Past year: ▲ 50%(0.40c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Aug 2026resource reserve update● NeutralMajor
Reserves at 30 June 2026: 1P 1.4 MMboe (down 21%), 2P 2.0 (down 15%), 3P 5.1 (down 11%). Declines are broadly in line with FY26 production of 355 Mboe, with only minor downward revisions. Updates the 30 June 2025 figures.
14 Aug 2025resource reserve update▼ BadMajor
30 June 2025 reserves: 1P 1.8 MMboe (-10%), 2P 2.5 MMboe (-24%), 3P 5.8 MMboe (-3%). Contingent and prospective resources fell to 2.0 MMboe from 8.7 following the ST 48 relinquishment. Lightning and GC 21 proved reserves rose.
25 Nov 2024drilling progress report● Neutral
Completion of the F5-ST Bypass well is finished, the rig is released and hook-up is under way. Pressure data suggests the well is likely connected to the nearby F1 well. First production is expected around end-November or early December.
30 Oct 2024drilling result▲ GoodMajor
The F5-ST Bypass well reached 7,219 ft, finding 133-177 ft of net pay in the D5 sand, plus 24 ft (I3) and 14 ft (I2). Otto will complete it at about US$3m more; production is expected in November.
22 Oct 2024drilling result● NeutralMajor
The F5-ST well at SM 71 found hydrocarbon pay: 133 ft in the main D5 sand, plus 22 ft (I3) and 13 ft (I2). Drill pipe then stuck and the hole was cemented off (about US$2m net loss); Otto will join a US$1.7m net bypass well.
2 Oct 2024drilling spud● Neutral
The Enterprise 264 jack-up rig arrived at SM 71 on 1 October 2024, on schedule, to drill the F5-ST sidetrack. It is a 12-day drill to 7,551 ft MD, with a stated 60% chance of success and 500-1,500 bbl/d anticipated. Drilling is about to start.
16 Aug 2024drilling scheduled▲ GoodMajor
Otto will join the F5-ST sidetrack well at SM 71 (50% WI), targeting 500-1,500 bbl/d oil with a stated 60% chance of success. Otto's share is US$2.85m dry-hole and US$5.65m completed cost, funded from cash. Spud expected late September or early October 2024.
31 July 2024resource reserve update▼ BadMajor
At 30 June 2024, net 1P reserves fell 18% to 2.0 MMboe, 2P fell 32% to 3.3 MMboe and 3P fell 15% to 6.0 MMboe, mainly from production and GC 21 and SM 71 downgrades. Resources unchanged at 8.7 MMboe.
30 Aug 2023resource reserve update▼ BadMajor
At 30 June 2023, net 1P reserves fell 35% to 2.4 MMboe, 2P fell 18% to 4.8 MMboe and 3P fell 10% to 7.0 MMboe, mainly from production and GC 21 downgrades. Resources rose 257% to 8.7 MMboe, driven by ST 48.
15 Mar 2023drilling result▲ Good
The GC 21 DTR-10 recompletion is finished and the rig released, within the previously advised cost range. Both upper and lower zones are to produce, with a sustained rate expected early in the June quarter. This resolves the delay and cost blowout thread.
9 Feb 2023drilling progress report● Neutral
The rig returned to Green Canyon 21 on 5 February to restart the DTR-10 recompletion; first production still expected in March quarter 2023. SM 71's F3 well water cut rose to 28% in the December quarter, with oil declining.
23 Aug 2022resource reserve update● NeutralMajor
At 30 June 2022, net reserves were 1P 3.7 MMboe, 2P 5.8 and 3P 7.8, each about 10% lower than a year earlier as production outpaced additions. Post year-end, Oyster Bayou South added 0.4 MMboe. Otto says it replaced about 90% of FY22 production on a proved basis.
18 July 2022drilling result▲ GoodMajor
Oyster Bayou South (30% WI) found 68 ft of net gas pay, in line with Otto's pre-drill mid case. Production is expected in Q4 2022. Otto calls it the third straight exploration success, and says the two Castex wells cost US$6-7/boe to find and develop.
22 June 2022drilling result▲ GoodMajor
Mosquito Bay West (30% WI) found 111 ft of net gas pay in five sands, well above Otto's pre-drill mid case. First production is expected in Q3 2022. This is the second exploration success after Eaves, and Otto holds about US$30m cash.
24 May 2022drilling spud● Neutral
Mosquito Bay West spudded on 22 May 2022. SM71 F2 recompletion (US$0.7m to Otto) is approved for June, and the GC21 DTR-10 recompletion (US$5.9m to Otto) is set for Q3. Vick #1 pipeline construction is delayed further.
