Otto Energy Limited (ASX:OEL)
Perth, June 10, 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 and encountered gas over a number of zones of between 3 and 15 metres (m) gross thickness at depths of 330-480m. Over the past week, the upper intervals of seven sets of perforations over a total perforated length of 41m were tested. These intervals flowed gas at individual rates of up to 1.5 MMscf per day with some water production. Total combined rates of the individual zones were around 4.8 MMscf per day. The well will be completed as a future producer.
-----------------------------------------Name of well Kirmizihoyuk-1Spud date 13 May 2009Depth of well Total Depth 500mOEL beneficial interest 35%-----------------------------------------
The rig has been moved to the Ikihoyuk-2 discovery well for testing, which is expected to commence later this week.
Italy - Cento-Bastiglia Permits
The Gazzata-1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available.
---------------------------------------Name of well Gazzata-1Spud date 19 May 2009Depth of well Approx 2,219mOEL beneficial interest 50%---------------------------------------
Argentina - Santa Rosa Licence
Preparations continue at well site for rig arrival. 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.
Contact
Jill Thomas
Investor Relations Manager
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
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