Perth, June 16, 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
Testing of the Ikihoyuk-2 discovery well, drilled earlier this year, commenced on the weekend. The lower Osmancik formation was perforated over four separate intervals between 457.5 to 481.4m. The well flowed at rates of up to 4.95 MMscf/d with a small amount of associated water production. This is a high gas rate by comparison to other discovery wells in the licence and the well will be temporarily suspended for use as a future producer.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well intersected a series of sand/shale sequences below 2,300 m and was drilled to a total depth of 2,840m. Wireline logs have been run and the interpretation of the log data does not indicate any commercial gas zones.
The well will be plugged and abandoned as a dry hole.
Preparations continue at well site for the arrival of the drilling rig. The 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
Testing of the Ikihoyuk-2 discovery well, drilled earlier this year, commenced on the weekend. The lower Osmancik formation was perforated over four separate intervals between 457.5 to 481.4m. The well flowed at rates of up to 4.95 MMscf/d with a small amount of associated water production. This is a high gas rate by comparison to other discovery wells in the licence and the well will be temporarily suspended for use as a future producer.
------------------------------------ Name of well Ikihoyuk-2 Spud date 7 January 2009 Depth of well Total Depth 500m OEL beneficial interest 35% ------------------------------------The rig will now move to the Ortakci-1 well to test the well for future production.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well intersected a series of sand/shale sequences below 2,300 m and was drilled to a total depth of 2,840m. Wireline logs have been run and the interpretation of the log data does not indicate any commercial gas zones.
The well will be plugged and abandoned as a dry hole.
------------------------------------ Name of well Gazzata-1 Spud date 19 May 2009 Depth of well Approx 2,840m OEL beneficial interest 50% ------------------------------------Argentina - Santa Rosa Licence
Preparations continue at well site for the arrival of the drilling rig. The 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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