Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Dec 2015farm in farm out agreement▲ GoodMajor
Otto agreed a staged farm-in with Byron Energy to earn up to 50% of two Gulf of Mexico leases and 45% of an onshore Louisiana lease, with drilling from Q1 2016. Otto cites about US$34m cash and first oil in 2017. Fulfils the acquisition-seeking strategy.
11 Dec 2015farm in farm out agreement● Neutral
Byron's side of the Otto deal: Otto can contribute up to US$17.3m (US$14.3m drilling, about US$3.0m past costs) across three projects. If Otto declines further wells after SM 6 #2, the agreement ends. Confirms terms already announced by Otto.
17 Aug 2015drilling result▼ BadMajor
Hawkeye-1 reached 2,920m and logged hydrocarbons from 2,710m to 2,737m, with water below. Otto says the find is at the very low end of expectations and not economic. The well will be plugged; Otto is fully carried on cost. Cinco and other prospects remain.
3 Aug 2015drilling progress report● Neutral
Hawkeye-1 spud on 31 July 2015 and had drilled the 26-inch hole to 2,449m by 3 August, cementing casing. The next update is due in about two weeks, once the target reservoir is reached. Routine progress, no result yet.
30 July 2015farm in farm out agreement▲ GoodMajor
Otto signed an option for Pryce Gases to earn 10% of SC55 by paying 10% of Hawkeye-1 well costs, with US$3.225m due before drilling. Otto would retain 68.18%. The Maersk Venturer has mobilised, with drilling due to start that weekend.
27 July 2015farm in farm out completion▲ GoodMajor
Red Emperor says the Philippine Department of Energy approved the assignment of its 15% SC55 interest, the last condition on its farm-in with Otto, so the deal is complete. Maersk Venturer mobilisation remains on schedule.
2 July 2015drilling scheduled● Neutral
Otto told Maersk to mobilise the drillship from 31 July, with Hawkeye-1 expected to spud early August. It also notes a Pryce Gases offer for a 10% SC55 stake that cannot yet be accepted; the PNOC-EC 15% interest is still awaiting presidential approval.
2 Mar 2015farm in farm out agreement▲ GoodMajor
Otto signed a farm-in with Red Emperor to earn 15% of SC55, with its well cost capped at US$5.625m. Otto also signed a letter of intent for the Maersk Venturer drillship for Hawkeye-1, planned for Q3 2015. This is the first firm farm-out partner after the PNOC-EC expression of interest.
2 Mar 2015farm in farm out agreement▲ Good
Red Emperor Resources' own announcement of its farm-in to earn 15% of SC55 by paying for part of the Hawkeye-1 well. It is also raising A$2.13m. Hawkeye-1 is expected early Q3 2015. Repeats Otto's announcement from the partner's side.
2 Mar 2015farm in farm out agreement● Neutral
Red Emperor's re-release of the Maersk Venturer drillship letter of intent for Hawkeye-1, attaching Otto's announcement. It adds that drilling is expected early Q3 2015. Nothing new beyond Otto's own release.
9 Jan 2015farm in farm out agreement▲ GoodMajor
PNOC Exploration Company expressed interest in a 15% SC55 farm-in; commercial terms are agreed, subject to Philippine presidential office approval. Hawkeye-1 is now expected in Q3 2015, with long lead items committed. Best net resource is 74 MMbbl after the farm-down. Progresses the long-sought farm-out.
14 Mar 2014farm in farm out completion▲ GoodMajor
The Philippines DOE approved the return of BHP's 60% of SC55 to Otto, lifting Otto to 93.18% and operator. BHP pays US$3m now and US$24.5m after the first well. Farm-out to find a new partner for Hawkeye-1 is targeted for mid-2014.
10 Mar 2014resource reserve update● NeutralMajor
Independent RISC review puts Galoc reserves at 1 January 2014 at 2.75 MMbbl proved and 3.77 MMbbl proved-plus-probable, net to Otto. 2P was adjusted by under 1%, down from 4.3 MMbbl at January 2013 mainly through a year of production. Field expected to produce beyond 2020; current output about 9,700 bopd gross.
