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

OTTO ENERGY LIMITED

(OEL)
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Otto Energy Limited : - Appointment of CEO and Managing Director

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09/15/2020 | 11:52am EDT

Otto Energy Limited (ASX: OEL) (Otto or the Company) is pleased to advise that Mr Michael Utsler has been appointed as Chief Executive Officer and Managing Director of the Company, commencing his role on 11 September 2020.

Mr Utsler is an oil and gas executive with more than 40 years of experience in senior international oil and gas sector roles, including 15 years in the Gulf of Mexico and 5 years as Chief Operating Officer of Woodside in Australia. His career has encompassed senior executive, leadership and board roles with Amoco, BP, Woodside and New Fortress Energy. He holds a B.S. in Petroleum Engineering from the University of Oklahoma

Mr Utsler has undertaken a robust due diligence of Otto and its assets prior to joining. This has included consulting to the Company over the past six weeks in preparation for his appointment. Upon Mr Utsler assuming his role, current Otto Executive Chairman, Mr John Jetter, will resume the role of Non-Executive Chairman.

Otto Executive Chairman, Mr John Jetter, said: 'Having undertaken a thorough internal and external selection process, we take great pleasure in announcing that Mike Utsler will join Otto as the new CEO and Managing Director. We believe Mike to be a great fit, given his strong track record as a senior executive and his deep understanding of the US and Australian oil and gas industry. Throughout his career, Mike has maintained a clear focus on development and operational performance, along with the enhancement of shareholder value. In his work at Woodside and BP, Mike earned a reputation as one of the leading energy executives in the industry. At the outset, Mike will conduct a detailed strategic review, set a clear operational plan and assess all parts of the business, including a review of our existing asset base. He will work with the Board and executive team to continue its cost reduction process, ensuring Otto can maximise returns as oil prices recover.

Of his appointment, Mr Utsler said: 'I am delighted to be joining the Otto team. I believe Otto has a high-quality portfolio of operating and development assets that offers substantial value upside. The company, along with its senior team, has proven itself a partner of choice within the industry and holds significant technical credibility, particularly in the Gulf of Mexico region. I look forward to getting started and delivering on the potential for all Otto shareholders.'

Contact:

Mark Lindh

Tel: +61 (0) 414 551 361

(C) 2020 Electronic News Publishing, source ENP Newswire


Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.87% 192.14 Delayed Quote.-58.98%
OTTO ENERGY LIMITED 5.56% 0.0095 End-of-day quote.-74.32%
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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 30,4 M 30,3 M -
EV / Sales 2019 2,75x
EV / Sales 2020 1,10x
Nbr of Employees 11
Free-Float 48,1%
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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
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