OTTO ENERGY LIMITED
Strong Activity For Quarter
OEL - Quarterly Update - Alex Parks, CEO
Wed, 30 Jul 2008 03:30PM
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Mr Alex Parks
Wed, 30 Jul 2008
03:30PM Australia/NSW
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OTTO ENERGY LIMITED (OEL)
ASX code: OEL
Website: http://www.ottoenergy.com
Industry: Energy
Principal Activities:
Oil and gas exploration.
Address:
32 Delhi Street
WEST PERTH
WA
Phone: 08 6467 8800
Fax: 08 6467 8801
Executives & Directors
Mr Rick Crabb , Chairman, Director
Mr Alexander Parks , CEO
Dr Jaap Poll , Director
Mr Ian Macliver , Director
Mr Rufino Bomasang , Non Exec. Director
Mr John Jetter , Non Exec. Director
Mr John Zadnik , Alternate Director
Mr Bruce Elsholz , CFO
Ms Emma McCormack , Company Secretary
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
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OTTO ENERGY LIMITED (OEL) Events
Australia/NSW
OTTO ENERGY LIMITED (OEL)
| Santa Rosa Licence Transaction Execution and Work Program Ap | Thu, 8 Jan 2009 |
| Development Drilling to Commence Thrace Basin Turkey | Mon, 5 Jan 2009 |
| Po Valley Italy Exploration Update | Tue, 30 Dec 2008 |
| Galoc Oil Field Operations Update | Wed, 24 Dec 2008 |
| NDO: Galoc Oil Field Update | Wed, 24 Dec 2008 |
| Otto to Farm-out SC55 to BHP Billiton Petroleum | Mon, 22 Dec 2008 |
| Galoc Oil Field - Operations Update | Wed, 17 Dec 2008 |
| Trading Halt | Tue, 16 Dec 2008 |
| Appendix 3B | Tue, 16 Dec 2008 |
| Market Update | Mon, 15 Dec 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH ALEX PARKS, CHIEF EXECUTIVE OFFICER OF OTTO ENERGY LIMITED (OEL)
“Strong Activity For Quarter”
http://www.brr.com.au/event/48807
WEDNESDAY, JULY 30, 2008, 3:30 PM.
BRR Good afternoon and welcome to Boardroom Radio. Today, we are speaking with Mr. Alex Parks, CEO of Otto Energy Limited. Thank you for joining us
10 today, Alex.
OEL Thanks very much, Eddie.
BRR Alex, you have released your quarterly results today and we can see that it has been a very busy quarter for you. Did you want to go through some of the
15 highlights of your project starting off with the Philippines?
OEL It has certainly been a very busy quarter. We have increased the size of the Company quite considerably in terms of recruitment. We have moved offices. As far as our Philippines assets go, we are getting very close now to first oil from our Galoc Project. The FPSO is on site and we are expecting to flow oil
20 within the coming few weeks. We have had a few delays, nothing like uncommon in the industry at the moment, but mostly they were really related to weather rather than anything else. So we expect that that is all going to be fixed over the course of the next couple of weeks and we will be on production shortly. We have been very busy as well. We have been awarded
25 the service contract, SC69, as new acreage with our partners TransAsia Oil and Energy Development. We have got a 70% working interest in that block and we have already undertaken to start the data gathering, ready to start reprocessing the seismic there. We have also been very busy in terms of talking to potential joint venture companies. We have got over 40
30 confidentiality agreements in place with various different companies who are looking at our exploration asset portfolio and we have had some quite significant interest. We still need a couple more months in terms of time to work through all the data and then sort of pitch whether they are interested or not to us, then we can negotiate it. So I do not anticipate we will be
35 announcing anything on that for a couple of months or more, sometime maybe in October sort of time. But we are very busy here at the moment doing that. So all in all, it is great. We are moving towards drilling in the first half of next year in the Philippines.
40 BRR Sounds good, Alex. What about the developments with the joint project in Turkey?
OEL Turkey has been great. During the quarter, we had four well drilling campaigns. Each one of those wells found gas, very successfully tested. We tested gas out of three of the wells. One of the wells we did not test at the
45 time, but it was very clearly a gas discovery on the logs, but it will not be one of the first ones we develop so we decided to leave the gas trapped behind the casing and we will perforate it when it comes to production. But overall, it has been a very successful campaign. We have proved up around about 10 Bcf of recoverable gas now in total. So we are quite comfortable to move to the development phase. Incremental Petroleum, the operator there, is doing a good job and we are well underway with all the paperwork and we are nearly there in terms of commissioning and FEED engineering studies and that sort of side of things. So we are on track for first gas in the middle of 2009.
5
BRR With your project in Italy, what can you inform our listeners of the highlights that you have had over the last quarter?
OEL Well, in Italy, we have confirmed that we are going to get the full 50% working interest where we got the original deal. Deltana had an option to earn 15%
10 portion of our 50% working interest. So they did not exercise their option, so when we drill the well in what would now be probably late October or early November (inaudible) (0:03:09), we will be earning a full 50% working interest there. So we are looking forward to the drilling and the drilling preparations are well underway.
15
BRR Just lastly, Alex, the project in Argentina, if you could touch on that for our listeners and just update them on progress for the last quarter there.
OEL Certainly. After what seemed like an eternity of waiting, we have finally been awarded the Argentinean permit and we are very pleased with that. The
20 project is now moving full steam ahead. We have got the environmental work underway. During the quarter, we also released a summary of the results of an independent study that was commissioned by our operator, Oromin, and that has suggested that it could be over 300 million barrels of prospective resources in the upside case in the Santa Rosa Dome. That is only one
25 prospect within what is a very large tenement area. So we are looking to work up the existing data there at the moment, see if we can identify any further structures for maturing that for exploration in the coming years. But also, we are really aiming to do that initial drilling first quarter of next year. So the first quarter of 2009, we hope to drill the dome structure, and if that one comes in,
30 we will be very happy.
BRR Alex, certainly some strong activity for Otto Energy over the last quarter. We would just like to obviously thank you for your time today and those insights for our listeners. I am sure they really do appreciate it.
35 OEL That is great. Thank you very much, Eddie. Yet, we have had a very busy quarter. We are very happy with the progress and the sort of growth phase at the moment and we look forward to the production coming shortly and the drilling campaign that starts in November. Thanks very much.
40 BRR Thank you. That was Alex Parks, CEO of Otto Energy Limited. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I am Eddie (inaudible) (0:05:01) and thank you for listening to Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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