First Gas Sales For Otto Energy Limited (ASX:OEL) From Edirne Licence, Turkey
Commissioning and optimisation of the Edirne Gas Plant will be ongoing over the coming weeks with expected steady state production post commissioning to be in the range of 10 - 14 mmscf per day.
Gas production from the Edirne licence will be sold via a dedicated sales arrangement to AKSA Dogalgaz Toptan Satis A.S. Otto has elected not to participate in the Gas Plant ownership and will pay a processing fee to the Joint Operators.
Otto is proud to have been part of this successful development, which was the foundation asset upon which the Company was listed in 2004. The efforts of the many people who have contributed to this development over the intervening years are greatly appreciated.
The Edirne Joint Venture partners comprise Otto, which holds a 35% interest in the Edirne Licence and Joint Operators TEMI (55%) and local Turkish company Petraco (10%).
About Otto Energy Limited
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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