Perth, June 10, 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 and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330-480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.
Preparations continue at well site for rig arrival. Schedule remains unchanged for the spudding of the first exploration well to occur in late June 2009.
The Company will continue to update the market on a weekly basis each Wednesday during the drilling and testing programs.
Turkey - Edirne Licence
The Kirmizihoyuk-1 exploration well was drilled and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330-480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.
----------------------------------------- Name of well Kirmizihoyuk-1 Spud date 13 May 2009 Depth of well Total Depth 500m OEL beneficial interest 35% -----------------------------------------The rig has been moved to the Ikihoyuk-2 discovery well for testing, which is expected to commence later this week.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.
--------------------------------------- Name of well Gazzata-1 Spud date 19 May 2009 Depth of well Approx 2,219m OEL beneficial interest 50% ---------------------------------------Argentina - Santa Rosa Licence
Preparations continue at well site for rig arrival. Schedule remains unchanged for the spudding of the first exploration well to occur in late June 2009.
The Company will continue to update the market on a weekly basis each Wednesday during the drilling and testing 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.
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