Otto Energy Limited

Published : March 02nd, 2015

RMP: Farmin Agreement Signed With Otto Energy

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Keywords :   Lead | Malaysia | Oil | Philippines | Report | Water |

RMP: Farmin Agreement Signed With Otto Energy

The Board of Red Emperor Resources NL (Red Emperor or the Company) is pleased to announce that it has signed a Farmin Agreement (Agreement) with Otto Energy Philippines Inc. (a wholly owned subsidiary of Otto Energy Ltd, ASX: OEL) to farm in to the highly prospective offshore Philippines Block, SC55.

Highlights

· Red Emperor to earn a 15% working interest in offshore Philippines Block, SC55, by participating in the upcoming Hawkeye-1 exploration well that will test the significant hydrocarbon potential of the Southern Palawan Basin.

· Hawkeye-1 is expected to be drilled early in Q3 2015 and is targeting a structure assessed to contain in excess of 100MMbbls of Gross Best Estimate Prospective Resources (~15MMbbls net to RMP).

· Independent report from Jordon & Pay Exploration Consultants describes the prospect as a "robust, attractive exploration target with a good geological chance of success" (32%), with the operator indicating Gross Prospective Resource of up to 401MMbbls (High Case

- 51MMbbls net to RMP).

· The Hawkeye prospect is covered by extensive and high quality 3D seismic, which indicates the strong chance of a gas cap sitting above a sizeable oil leg (>100m).

· Commercial success in the Hawkeye well would unlock a significant region for exploration, the heart of which is covered by Block SC55.

· A further drill ready gas target (Cinco) also exists within Block SC55, assessed by the Operator to have Gross Best Estimate Prospective Resources of 1.6Tcf (208 Bcf net RMP) of recoverable gas.

· Red Emperor to complete A$2.13m placement leaving the Company fully funded to participate in the Hawkeye-1 exploration well and other potential opportunities.

Service Contract 55 (SC55) is located in the southwest Palawan Basin, covers an area of 9,880km2 and was awarded to Otto Energy Investments Ltd (formerly NorAsian Energy Ltd) in 2005.
It is a deep-water block in the middle of a proven regional oil and gas fairway that extends from the productive offshore Borneo region in the southwest to the offshore Philippine production assets northwest of Palawan.

Exploration and Development

SC55 contains a number of distinct exploration play types including the Hawkeye turbidite clastic prospect and the material Cinco carbonate gas/condensate prospect, as well as a number of follow-up leads. The permit provides a material opportunity and a series of possible drill targets in an exploration campaign that will be undertaken during the remaining term of the service contract.
The Hawkeye prospect was identified on 2D seismic originally acquired by Otto in 2007 and further defined with the 600km2 3D seismic acquisition in late 2009. Hawkeye contains a 'Best Estimate' STOIIP of ~480 MMbbls of oil and a 'Best Estimate' Gross Prospective Resource of 112 MMbbls (RMP net 14.3 MMbbls) of oil according to the Operator, Otto Energy.
The Cinco gas/carbonate prospect was identified as part of a 1,800km2 3D seismic program undertaken by BHPB in 2010 that focused on a trend of carbonate prospects and leads, with Cinco being analogous to the Malampaya producing gas/condensate field in the Philippines. Cinco contains a 'Best Estimate' GIIP of 2.4 Tcf with a 'Best Estimate' Gross Prospective Resource of 1.6 Tcf of gas and 57 MMbbls of associated condensate (RMP net 208 Bcf) and 7.3 MMbbls). The Net Prospective Resources exclude Government Share of profit oil.
The arithmetically aggregated gas/condensate prospect and lead inventory including Cinco, contains a 'Best Estimate' GIIP of ~17 Tcf with a 'Best Estimate' Gross Prospective Resource of over 11 Tcf of gas (RMP net 1.5 Tcf) and 403 MMbbls (RMP net 51 MMbbls) of condensate.

Hawkeye Prospect

The Hawkeye prospect is interpreted to be a large, relatively undeformed Miocene aged toe thrust, analogous to offset discoveries in Malaysia. The Miocene turbidite reservoir is likely to be tested by a well sitting in approximately 1,690m of water. The prospect was first identified on 2D seismic data, which was later followed up by a 3D seismic acquisition in early 2010. The 3D data has further matured the prospect to drillable status. Hawkeye is a well imaged, toe thrust structure of more than 500m vertical relief, 50km2 area with attendant Direct Hydrocarbon Indicators. Multiple flat spots are evident with an associated oil column consistent with detailed rock property analysis.

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Otto Energy Limited

CODE : OEL.AX
ISIN : AU000000OEL3
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Otto Energy is a and oil exploration company based in Australia.

Otto Energy is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 15.4 millions as of today (US$ 10.1 millions, € 9.4 millions).

