Otto Energy Ltd

Otto Energy completes seismic survey over Tanzania oil and gas block


Otto Energy (ASX:OEL) and its partner Swala Energy (ASX:SWE) have completed a 430 kilometre 2D seismic program over the Kilombero Basin in central Tanzania.

This data is being processed ahead of detailed interpretation to map additional potential drilling targets for the forthcoming drilling campaign.

The joint venture will carry out basin modelling and seismic amplitude studies to help rank the prospect portfolio ahead of these planned drilling activities.

It has already identified the Kito Prospect as a potential drilling target for 2015.

In December, Otto executed an agreement to sell wholly-owned subsidiary Galoc Production Company, which held its 33% interest in the producing Galoc oil field, to Nido Petroleum (ASX:NDO) for US$108 million.

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Quick facts: Otto Energy Ltd

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Market: ASX
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