Otto Energy Limited
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.
FINANCE VIDEO: Otto Energy (ASX:OEL) CEO Paul Moore Speaks at Resourceful Events Oil and Gas
Otto Energy Limited (ASX:OEL) (PINK:OTTEF) through its wholly owned subsidiary NorAsian Energy Limited is pleased to advise that the Philippine Department of Energy (DOE) approved amendments to the work program and budget within Service Contract 55.
The quarter ended 31 March 2010 has seen Otto Energy Limited (ASX:OEL) (PINK:OTTEF) deliver one of the busiest operational periods in the company's short history.
Otto Energy Limited (ASX:OEL) (PINK:OTTEF) is pleased to announce with its partners, TransAtlantic Exploration Mediterranean Int. Pty. Ltd., a subsidiary of TransAtlantic Petroleum Ltd (AMEX:TAT) (TSE:TNP) (OTC:TAT) and local Turkish company Petraco, that first sales gas has been delivered into the BOTAS national gas grid. This completes the first phase of activity comprising the discovery and development of eight individual gas accumulations within the Edirne Licence in the Thrace Basin of the European part of Turkey.
ABN Newswire stocks to watch today include: AuDAX Resources Limited (ASX:ADX) (PINK:ADXRF), AusTex Oil Limited (ASX:AOK) (PINK:ATXDF), Universal Resources Limited (ASX:URL), Coalspur Mines Limited (ASX:CPL) (PINK:CSPZF), Adelaide Energy Limited (ASX:ADE) (PINK:ADEZF), Burleson Energy Limited (ASX:BUR), Beach Energy Limited (ASX:BPT) (PINK:BEPTF) and Otto Energy Limited (ASX:OEL) (PINK:OTTEF).
On April 19th and 20th at the Hilton Hotel in Sydney, ABN Newswire will be among many in Australia's booming investment community present at the 5th Annual Excellence in Oil and Gas 2010 Exhibition.
Otto Energy Limited (ASX:OEL) (PINK:OTTEF) advises that it has commenced a 2D seismic data acquisition program in Service Contract 69 (SC 69) in the Visayan Basin of the Republic of Philippines.
Otto Energy Limited (ASX:OEL) (PINK:OTTEF) is pleased to advise that the construction of the Edirne Gas Plant System has been completed. Gas sales will commence following completion by BOTAS, the state-owned pipelines and trading company in Turkey, of a hot tap on its 14" main line to create the delivery point for the Edirne gas. The Joint Operators are in the process of retrofitting the hot tap fitting to accommodate Botas' requirements.
ABN Newswire tocks to watch today include: Galaxy Resources Limited (ASX:GXY) (PINK:GALXF), Environmental Clean Technologies Limited (ASX:ESI), Republic Gold Limited (ASX:RAU), Conquest Mining Limited (ASX:CQT) (PINK:CQMLF), Beach Energy Limited (ASX:BPT) (PINK:BEPTF), AusTex Oil Limited (ASX:AOK) (PINK:ATXDF) and Otto Energy Limited (ASX:OEL).
Otto Energy Limited (ASX:OEL) provides an update on its Phase 2 exploration drilling program in the Edirne Licence, Turkey. The Phase 2 drilling program incorporates up to seven exploration and appraisal wells, which includes the previously advised Kumluk and Kartal wells.