OEL - Otto Energy

StockAnalysis report now available

Just noticed on Otto's website they have a report by StockAnalysis.

might be worth reading.

see below link

http://www.ottoenergy.com/IRM/content/investor_analystreports.html

good info Sandy, thanks for that. If the price of oil holds, OEL will be accumulating quite a lot of $ for exploration and development.

StockAnalysis feedback session

hi Captain Haddock

Otto got another mention today in "StockAnalysis feedback session".

Peter has been a supporter for a longtime.

here's hoping Gazatta #1 can bring some cheer for shareholders, Peter mentions if could be worth 20cps for Otto.



Market Moves & Gold


Oil


Beach, Horizon, Global


Elixir


Perseus


Pan Pacific, Mt Gibson


Audax, Roc


Otto


Golden Gate


Havilah, UXC

seems to be following Nido this morning.

still waiting on news from GPC regarding Galoc Oil Field.

also, we may hear some news this week regarding Gazzata #1 spudding.

markets can be strange at times, still i'm not complaining.

as usual trade wisely.

Entitlement Issue completed

good news for shareholders, Otto now has cash in the bank for required work commitments​

ASX ANNOUNCEMENT
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ENTITLEMENT ISSUE

‐ NOTIFICATION OF SHORTFALL AND ALLOCATION OF​

oil production restarts at Galoc Oil Field

this is great news.

especially with an oil price thats heading upwards.

Palawan Light may be fetching around US$57BBL. (Brent currently around US$58.50bbl)

Otto's interest approx 2,600BOPD.

Re: oil production restarts at Galoc Oil Field

sandybeachs said:

this is great news.

especially with an oil price thats heading upwards.

Palawan Light may be fetching around US$57BBL. (Brent currently around US$58.50bbl)

Otto's interest approx 2,600BOPD.

Click to expand...

"i guess i better update Otto's thread"..LOL

another update just out..

oil production hasn't actually started yet, still undergoing testing..

that's a shocking mistake by Nido.

here's hoping production starts a.s.a.p

thanks for the info Sandy, but what do you mean 'a shocking mistake by Nido'? What have I missed? I think Otto have stopped in Galoc for a typhoon?

Captain Haddock said:

thanks for the info Sandy, but what do you mean 'a shocking mistake by Nido'? What have I missed? I think Otto have stopped in Galoc for a typhoon?

Click to expand...

hi C.H

Nido put out an announcement this morning 8.24am: Galoc Operations Update. in which they said "Galoc Oil field had commenced production.

then at 10.14am they put out a correction saying "Galoc hadn't as yet commenced production and apologized for any inconvenience.

now they've just put out an announcement Galoc is now flowing..you beauty.

all is forgiven..

OEL spuds another well in Turkey

Otto Energy advised that the field operator Petroleum Exploration Mediterranean Int. Pty Ltd (PEMI) reported that the Kirmizihoyuk exploration well located in the Edirne License, onshore Western Turkey, was spudded on May 12, 2009.

The Kirmizihoyuk‐1 well is located 4km NNW of the Bati‐Umur 1 discovery drilled in 2008. The planned total depth of the well is 450 meters and is expected to take approximately 12 days to drill. Kirmizihoyuk‐1 targets P50 prospective gas resources of approximately 0.75bcf within the Osmancik formation.

Six gas discoveries have been made to date on the Edirne License with a number of prospective leads having been identified on 3D seismic, including the Kirmizihoyuk prospect.
Otto holds a 35% interest in the Edirne License. The Edirne License is operated by joint venture partners PEMI (55%) and Petraco (10%).

I'm scratching my head why Otto's price is not heading north. Crude oil has gone up into the high $60s, OEL debt is being paid off fast from Galoc, European gas prospects are highly promising IMHO...

Maybe we just are waiting for some tipsters to rediscover OEL and start plugging it!?

Hey Captain,

Hold on..... capping is holding this baby...... news are very close....


cheers

Operations Update

Perth, June 10, 2009

Otto Energy Limited (ASX EL)(PINK TTEF) provides an update on its exploration drilling programs in Turkey, Italy and Argentina.

Turkey - Edirne Licence

The Kirmizihoyuk-1 exploration well was drilled and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330-480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.

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Name of well Kirmizihoyuk-1
Spud date 13 May 2009
Depth of well Total Depth 500m
OEL beneficial interest 35%
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The rig has been moved to the Ikihoyuk-2 discovery well for testing, which is expected to commence later this week.

Italy - Cento-Bastiglia Permits

The Gazzata-1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.

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Name of well Gazzata-1
Spud date 19 May 2009
Depth of well Approx 2,219m
OEL beneficial interest 50%
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Argentina - Santa Rosa Licence

Preparations continue at well site for rig arrival. Schedule remains unchanged for the spudding of the first exploration well to occur in late June 2009.

