Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2008drilling result▲ GoodMajor
Ikihoyuk-1, first of five 2008 Edirne wells, found gas intervals totalling about 28m of pay between 323m and 468m, well above expectations. It is the 4th well Otto has drilled there since 2004, all gas discoveries. Flow testing comes after the campaign (Otto 35%).
2 Apr 2008farm in farm out completion▲ GoodMajor
Otto confirms it will earn the full 50% of the Bastiglia-Cento permits in Italy, because Deltana did not exercise its 15% option by 31 March 2008. Gazzata-1, targeting over 100 bscf, is planned around September 2008.
27 Mar 2008drilling spud▲ GoodMajor
Ikihoyuk-1, the first of five 2008 Edirne gas wells, has spudded. Planned to 520m depth over about 10 days, it targets shallow gas. The programme targets 10-20 bcf combined, with production aimed for mid 2009 (Otto 35%).
27 Mar 2008drilling spud● Neutral
Re-release of Incremental's announcement that Ikihoyuk-1, first of five Edirne wells, has spudded to 520m. Same content as Otto's release; nothing new.
25 Feb 2008drilling progress report● Neutral
Galoc-4 is open for clean-up flow to surface, to confirm well integrity and prepare for FPSO production in April. Full results are promised the next day.
20 Feb 2008drilling progress report● Neutral
Galoc-3 is opened for clean-up flow to the surface to check well integrity and take oil samples ahead of FPSO production in April. Otto will report further material developments. Results follow in the next announcement.
14 Jan 2008drilling scheduled● Neutral
Re-release of the Incremental announcement: five Edirne wells with the first spud in March 2008, all on 3D-seismic targets. Estimated 10-20 Bcf in the 3D area, production targeted early 2009. Nothing new beyond the previous item.
14 Jan 2008drilling scheduled▲ Good
Edirne partners confirm five shallow gas wells, first spud March 2008, now based entirely on the 2007 3D seismic. Four locations are approved; the fifth awaits final data. Discovered gas plus prospects in the 3D area are estimated at 10-20 Bcf, with production targeted early 2009.
8 Jan 2008drilling result▲ Good
Both Galoc development wells are now drilled; Galoc-3 reached its 4,185m target depth. Otto's CEO says early data suggests both beat pre-drill expectations, to be confirmed by clean-up flows this month. First oil is now expected late March 2008.
17 Dec 2007farm in farm out completion▲ GoodMajor
The Galoc deal is complete: Otto now holds an 18.28% indirect interest through 31.38% of GPC, with Vitol owning the other 68.62%. The second horizontal well is drilling and the FPSO arrives in February. Full production is expected April 2008 at 15-18,000 bopd.
7 Dec 2007farm in farm out agreement▲ GoodMajor
Otto will earn 50% of the Bastiglia-Cento permits in Italy's Po Valley from operator Ascent Resources. It pays about A$3.65m for seismic plus 100% of the roughly A$6m first well, Gazzata-1, planned around September 2008, targeting over 100 bscf. Deltana holds an option over 15%.
21 Sept 2007resource reserve update▲ GoodMajor
Otto's first volume estimate for the Marantao prospect in SC55 (Otto 85%) gives mean prospective resources of 1,812 bcf gas plus 567 MMbbl oil, or 1,323 MMbbl if all oil. These are unproven estimates, not discoveries. Otto aims to farm down in early 2008.
19 Sept 2007drilling progress report▲ Good
The 149 sq km Edirne 3D seismic survey finished 17 September 2007, two weeks early and under budget. Processed data is due early December. Otto (35%) and Incremental still plan about five wells from December 2007, completing the survey flagged in August.
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%).
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.
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 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.
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.
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.
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.
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.
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.
