17 August 2015
Manager of Company Announcements
ASX Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement
HAWKEYE-1 EXPLORATION WELL RESULTS
Otto Energy Ltd (ASX: OEL) ("Otto") provides the following update on the drilling of the Hawkeye-1 exploration well, offshore Palawan Basin in the Philippines which has been drilled to the planned total depth of
2,920 metres.
The top reservoir was intersected at 2,710 metres. Hydrocarbons were logged between 2,710 metres and 2,737 metres in reservoir of variable quality and cutting returns provided indications of fluorescence, usually an indicator of liquid hydrocarbons. Below 2,737 metres water was inferred from log observations in a reservoir sequence of good quality.
Hawkeye-1 will now be plugged and abandoned. All measurements are from the rig rotary table.
The drilling program has been executed smoothly, ahead of schedule and ahead of budget. Otto is fully carried on the cost of drilling Hawkeye-1.
Matthew Allen, Otto's Managing Director and CEO said: "The
Hawkeye-1 exploration well has proven the existence of hydrocarbons
in SC55. The hydrocarbon size discovered is however at the very low end of expectations and is not economic to develop. Otto will now incorporate the results from the well into our understanding of the other prospects, including Cinco, in the licence which potentially share the same charge source.
OTTO AT A GLANCE
• ASX-listed oil and gas company with a strategy to grow an integrated petroleum business through high impact exploration
• Focused on conventional oil plays in proven petroleum provinces
• Formerly Operator of the producing
Galoc oil field in the Philippines
COMPANY OFFICERS Rick Crabb Chairman Matthew Allen MD and CEO Ian Macliver Director
Rufino Bomasang Director John Jetter Director Ian Boserio Director Craig Hasson CFO
Neil Hackett Company Secretary
Otto is preparing for the upcoming exploration programs in our
Alaskan and Tanzania assets. Whilst the result at Hawkeye is disappointing, Otto is a well-funded explorer with high
impact exploration activity in the coming twelve months".
~Ends~
Contact: Matthew Allen
Managing Director and CEO
+61 8 6467 8800
[email protected]
Media:
Matthew Gerber
Citadel-MAGNUS
+61 2 8234 0113
[email protected]
32 Delhi Street, West Perth WA 6005 Australia PO Box 1414, West Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801 [email protected] ASX Code: OEL ABN: 56 107 555 046