Otto Energy Limited (ASX:OEL)
Perth, July 15, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) provides an update on its drilling exploration programs in Turkey and Argentina and production operations at Galoc Oil Field, Philippines.
Philippines - SC14C Licence - Galoc Oil Field
Following the disconnection that was undertaken last week due to adverse weather in the Galoc Field, FPSO contractor Rubicon has mobilised equipment to the Galoc Field to reinstate production. Further poor weather has delayed completing required maintenance to the mooring and riser system.
Turkey - Edirne Licence
The Kuzey Ikihoyuk-1 exploration well reached a total depth of 387m in basement.
The well encountered several zones of potential interest. Current operation is "waiting on cement" after setting 5" casing in preparation for testing.
-----------------------------------------Name of well Kuzey Ikihoyuk-1Spud date 1 July 2009Depth of well 387mOEL beneficial interest 35%-----------------------------------------
Argentina - Santa Rosa Licence
The operator has advised that the drilling rig is currently being rigged up and the exploration well 'OLE.MD.SRE X-2001' on the Santa Rosa Dome Prospect is expected to spud later this week.
-----------------------------------------Name of well OLE.MD.SRE X-2001 (Santa Rosa)Spud date TBADepth of well ~1,300mOEL beneficial interest 32.5%-----------------------------------------
Otto will continue to update the market on a weekly basis during its exploration drilling programs.
Contact
INVESTOR / MEDIA INQUIRIES
Jill Thomas, Investor Relations Mgr
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
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