Its stock quote reached its highest recent level on March 30, 2012 at AU$ 0.15, and its lowest recent point on April 03, 2020 at AU$ 0.00.

Otto Energy has 1 186 300 032 shares outstanding.

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Annual reports of Otto Energy Limited
Annual Report 30 June 2011
Annual Report to shareholders
Nominations of Otto Energy Limited
4/6/2011Resignation of Managing Director
7/16/2008Appoints Commercial Manager
Project news of Otto Energy Limited
2/23/2014Otto Enters Next Phase in Tanzania Production Licences
7/30/2013Otto Updates Duhat-2 Drilling in SC51
5/2/2013welcomes KUFPEC to Galoc Joint Venture
5/1/2013Otto Achieves Financial Close on Project Finance Facility
9/11/2012Otto Acquires Increased Working Interest in SC51 JV
8/12/2011Galoc Oil Field Acquisition Presentation
7/1/2011Final Director's Interest Notice
6/8/20113D seismic acquisition commences in SC69
3/9/2011Philippine Exploration Update
Corporate news of Otto Energy Limited
7/29/2016Dispute Notices Issued to Swala Oil & Gas (Tanzania) Plc
7/7/2016Independent Reserves Report - SM-71
7/7/2016Bivouac Peak Option Entry and SM-6 Update
6/20/2016Farm Down of Upcoming Tanzania Drilling
4/29/2016Corporate Governance Statement
4/27/2016Otto Energy's Alaskan Potential Upgraded
4/26/2016SM-71 No. 1 DISCOVERY UPDATE - GULF OF MEXICO
4/4/2016BYE: Byron Energy Spuds SM 71 No 1 Well
3/30/2016SM 6 No 2 and SM 71 No 1 Well Updates
3/29/2016Otto Exercises Option to Drill SM71 No.1 Well
3/29/2016Drilling Update SM6 No. 2
3/29/2016Trading Halt
3/29/2016BYE: SM 6 No 2 and SM 71 No 1 Well Updates
1/27/2016Quarterly Activities and Cashflow Report December 2015
12/23/2015RMP: SC 55 - Update
12/10/2015Staged Farm In Gulf of Mexico with Byron Energy
11/26/2015Final Director's Interest Notices
10/27/2015Quarterly Activities Report
10/1/2015US$21.3 million Hawkeye-1 Drilling Contribution Received
10/1/2015Otto Invests US$7m in Alaskan North Slope Acquisition
9/24/2015Appendix 4G Corporate Governance Statement
9/24/2015Annual Report to shareholders
9/10/2015Appendix 3B
9/3/2015Investor Presentation
8/16/2015Hawkeye-1 Exploration Well Results
8/14/2015Appendix 3B
8/12/2015Appendix 3B and sec 708 Statement
8/7/2015Change of Director's Interest Notice
8/5/2015Otto Acquires Borealis Petroleum Pty Ltd
8/3/2015Hawkeye Drilling Update Number 1
7/30/2015Pryce Gases 10% Farm-in to SC55 Hawkeye Rig Mobilised
7/21/2015Otto Acquires Onshore Alaskan Interest
7/17/2015Trading Halt
7/14/2015Investor Presentation
7/14/2015Quarterly Activities & Cashflow Report
7/3/2015Change of Director's Interest Notice
7/2/2015RMP: Commencement Notice and Appendix 3B
7/2/2015Hawkeye-1 Exploration Well Update
6/25/2015Appointment of Managing Director
6/9/2015GM Results Capital Return Special Dividend
4/20/2015Quarterly Activities & Cashflow Report
4/20/2015Investor Presentation
4/2/2015Appendix 3B
3/10/2015Half Year Accounts
3/2/2015RMP: Letter of Intent Signed for Philippines Drill Rig
3/2/2015OEL: SC55 Farm-Down and Rig Letter of Intent Signed
3/2/2015RMP: Farmin Agreement Signed With Otto Energy
2/17/2015Completion of Sale of Galoc Oil Field
1/11/2015Quarterly Activities & Cashflow Report
1/8/2015SC55 PNOC-EC Farm-in and Hawkeye Progress Update
1/6/2015Successful Completion 2014 Seismic Programme over Kilombero
10/29/2014OEL: Kilombero Seismic Update
1/20/2014SC55 - Otto Executes Binding Agreements
1/20/2014SC55 - Otto Executes Binding Agreements
12/18/2013Positive Results from Tanzanian Exploration Programme
12/10/2013Confirms Kito Prospect in Tanzania
12/10/2013Otto Energy Confirms Kito Prospect in Tanzania
12/5/2013Commencement of Production from Galoc Phase II
12/5/2013Galoc Phase II First Oil - Boardroom Radio Interview
12/5/2013Investor Presentation
11/27/2013SC55 - Otto Secures LOI to Assume BHP Billiton's Interest
11/15/2013Results of Meeting
