Otto Energy Limited (ASX:OEL)
Perth, June 3, 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 a number of zones of between 3m and 15m gross thickness at depths of 330m to 480m. As reported last week the lower zones have been individually flow tested, flowing up to 1.5 MMscf/d with some water production. Further testing has given total combined rates for all zones tested of some 3 MMscf/d. Testing of the remaining upper zones is expected in the coming days.
Name of well Kirmizihoyuk-1Spud date 13 May 2009Depth of well Total Depth 500mOEL beneficial interest 35%
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 1,764m and logging carried out. 12 1/4" casing is currently being run to 1,750m. Casing and cementing is expected to be completed in the next few days and then Gazzata-1 will recommence drilling ahead to the target depth.
Name of well Gazzata-1Spud date 19 May 2009Depth of well 1,764mOEL beneficial interest 50%
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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