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  • 29 Jan 19
Exploration watch: 2019 exploration wells

Worldwide exploration continued to be dominated by ExxonMobil’s ongoing success offshore Guyana, with five discovery wells and the opening up of two new plays. In 2019, this activity will continue, but will be joined by two separate efforts led by Tullow Oil and Repsol that will look to extend this success to the inboard Orinduik and Kanuku blocks. In Latin America attention will also be focused on Mexico, as drilling extends into deeper waters alongside further exploration of the shallower Sure

Companies: Otto Energy Limited

Edison
  • 18 Dec 15
Focused on 2016

In 2015 Otto transformed from producer to pure explorer. With the drop in commodity prices, this was perfect timing. The first well under the new strategy was not successful – its fully carried Hawkeye-1 exploration well (offshore the Philippines) was declared uncommercial in October and it is seeking to exit the area. However, Otto has added to the portfolio with entry into the Alaskan North Slope, a recent deal in Louisiana and drilling in Tanzania in 2016, pointing to an exciting year ahead f

Companies: Otto Energy Limited

Edison
  • 02 Sep 15
Hawkeye-1 uncommercial

The Hawkeye-1 well has been completed and declared uncommercial. While encountering hydrocarbons, the volumes were at the very low end of expectations and were mostly water wet. The results will be built into the SC55 model and next moves there are being considered. Otto was fully carried for the well and so cash balances remain strong to develop the Tanzania and Alaska exploration prospects. Our core NAV remains A$0.04/share and RENAV, removing Hawkeye-1, adjusts to A$0.06/share from A$0.15/sha

Companies: Otto Energy Limited

Edison
  • 10 Aug 15
More American pie

Otto’s A$1.2m in a share acquisition of 100% of Borealis follows swiftly on the recent further farm-out of Hawkeye-1 to Pryce Gases and rapid drilling of the initial stages of the well. Crucially, the acquisition gives Otto, in stages, a greater exposure to the Alaskan Great Bear exploration acreage and development. We see these moves as value accretive, with Otto utilising its cash wisely, giving shareholders exposure to a potentially very rewarding play.

Companies: Otto Energy Limited

Edison
  • 31 Jul 15
Northern lights

With the spudding of the Hawkeye-1 well in the Philippines due imminently, Otto has announced a departure from its historic core operating areas to take a small working interest in the highly prospective North Slope of Alaska. Otto has signed an LOI and taken an equity stake (40%) with private Australian company Borealis Petroleum, which is currently farming into Great Bear Petroleum’s acreage. At the equivalent of US$342/acre and with three wells to be drilled in early 2016, newsflow over comin

Companies: Otto Energy Limited

Edison

Otto Energy Limited

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