Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Jan 2007flow test result▲ GoodMajor
Koyustu-1 found gas, flowing about 2 MMcf/day for 6 hours from the 324-331m interval, drilled to 617m. The main 245-255m zone is to be tested next. The CEO calls it the first hydrocarbons Otto has flowed to surface.
9 Jan 2007other● Neutral
Invitation to a Board Room Radio audio presentation on the Turkey gas discovery by the CEO on 9 January 2007. No new information.
3 Jan 2007drilling progress report● Neutral
Koyustu-1 was drilling ahead at 561m on 2 January 2007, close to its planned depth of about 600m. Logs will be run within 24-48 hours, then a decision made on testing. No result yet.
28 Dec 2006drilling spud● Neutral
Koyustu-1 spudded at 06:00 on 27 December 2006, targeting about 650m total depth with about 10 days of drilling. Bati Umur-1 flow testing follows. Otto will report each Wednesday.
21 Dec 2006drilling scheduled▲ Good
Koyustu-1 gas well in the Edirne Licence (Otto 65%) is due to spud around 25 December 2006, to about 650m, taking roughly 10 days. The rig then moves to flow-test the Bati Umur-1 discovery from December 2005.
20 Dec 2006regulatory community update▲ Good
The Philippines energy department approved SC51 entering its second exploration phase, a one-year term from 8 January 2007. Plans include well planning for the Argao prospect (up to 270m barrels, company estimate), 250 km of seismic and the Villaba gas study.
5 Dec 2006drilling scheduled▲ Good
The 185 km Edirne seismic survey finished 24 November and found several leads. A rig is due in late December to drill Koyustu-1 beside the Bati Umur-1 gas discovery, then flow-test Bati Umur-1, which was not tested in 2005 because of winter conditions.
15 Nov 2006debt financing▲ Good
Vital says it has arranged a US$5m non-recourse loan from PetroNext to fund its Calauit farm-in share, subject to documentation. Otto says the first rig payment has been made and Vital will largely carry the remaining five instalments.
9 Nov 2006investor presentation● Neutral
AGM presentation repeating known plans for the Philippines, Turkey and Argentina. It shows 117.1m shares, about $1.5m cash and a $22m market value at 19c. Calauit oil is targeted for end 2007. No new results.
3 Nov 2006security holder rights change● Neutral
Letter to holders of 67,007,800 listed 20c options, which expire 1 December 2006 and lapse if unexercised. Quotation ends 24 November; shares last traded at 18c. No underwriting is in place. Routine notice.
2 Nov 2006director officer appointment● NeutralMajor
Alexander Parks, a petroleum engineer, is appointed CEO from 4 December 2006, and Bruce Elsholz becomes CFO. Managing director Jaap Poll moves to executive director to assist the new CEO, a change of top management as Otto moves toward production.
18 Oct 2006regulatory community update▲ Good
A 450 km offshore seismic survey over the giant Marantao prospect in SC55 (Otto 55%) starts 19 October, funded by Vital. The company estimates 500-750 million barrels or 2.5-4.0 TCF recoverable. Calauit 1B well planning and a Villaba gas study continue.
10 Oct 2006annual report● Neutral
Annual report and AGM notice sent to shareholders. The report repeats known facts, including the NorAsian acquisition, Vital farm-outs, the Calauit rig and Turkey gas. The chairman calls Philippine progress 'somewhat disappointing' given rig and survey vessel scarcity.
5 Oct 2006capital raising announcement▲ GoodMajor
The $2.25m placement is complete: 15m shares at 15c with 7.5m free 20c options, issued 5 October 2006. Funds go to the first Bare Boat Charter payment for the Calauit rig. Shares quoted now total about 105.5m.
What it means for a shareholder
15.0m new shares at A$0.150 to raise about A$2.3m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00736% to 0.00632% of the company. To keep it you'd need 1,105 more shares - about A$166 at the issue price.
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29 Sept 2006other● Neutral
Substantial shareholder notices (Forms 604/605) lodged. The company says holdings changed only because it issued new shares, with nothing sold. Administrative.
27 Sept 2006annual report▼ Bad
Annual report for the year to 30 June 2006: loss of $1,501,857 versus $430,197 the year before. Notes Bati Umur-1 and Arpaci-1 as gas discoveries, though Arpaci-1 water content may make it non-commercial.
