28 Aug 2013drilling progress report● Neutral
Twelfth weekly update: Galoc-6H was suspended and the Ocean Patriot rig moved to Galoc-5H, preparing to drill about 2,400 m horizontally. November 2013 first oil unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 28 August weekly drilling update. No new information from Otto.
21 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 21 August weekly drilling update. No new information from Otto.
21 Aug 2013drilling result▲ Good
Galoc-6H hit a 260 m very high quality reservoir section, at the high end of expectations, and was finished early at 3,958 m with the liner run over it. Rig moves to Galoc-5H. First oil now stated as November 2013.
14 Aug 2013drilling progress report▲ Good
Tenth weekly update: Galoc-6H's 8½" horizontal section was drilled to 3,466 m, including a significant interval of high quality oil-bearing sand. About 1,000 m more is planned. Q4 first oil unchanged.
14 Aug 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 14 August weekly drilling update. No new information from Otto.
7 Aug 2013drilling progress report● Neutral
Ninth weekly update: Galoc-5H's 12¼" section reached 2,700 m and 9⅝" casing was run and cemented. Rig moves to Galoc-6H to drill about 2,000 m horizontally. Q4 2013 first oil unchanged.
31 July 2013drilling progress report▲ Good
Eighth weekly update: Galoc-5H's 12¼" hole reached 2,597 m with angle building to about 75 degrees. Logs confirm oil-bearing Galoc sandstones as predicted. Drilling continues to horizontal at about 2,720 m. Q4 first oil unchanged.
31 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 31 July weekly drilling update. No new information from Otto.
30 July 2013drilling result▼ BadMajor
Duhat-2 hit high-pressure brackish water at about 200 m on 25 July and was shut in with cement on 26 July. Otto will plug and abandon it as a safety decision, with no injuries. Seismic gave no warning; SC51 future work will be reviewed. This ends the well, with no oil found.
25 July 2013drilling spud● NeutralMajor
Drilling of the onshore Duhat-2 well in SC51, Leyte began at 1600 hours on 24 July 2013, expected to take about 31 days if dry. It targets a mean 34 MMbbls (range 1-88) and is funded from Galoc cash flow. Earlier Duhat wells in 2000 and 2011 failed to pass about 300 m.
24 July 2013drilling progress report● Neutral
Seventh weekly update: Galoc-6H's 9⅝" casing was cased and cemented to 2,554 m. The Ocean Patriot has moved to Galoc-5H and is running in to drill its 12¼" section. Q4 first oil unchanged.
17 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 17 July weekly drilling update. No new information from Otto.
17 July 2013drilling progress report▲ Good
Sixth weekly update: Galoc-6H's 12¼" section was drilled to 2,554 m and steered near horizontal. Logs confirm oil-bearing Galoc sandstones in line with pre-drill expectations. Casing has begun; the rig then moves to Galoc-5H. Q4 first oil unchanged.
10 July 2013drilling progress report● Neutral
Fifth weekly update: the blowout preventer was installed and tested on Galoc-6H, and drilling continues in the 12¼" hole toward the reservoir at about 2,500 m. Schedule of about 115 days and Q4 2013 first oil is unchanged.
10 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 10 July weekly drilling update. No new information from Otto.
3 July 2013drilling progress report● Neutral
Fourth weekly update: 13⅜" casing was cemented on Galoc-6H, and Galoc-5H drilled to 950 m with casing cemented. Next is running the blowout preventer on Galoc-6H. Q4 first oil is unchanged.
3 July 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 3 July weekly drilling update. No new information from Otto.
1 July 2013drilling scheduled▲ GoodMajor
The Desco Rig-30 has started moving to the Duhat-2 site in SC51, Leyte, with drilling due by late July 2013. The prospect holds a mean 34 MMbbls (range 1-88). Otto holds 80% and says Galoc cash flow fully funds the well; early production possible from 2014 if it succeeds.
26 June 2013drilling progress report● Neutral
Third weekly update: Galoc-6H drilled the 17½" hole to 950 m, and the Galoc-5H 30" conductor was set and cemented. Next is casing on Galoc-6H. No change to schedule or Q4 first oil.
20 June 2013resource reserve update● Neutral
Nido, a Galoc partner, re-releases Otto's 20 June Galoc exploration update: 12 MMbbls of upside and the exploration well deferred. No new information from Otto.
20 June 2013resource reserve update● NeutralMajor
Studies on 2012 3D seismic support a further mean 12 MMbbls recoverable at Galoc, beyond current development. The joint venture deferred an exploration well because the Ocean Patriot rig, rated to 400 m water depth, cannot reach the best locations. A suitable rig is needed first.
19 June 2013drilling progress report● Neutral
Nido, a Galoc partner, re-releases Otto's 19 June drilling update. No new information from Otto.
19 June 2013drilling progress report● Neutral
Second weekly update: the 30" conductor was set and cemented on Galoc-6H, and the Galoc-5H hole was opened to 36". Schedule unchanged at about 115 days, with first oil in Q4 2013.
12 June 2013drilling progress report● Neutral
First weekly update: the 36" hole on Galoc-6H and the 26" hole on Galoc-5H were each drilled to 400 metres. Drilling is still expected to take about 115 days, with first oil in Q4 2013.
4 June 2013drilling spud▲ GoodMajor
The Ocean Patriot began drilling the Galoc-5H and 6H Phase II development wells at 1300 hours on 4 June 2013. Drilling is expected to take about 115 days; weekly updates start 12 June. This starts the Phase II work toward Q4 first oil.
23 May 2013drilling progress report▲ Good
The Ocean Patriot rig left Singapore under tow for Galoc, due in about 10 days. Galoc-5H and 6H will then be drilled over about 115 days. First oil from Phase II is expected in Q4 2013.
14 Mar 2013resource reserve update▲ GoodMajor
Independent review lifts Otto's net Galoc reserves at 1 Jan 2013 to 3.4 MMbbl proved and 4.3 MMbbl proved plus probable. Attributed to better reservoir performance and higher oil prices. Field expected to produce beyond 2020. The 2P figure is slightly below the earlier 4.4 MMbbl.
13 Dec 2012drilling scheduled▲ GoodMajor
The SC51 North partners approved the Duhat-2 well and budget, targeting a spud around mid-2013. Success-case mean recoverable is 23 MMbbl (upside 59 MMbbl, gross), following the new 2D seismic. Otto, holding 80%, will fund it from cash and revenue.
18 May 2012resource reserve update▲ GoodMajor
Independent review (RISC) lifted Galoc's ultimate recovery by 19.7% (1P) and 3.5% (2P) at 1 Jan 2012. Otto's net 2P reserves are 1.89 MMbbl, with about five years of life from the existing two wells. Phase II FID is still targeted for mid-2012.