11/14/2013AGM Chairman Speech and CEO Presentation
11/8/2013Further Positive Results from Seismic Programme
10/29/2013Service Contract 55 Update
10/8/2013to Relinquish Stake in SC69
9/3/2013Executes Service Contract 73 in the Philippines
7/25/2013Drilling Commences on the Duhat Oil Prospect in SC51
6/20/2013GALOC EXPLORATION DRILLING UPDATE
6/20/2013Galoc Exploration Update
6/19/2013GALOC DRILLING UPDATE
6/19/2013Galoc Phase II Drilling Update Number 2
6/12/2013GALOC-5H AND GALOC-6H DRILLING UPDATE
6/12/2013Galoc Phase II Drilling Update Number 1
5/3/2013Boardroom Radio Update Mar 2013 Quarterly Report
4/16/2013Clarifies Media Speculation on SC55
3/14/2013Galoc Reserves Update
2/22/2013Preferred Bidder for Area 7 Release
2/22/2013Otto Energy Preferred Bidder for Area 7 Release
10/12/2012Investor Update - Boardroom Radio Interview
10/12/2012Otto obtains Philippines Government Approval
9/11/2012Investor Update - Boardroom Radio Interview
5/21/2012Upgrades Galoc Oil Field Reserves
12/28/2011Execution of Final Farm-in Documents for SC55
11/28/2011Galoc Field Shut-in for FPSO Upgrade
10/27/2011Quarterly Activities Report
9/30/2011Completes Acquisition of Galoc Production Company WLL
9/5/2011Phase II development progresses in Galoc Oil Field
8/19/2011Boardroom Radio Interview with Mr Matthew Allen
8/16/2011Investor Briefing Replay with Mr Matthew Allen
8/16/2011Investor Briefing Replay
8/12/2011buy Vitol's stake in Galoc Oil Field
7/8/2011Galoc Mooring Update
6/23/2011SC69 3D Seismic Completed
5/25/2011Operational Update - Duhat-1A Well
5/16/2011Operational Update - Duhat-1
5/11/2011Farm-in Option Exercised in Service Contract 55
5/11/2011Investor Briefing Update
5/4/2011Galoc Reserves Update
4/28/2011March 2011 Quarterly Report
4/28/2011Duhat-1 Well Operational Update
4/19/2011Duhat-1 well spuds in Service Contract 51
3/15/2011Half Year Accounts 31 December 2010
3/3/2011Comments on release concerning Philippine Service Contracts
3/24/2010Seismic Program - SC69 Philippines
2/9/2010Seismic Acquisition Commencing - SC55 Philippines
1/27/2010Turkey Drilling Update
1/14/2010Seismic Acquisition and Farm-in Option Agreement - SC55
12/15/2009Gas Sale Agreement Secured for Edirne Project
11/10/2009Galoc Oil Field Operations Update
10/27/2009Galoc Operations Update
9/23/2009Financial Report for the year ended 30 June 2009
7/15/2009Operations Update
7/2/2009Drilling Operations Update
6/25/2009Significant Milestone for Otto and the Galoc Oil Field
5/27/2009Operations Update
12/29/2008Po Valley Italy Exploration Update
12/22/2008(Audio) Boardroom Radio Interview Broadcast
9/26/2008StockAnalysis Otto Energy Special Issue
9/23/2008Resources Estimate- Edirne Gas Fields, Western Turkey
9/19/2008Galoc Oil Field Update
9/1/2008Open Briefing=AE with CEO of Otto Energy
8/13/2008Turkey Field Development Contracts Awarded
7/30/2008Quarterly Report
7/23/2008Galoc Update
7/10/2008Independent Evaluation Santa Rosa Permit Argentina
7/7/2008Galoc Update
7/4/2008100% Drilling Success as Arpaci 2A Encounters Gas
6/23/2008Galoc: Operations Update
6/10/2008Second zone flows gas in Kuzey Arpaci-1
6/4/2008Flows Gas from Kuzey Arpaci-1 in Turkey
5/15/2008encounters gas in Arpaci-2 in Turkey
5/15/2008Completes Placement to Raise $15 Million
5/13/2008Office Upgrade for Otto Energy
5/12/2008Rubicon Intrepid FPSO Arrives at Galoc
5/9/2008spuds Arpaci 2 well - Western Turkey
5/9/2008awarded Area 8 - Philippines
5/1/2008 makes 6th Gas Discovery in Turkey
4/28/2008 spuds third of 5 wells in gas campaign in Turkey
4/8/2008 spuds second of 5 wells - Turkey
4/4/2008Discovers substantial gas in first of 5 wells in Turkey
12/17/2007Completes Galoc Oil Field Transaction
12/3/2007Results of 2007 Annual General Meeting
11/28/2007ASX Notice Under Section 708A
11/8/2007Activity Report for October 2007
10/30/2007Notice of Annual General Meeting
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