25 Sept 2006material agreement▲ GoodMajor
NorAsian confirmed a 3-year rig charter (US$11.25m over 12 months, Otto share US$4.1m), delivery 15 October 2007, for Calauit. Vital's farm-in is revised to 35% of Calauit. Otto is placing 15m shares with options to raise $2.25m for the first payment.
14 Sept 2006regulatory community update▲ Good
A 175 km seismic survey began 6 September in the Edirne Licence, Turkey, carried by Incremental's farm-in, to mature at least two more drilling targets. The operator puts Bati Umur-1 recoverable gas at 1.29 BCF (P50).
21 Aug 2006director officer appointment● NeutralMajor
The company is now Otto Energy (code OEL unchanged), as approved by shareholders on 18 August. Rufino Bomasang, former head of PNOC-EC and NorAsian chairman, joins the board. David Riekie becomes alternate to Ian Macliver.
18 Aug 2006investor presentation● Neutral
Presentation to the 18 August general meeting repeated the Turkey, Philippines and Argentina plans. It added a Calauit targeted first-year production profile of about 2.76m barrels and a two-month project payback claim, with no new results.
16 Aug 2006capital raising announcement▲ GoodMajor
Rights issue completed: 29,048,125 shares at 15c issued with about 14.5m free 20c options, raising roughly $4.36m. This funds the NorAsian acquisition, so the shortfall was successfully placed.
14 Aug 2006material agreement▲ Good
NorAsian signed a non-binding deal for a 3-year charter of a multi-purpose rig due late 2007, to re-enter Calauit 1B. The company expects initial flow up to 15,000 bopd. Final terms are due in September.
10 Aug 2006contract award▲ GoodMajor
NorAsian contracted Veritas to shoot 400 km of 2D seismic over the large Marantao reef prospect in SC55 in September 2006. Otto holds 42.5% of SC55 now, rising to 85% if the 18 August vote passes; Vital funds most of the cost.
3 Aug 2006investor presentation● Neutral
Audio broadcast and investor presentation by the managing director repeating known plans: Turkey gas, Calauit first oil in 2007, Santa Rosa licence award expected in the second half of 2006. No new results.
2 Aug 2006capital raising announcement▼ Bad
Rights issue take-up was weak: valid applications for 7.17m shares plus 4.19m from directors, leaving a shortfall of 17.69m of the 29.05m shares to be placed by the underwriter. The underwriting should still cover the full raise.
19 July 2006joint venture update▲ Good
Due diligence on buying the rest of NorAsian is complete, with the shareholder vote set for 18 August. Vital Resources, which took over the Bentley farm-in, has paid US$685,000 so far. A Chapman estimate puts Calauit 1B at 54.7m barrels in place.
17 July 2006other● Neutral
ASX granted a listing-rule waiver so the meeting notice can seek approval for 10m shares and 20m 30c options for AustralAsian (the production-linked NorAsian deal securities) to be issued later, within three years. Administrative.
14 July 2006capital raising announcement● Neutral
Prospectus and newsletter despatched for the 1-for-2 rights issue (29.05m shares at 15c, about $4.36m, closing 28 July). Repeats known terms and project plans; directors say they will take up their entitlements. No new result.
What it means for a shareholder
29.1m new shares at A$0.150 to raise about A$4.4m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00736% to 0.00558% of the company. To keep it you'd need 2,139 more shares - about A$321 at the issue price.
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4 July 2006capital raising announcement● Neutral
Shareholder letter on the rights issue (29.05m shares at $0.15, about $4.36m) with its timetable: record date 11 July, close 28 July, allotment 8 August 2006. Underwriter Max Capital is paid 1% management and 5% underwriting fees. No new information beyond the prospectus.
What it means for a shareholder
29.1m new shares at A$0.150 to raise about A$4.4m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00736% to 0.00558% of the company. To keep it you'd need 2,139 more shares - about A$321 at the issue price.
Create a free account to see this worked out for your own holding.
30 June 2006security holder rights change● Neutral
Letter to option holders: to join the rights issue they must exercise options before the record date of about 11 July 2006. Administrative notice.
