Otto Energy Limited (ASX:OEL)
Perth, May 27, 2009 AEST (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 three zones and some deeper ambiguous zones that could be gas or water.
-----------------------------------Name of well Kirmizihoyuk-1Spud date 13 May 2009Depth of well Total Depth at 500mOEL beneficialinterest 35%-----------------------------------
The ambiguous zones have now been tested and established as partly gas bearing with flow of up to 0.71MMscf/d with associated water production. The main target intervals will be perforated and flow tested shortly and any results will be provided in next week's update.
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 557 metres and 13 3/8- casing has been run to 544m. Gazzata-1 was drilling ahead in 12 1/4 inch hole at 586m at 9pm local time on 26 May 2009.
------------------------------------Name of well Gazzata-1Spud date 19 May 2009Depth of well 586mOEL beneficial interest 50%------------------------------------
Argentina - Santa Rosa Licence
The first wellsite is being prepared for rig arrival. Spudding of the first exploration well named OLE.MD.SRE.x-2001, is expected to occur around in mid/late June 2009.
The Company will continue to update the market on a weekly basis each Wednesday during the drilling programs.
Contact
Jill Thomas
Investor Relations Manager
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
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