Perth, June 3, 2009 (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) provides an update on its exploration drilling programs in Turkey, Italy and Argentina.
Turkey - Edirne Licence
The Kirmizihoyuk-1 exploration well was drilled to total depth and encountered gas over a number of zones of between 3m and 15m gross thickness at depths of 330m to 480m. As reported last week the lower zones have been individually flow tested, flowing up to 1.5 MMscf/d with some water production. Further testing has given total combined rates for all zones tested of some 3 MMscf/d. Testing of the remaining upper zones is expected in the coming days.
Name of well Kirmizihoyuk-1
Spud date 13 May 2009
Depth of well Total Depth 500m
OEL beneficial interest 35%
Italy - Cento-Bastiglia Permits
Drilling commenced on 19 May 2009 in the Cento-Bastiglia Exploration Permits located in the Po Valley, onshore Italy. The Gazzata-1 exploration well was drilled to a depth of 1,764m and logging carried out. 12 1/4" casing is currently being run to 1,750m. Casing and cementing is expected to be completed in the next few days and then Gazzata-1 will recommence drilling ahead to the target depth.
Name of well Gazzata-1
Spud date 19 May 2009
Depth of well 1,764m
OEL beneficial interest 50%
The Company will continue to update the market on a weekly basis each Wednesday during the drilling programs.
About Otto Energy
Based in West Perth, Otto Energy Limited (ASX: OEL) is an international exploration and production company that has assembled a balanced portfolio of oil and gas assets in the Philippines, Turkey, Italy and Argentina.
As of mid 2008, Otto expects to receive revenue from production at the Galoc Oil Field in the Philippines which will be used to fund further development and exploration across all of the Company’s highly prospective assets. Otto is opportunity rich with an exploration portfolio that includes additional discoveries that are under development, approximately 20 drillable prospects covered by new 3D seismic and well over 60 exploration leads which are being matured as follow-up potential. Consequently, Otto has an active exploration and appraisal drilling program in 2008/2009.
Contact
Jill Thomas Investor Relations Manager Tel: +61-8-6467-8803 Email: thomas@ottoenergy.com
Otto Energy
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