2 Mar 2022drilling scheduled● NeutralMajor
Otto will take 30% WI in two Louisiana state-waters exploration wells, Mosquito Bay West and Oyster Bayou South, for US$1.7m each dry-hole cost, spudding May 2022 from cash. The ST 48 lease win was invalidated by a US judge in January; an appeal has been lodged.
4 Jan 2022drilling result▲ GoodMajor
Vick #1 (Eaves, 10.3125% WI) found gas/condensate pay: 12 ft net in the Yegua and 16 ft net across three Wilcox sands. It will be completed as a producer, with production expected early Q1 2022 and completion cost to Otto about US$0.1m. Offsets the Schindler dry hole. Figures were later corrected (see 7 January).
9 Dec 2021drilling result▼ BadMajor
Schindler #2 reached 13,658 ft and hit the Wilcox target with 11 gas shows, but the sands were too tight to produce. The well will be plugged and abandoned at a cost to Otto of US$0.9-1.0m. This is a dry hole for the first of the two new Texas wells.
22 Nov 2021drilling progress report● Neutral
Schindler #2 spudded on 14 October and was at 12,600 ft, setting casing before drilling to the Wilcox target at about 13,600 ft. The Vick #1 (Eaves) well has its permit and is expected to spud in early December. Progress as planned, no results yet.
14 Oct 2021farm in farm out agreement▲ GoodMajor
Otto farmed into two onshore Texas gas/condensate wells, Schindler (25% WI, US$0.9m) and Eaves (10.3125% WI, US$0.2m), both due to drill in Q4 2021. First inorganic growth (Pillar 3) step, funded from existing cash. Schindler is assessed at 54% chance of success.
9 Sept 2021resource reserve update▼ BadMajor
At 30 June 2021 net reserves were 1P 4.1 MMboe, 2P 6.5 and 3P 8.4, down from 4.8, 8.1 and 11.7 a year earlier. Prospective resources fell 96% to 2.1 MMboe, on removal of Beluga, Tarpon, Mallard and Alaska. GC21 MP sand reserves were written down.
18 Feb 2021drilling result▲ Good
Pantheon reports Talitha #A reached 10,452 ft and found oil in four zones, with testing next. Otto, whose Alaska sale to Pantheon awaits approval, calls it encouraging. Its 14.27m Pantheon shares were valued at about US$8.5m. Preliminary only; testing is needed to confirm commerciality.
5 Jan 2021drilling scheduled▲ Good
Otto holds 10.8% of the Talitha Unit in Alaska. Operator Pantheon has started building the ice road, and the Talitha #A well is expected to spud in January 2021. Otto says it is fully funded to participate. Pantheon estimates potential for a gross billion barrels.
19 Nov 2020drilling result▼ BadMajor
Beluga Unit #1 in Texas reached 13,800 ft MD but found only sub-commercial hydrocarbons and will be plugged and abandoned. Otto held 18.75%, with cost expected near US$2.25m; the well came in below budget. It ends the Hilcorp exploration program.
8 Oct 2020drilling progress report▼ Bad
GC21 "Bulleit" first production slips about two weeks past the late-Q3 target because of severe weather. Start-up is expected 3-4 days after the crew returns on 9 October, then a 1-2 week ramp up. Otto holds 16.67%.
5 Oct 2020farm in farm out agreement● NeutralMajor
Otto and Hilcorp agree to drop the Tarpon, Oil Lake and Mallard prospects from the Gulf Coast program, so Beluga will be the last well. Otto's Beluga interest halves to 18.75%, costing about US$2.25m. Drilling starts around 5 October with a 45% chance of success.
24 Sept 2020resource reserve update▲ GoodMajor
At 30 June 2020, net 1P reserves rose 31% to 4.8 MMboe and 2P 13% to 8.1 MMboe; 3P rose 15% to 11.7 MMboe. Growth came from the GC21 discovery and Lightning's Green #3, while some SM71 reserves were downgraded after the F5 well. Prospective resources fell 29% to 58.3 MMboe.
23 Mar 2020drilling result▼ BadMajor
Otto reports SM71 F5 hit 36 ft of net gas pay in the D5 plus 12 ft and 20 ft of oil pay in the I3 and J sands, but the D5 may be faulted out. The well is temporarily abandoned for a future sidetrack, citing COVID-19 risk. Not the hoped-for oil result; Otto holds 50%.
23 Mar 2020drilling result▼ Bad
Byron reports F5 reached 8,505 ft MD with 36 ft of net gas pay in the D5 target, which it calls isolated and marginal to uneconomic to complete. Smaller oil pay was found in the I3 and J sands. The wellbore will be abandoned for a later sidetrack.
17 Mar 2020drilling progress report● Neutral
Byron says SM71 F5 spud on 8 March 2020 and has surface casing cemented at 3,583 ft, with drilling ahead to a planned depth of 8,688 ft. Drilling is on schedule; Otto holds 50%.
