 2km to Bati Umur-1.
