Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Otto Energy Limited    OEL   AU000000OEL3

OTTO ENERGY LIMITED

(OEL)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/03
0.009 AUD   -10.00%
11/27OTTO ENERGY : CG21 Bulleit Field Performance Update
AQ
11/25OTTO ENERGY LIMITED : - AGM Questions
AQ
11/25OTTO ENERGY LIMITED : - Board Update
AQ
SummaryChartsNewsRatingsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Otto Energy : GC21 Bulleit Field start up delayed due to severe weather

10/09/2020 | 09:34am EST

Otto Energy ('Otto') (ASX: OEL) is providing a market update on the status of production startup delays for the Green Canyon 21 (GC 21) 'Bulleit' field, operated by Talos Energy, Inc ('Talos') (NYSE: TALO).

Severe weather in the form of yet another named tropical storm with the potential to become a hurricane has formed in the Gulf of Mexico and has resulted in the vessel providing support for final hookup and tie-in of the well being demobilized as a safety precaution. Based on weather forecasts presently, the operator expects to return to location on Oct 9th to resume final completion activities. This is expected to require 3-4 additional days before the well will be opened to begin production. First production was being targeted for the end of Q3 2020 per Otto's previous announcements so this amounts to an approximately two-week delay over prior estimates

Operator Talos has a planned well production ramp up strategy where production will slowly be ramped up in 1000 bopd increments until the well reaches a steady state production rate. Otto will update the market further at this point in time.

During 2019 the GC 21 'Bulleit' well was drilled which intersected the following intervals: DTR-10 interval -net 140 feet of TVD oil pay encountered and MP interval - approximately net 110 feet of TVD oil pay expected to be delivered in high quality reservoir consistent with analogue wells in the GC18 field.

Otto Energy has a 16.67% Working Interest and 13.33% Net Revenue Interest in the GC 21 lease and project. The project has been developed via an approximately 10 mile subsea tieback to the Talos Operated GC 18 Whistler platform where production will be processed and then delivered into regional oil and gas sales pipelines. Otto's product sales from GC 21 are secured via long term production handling, transportation and sales arrangements.

Operator Talos has progressed this project while dealing with the impact of COVID-19 on the project and a significant number of regional weather events, with first production now imminent just 14 months after discovery.

Otto's next announcement will be when production has commenced. Otto's CEO and Managing Director, Mike Utsler, commented: 'This is a monumental occasion for Otto Energy with our first Gulf of Mexico Deepwater production coming online shortly, just 14 months after discovery. This production complements our existing production at SM 71 in the Gulf of Mexico Shelf and Lighting in Matagorda county, onshore Texas.' We would like to congratulate operator Talos Energy on having this Deepwater subsea tieback nearing first producing just 14 months from discovery and successfully navigating unprecedented operating challenges with COVD-19 and a significant number of regional weather events.' This announcement is approved for release by the Company's Managing Director.

Contact:

Mark Lindh

Tel: +61 414 551 361

Email: Investor-relations@ottoenergy.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
OTTO ENERGY LIMITED -10.00% 0.009 End-of-day quote.-75.68%
TALOS ENERGY INC. 2.16% 8.99 Delayed Quote.-70.18%
All news about OTTO ENERGY LIMITED
11/27OTTO ENERGY : CG21 Bulleit Field Performance Update
AQ
11/25OTTO ENERGY LIMITED : - AGM Questions
AQ
11/25OTTO ENERGY LIMITED : - Board Update
AQ
11/23OTTO ENERGY : AGM Questions
PU
11/23OTTO ENERGY : Board Update
PU
11/20OTTO ENERGY LIMITED : - 2020 annual general meeting results
AQ
11/20OTTO ENERGY : Annual general meeting chairman's address
AQ
11/19OTTO ENERGY : Results of Meeting
PU
11/19OTTO ENERGY : Annual general meeting, withdrawal of resolution 6
AQ
11/19OTTO ENERGY LIMITED : - Beluga Well Update
AQ
More news
Financials
Sales 2020 23,0 M - -
Net income 2020 -1,36 M - -
Net Debt 2020 2,17 M - -
P/E ratio 2020 -15,2x
Yield 2020 -
Capitalization 32,1 M 32,1 M -
EV / Sales 2019 2,75x
EV / Sales 2020 1,10x
Nbr of Employees 11
Free-Float 44,1%
Chart OTTO ENERGY LIMITED
Duration : Period :
Otto Energy Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OTTO ENERGY LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Managers
NameTitle
Michael J. Utsler Chief Executive Officer, Director & MD
Johann Baptist Jetter Non-Executive Chairman
Paul G. Senycia Non-Executive Director
Kevin Small Non-Executive Director
Alexander Damien Harry Beard Director
Sector and Competitors
1st jan.Capitalization (M$)
OTTO ENERGY LIMITED-75.68%32
CNOOC LIMITED-40.59%44 349
CONOCOPHILLIPS-36.64%42 686
EOG RESOURCES, INC.-42.49%27 897
CANADIAN NATURAL RESOURCES LIMITED-27.88%27 332
ECOPETROL S.A.-36.05%25 150