24 Feb 2014farm in farm out agreement▲ GoodMajor
Otto and partner Swala elected to enter Years 3 and 4 of both Tanzanian licences, committing to one exploration well in each block before February 2016. Decision follows positive seismic results and Neogene basins seen as similar to Kenya and Uganda discovery areas. Otto holds 50% of each.
21 Jan 2014farm in farm out completion▲ GoodMajor
Otto signed final binding agreements with BHP to end the SC55 farm-out, replacing the November letter of intent. On DOE approval Otto takes back BHP's 60% (to 93.18%); BHP pays US$3m then US$24.5m after the first well. Hawkeye-1 could spud as early as Q4 2014; farm-out under way.
11 Dec 2013resource reserve update▲ GoodMajor
Partner Swala's independent assessment of the Kito prospect in Kilosa-Kilombero gives Otto's 50% a net prospective (undrilled, unrisked) resource of 19.2-169.6 million barrels, best estimate 60.4 million. Otto's first quantified Tanzanian target, following the November seismic; to be matured to drillable status.
28 Nov 2013farm in farm out agreement▲ GoodMajor
Otto signed a letter of intent with BHP to take back BHP's 60% of SC55, lifting Otto to 93.18%. BHP would pay US$3m on government approval and US$24.5m when the first well is drilled. Otto plans Hawkeye-1 and a farm-out. Resolves the BHP withdrawal dispute; binding agreement still to come.
7 Nov 2013farm in farm out agreement▼ BadMajor
BHP verbally told Otto it will not participate in the Cinco-1 well and will withdraw from SC55, with no prior indication, reversing the clearance reported a week earlier. Otto has no written notice and says it will strenuously enforce its legal rights, including BHP's obligation to fund Otto's interest.
4 Nov 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 4 November update on rig demobilisation and the start of subsea installation. No new information from Otto.
4 Nov 2013drilling progress report▲ Good
The Ocean Patriot rig has left Galoc, ending Phase II drilling. The Skandi Skansen vessel arrived 1 November to connect the 5H and 6H wells to the FPSO; installation is expected to finish before end November, giving first oil.
16 Oct 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 16 October update that Galoc-5H flowed 6,300 bopd, with 8,000-12,000 bopd expected deliverability. No new information from Otto.
9 Oct 2013drilling progress report● Neutral
Eighteenth weekly update: the Galoc-6H upper completion was finished and the well suspended pending subsea tree installation and flow testing. The rig moves to G-5H for its tree and clean-up flow. November 2013 first oil unchanged.
9 Oct 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 9 October weekly drilling update. No new information from Otto.
2 Oct 2013drilling progress report● Neutral
Seventeenth weekly update: the Galoc-5H upper completion was finished and the rig moved to Galoc-6H to start its upper completion. Clean-up flow on G-5H follows. November 2013 first oil unchanged.
25 Sept 2013drilling progress report● Neutral
Sixteenth weekly update: the Galoc-5H lower completion was run and the upper completion is under way. Next are the G-6H upper completion and rigging up for clean-up flows. November 2013 first oil unchanged.
18 Sept 2013drilling result▲ GoodMajor
Drilling of Galoc-5H (final depth 4,497 m) and 6H is complete, with 1,645 m of net oil pay across 3,177 m of horizontal reservoir and high permeability. FPSO upgrades are done on schedule; November 2013 first oil unchanged. Well deliverability is still to be confirmed by flow tests.
18 Sept 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 18 September update on completing Galoc-5H and 6H drilling. No new information from Otto.
11 Sept 2013drilling progress report● Neutral
Fourteenth weekly update: Galoc-5H's horizontal hole was drilled from 3,256 m to 4,496 m, with logs in line with pre-drill expectations. Drilling continues, then the completion liner is run. November 2013 first oil unchanged.
4 Sept 2013drilling progress report▲ Good
Thirteenth weekly update: Galoc-5H's horizontal hole was drilled from 2,700 m to 3,526 m, with logs showing it is in line with pre-drill expectations. Drilling continues; November 2013 first oil unchanged.
4 Sept 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 4 September weekly drilling update. No new information from Otto.