The Company will continue to update the market on a weekly basis each Wednesday during the drilling and testing programs.

Otto confirms gas in Turkish wildcat

Otto confirms gas in Turkish wildcat

By Upstream staff

Australia’s Otto Energy said the Kirmizihoyuk-1 wildcat produced a combined 4.8 million cubic feet of gas a day during several tests run on the gas intervals.

Kirmizihoyuk-1 encountered gas columns over a number of zones measuring from three metres to 15 metres at depths of 330 metres to 480 metres.


Tests were run on the upper intervals and over a total perforated length of 41 metres over the last week.


The well will be completed as a future producer.


The chartered land rig has moved on from Kirmizihoyuk-1 to test the Ikihoyuk-2 discovery well. Results will be released later this week.


Otto holds a 35% stake in Edirne. The licence is operated by joint venture partners Petroleum Exploration Mediterranean (55%) and Petraco (10%).

Until we get some news from the logging....The Darvas Box are forming nicely..... with good news it could catapult to good levels IMHO.....

Proselenes has brought another good set of information and with it some nice detailed slides from Gazzata-1 from Deltana Energy presentation....

http://ss01.boardroomradio.com/files/DLT/DLT%20-%2020071003.swf[/url]

Have a great weekend all....

I'm wondering if the logging has completed Ascent R will issue some news for the market tonight sometime.....

http://www.ascentresources.co.uk/news/index.php


Trading halt would be even more of impact I'd say..... cause they have the weekend for meetings.....

Ascent Resources news 12/06/09

Drilling of Gazatta-1 exploration well underway in Po Valley, Italy

In Italy, we are currently drilling the Gazatta-1 gas exploration well in the Po Valley. The drilling contractor, Perazzoli, is 22.5% owned by Ascent and the drilling rig is a new build, low environmental impact, HH-200. The Gazatta-1 prospect is well defined by seismic data acquired and has the potential to be a valuable discovery for Ascent.

Italy, Po Valley, Cento and Bastiglia Exploration Permit.

(50% interest through Ascent Resources Italia s.r.l.)

Located in the prolific Po valley, the Gazatta-1 well, targeting the Gazzata gas structure, was spudded in May 2009 with drilling expected to be completed shortly. Gazatta-1 is funded and, under the terms of the farm-out agreement with Otto Energy Limited ('Otto'), funding for a second well will be provided if a significant discovery of hydrocarbons is made. Otto has taken a 50% interest in the project in return for paying the costs of one firm and one follow-up contingent well.

The region between Milan to the west and between Venice and Ravenna to the east is the second largest onshore gas producing area in Europe, with some 130 oil and gas fields already discovered. The vast majority of these fields are in the Pliocene sandstones which are the target of the Gazzata-1 well.

Recent discoveries nearby have relied on the AVO (amplitude versus offset) processing of the seismic data and the Gazzata prospect seismic exhibits these attributes over a large area. The Italian gas market is strong and prices achieved are some of the highest in Europe. A discovery here would be particularly valuable to the Company.

The Cento and Bastiglia Permit is one of the largest in the region and there are a variety of different targets for the on-going exploration work for which additional seismic will need to be acquired.

http://www.ascentresources.co.uk/news/2009/RNS_215_20090612.php

IMHO an update on the logging next week will be coming....that's extremely positive..... and hopefully they are going deeper to 3000 m.

good luck all.....

btw.... if anyone knows ppl at sharetrader co nz tell Shasta the news..... I am not able to log on to the site as I'm using this terminal....

Anyway....have a great weekend all and take care....

Hi all,

Some are already assuming this as a duster....hummmm..... I will stay for the news....I still think they are going to bring logging news and go deeper.....

If it comes as a duster, then we have still St ROSA coming up and Philo producing and Turkey to go in production.....not bad for a stock at 8c IMHO....

I reckon this stock will catch up with NIDO by end of this year without Gazzata......

But,

If you are thinking St Rosa check this out :


http://www.oromin.com/i/pdf/Santa_Rosa_Final.PDF


Well..... I'm looking forward still to the news from Gazzata..... and then more news from Turkey soon, Philo and our Monster ST ROSA !!!!! )))


cheers

trader10 said:

Hi all,

Some are already assuming this as a duster....hummmm..... I will stay for the news....I still think they are going to bring logging news and go deeper.....

Click to expand...

Hi, what makes you think this? ?

Hi CH,

Well, looks like some ppl want out.....boat are leaking now ?

Heard that logs are coming in and being analysed today/tomorrow.

So when the update comes it might tell the story...other than that I'm still here my stop loss have not been hit just yet.... arvo could be interesting......

good luck all