I dont hold, but looking at the SP its dirt cheap, at pretty much an all time low with pretty high volume.. Any opinions on when if ever the SP is going to turn around??
AUSTRALIAN FIRM OTTO ENERGY LTD. IS eyeing three more prospects in the Galoc oil field in offshore Palawan, to further boost production.
Under the Galoc Phase 2 development options, Otto Energy said the consortium was targeting to increase 2P reserves by 5 million barrels of oil by drilling two new wells, which are estimated to yield about 4,000 barrels of oil per day.
These wells may be drilled in the northern portion of the Galoc structure to access undeveloped reserves.
Otto earlier said the Galoc oil field had another 8 million barrels in gross contingent oil resources in these two new wells. This was on top of the remaining reserves in the field, estimated at 8.4 million barrels as of end June.
Prior to the start of production in October 2008, oil reserves were estimated at 10 million barrels.
The Galoc consortium is expected to undertake seismic interpretation and preparation of drilling costs and schedule starting this year until 2010, Otto Energy said in a regulatory filing.
Otto holds a 31.38-percent stake in Galoc Production Co. WL, operator of the Galoc oil field.
Currently, the Galoc oil field is operating at a rate of 11,500 barrels of oil per day (bopd), down from its initial rate of 18,000 bopd. So far, operating expenses were estimated at $25 a barrel while Phase 1 capital expenditure stood at $13 per barrel.
Two days in a row some nice movement... anyone got an opinion on what's up? We looking at a potential breakout here?
TURKEY EXPLORATION AND DEVELOPMENT UPDATE
Edirne Gas Plant
Otto Energy Limited (ASX: OEL) is pleased to advise that the construction of the Edirne Gas Plant System has been completed. Gas sales will commence following completion by BOTAS, the state‐owned pipelines and trading company in Turkey, of a hot tap on its 14” main line to create the delivery point for the Edirne gas. The Joint Operators are in the process of retrofitting the hot tap fitting to accommodate Botas’ requirements. The hot tap is expected to be completed near the end of March with first gas
sales shortly thereafter.
Otto has finalised gas gathering and tolling agreements with the Joint Operators of the Edirne Gas Plant to process the gas from the Edirne Fields which is jointly owned with Otto. As previously announced, all gas production from the Edirne licence will be sold via dedicated sales arrangement to AKSA Dogalgaz Toptan Satis A.S at a 15% discount the Industrial Interruptible Tariff benchmark set by BOTAS and Otto has elected not to participate in the Gas Plant ownership.
Otto expects that the discounted gas price in the short term will be between US$7.00 to US$8.00/ GJ. The discounted gas price will change over time reflecting amendments in the tariffs set by BOTAS.
The Edirne Joint Venture partners comprise Otto which holds a 35% interest in
the Edirne Licence and Joint Operators Transatlantic Mediterraean Int (TEMI)
(55%) and local Turkish company Petraco (10%).
Phase 2 Drilling Program
The third exploration well in the phase 2 drilling program, Yolboyu‐1 well
reached a total depth of 2,000 metres (m) on 15 March 2010. Preliminary
evaluation of well logs indicates the potential of gas in the Upper Danismen Formation and the well will be suspended for future evaluation. The Operator is preparing to move the rig next well, Somurcali‐1.
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