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Otto Energy Ltd

Otto Energy Ltd and partner intersect oil pay zone in the Gulf of Mexico

The joint venture expects to develop the GC21 Bulleit discovery as a subsea tieback to the GC18A facility.

Otto Energy Ltd - Otto Energy Ltd and partner intersect oil pay zone in the Gulf of Mexico
The operator (Talos) will complete the well in the first half of 2020

Otto Energy Ltd (ASX:OEL) and Talos Energy Inc (NYSE:TALO) have successfully drilled the Green Canyon 21 (GC 21) Bulleit well in the Gulf of Mexico.

The well was drilled through the deeper exploration target, the MP sands, after intersecting oil pay in the shallower DTR-10 sand package.

The well has now intersected the following discovered intervals:

  • DTR-10 interval – net 140 feet of oil pay encountered; and
  • MP interval –net 110 feet of oil pay expected to be delivered in high-quality reservoir consistent with analogue wells in the GC 18 field.

READ: Otto Energy enters JV with Talos Energy in appraisal drilling of Bulleit in Gulf of Mexico

Otto’s managing director Matthew Allen said he was very pleased to announce the successful completion of drilling operations with the well now being suspended as a future producer.

He added: “This is Otto’s fourth commercial discovery in the Gulf of Mexico and will be a highly important well in delivering the planned 5,000 bopd production target by the end of 2020.

READ: Otto Energy retains speculative buy recommendation from PhillipCapital  

“Combined with Otto’s existing production assets already on stream, the completion of the GC 21 field in the first half of 2020 will see Otto deliver on this important milestone target.

“Otto is extremely pleased with the progress that has been made in such a short period of time to build a successful independent oil and gas business partnering with some of the best operators in the Gulf of Mexico oil and gas region.”

Quick facts: Otto Energy Ltd

Price: $0.05

Market: ASX
Market Cap: $127.94 m
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