- Otto Energy (OEL) has provided an update on its three producing fields: South Marsh Island 71 (SM71) and Green Canyon 21 (GC21) in the Gulf of Mexico, and Lightning onshore in Texas
- SM71 continues is consistent and is currently producing 2651 barrels of oil per day and 2.2 million standard cubic feet of gas per day
- The Lightning Field is producing as expected with high flowing tubing head pressure and low-pressure decline
- and lastly, GC21 is producing at a current gross rate of around 1100 barrels of oil per day, while it is being monitored
- Otto is in the grey this afternoon and is trading at 0.9 cents per share
Otto Energy (OEL) has provided an update on its three producing fields: South Marsh Island 71 (SM71), Lightning and Green Canyon (21 GC21).
The company says SM71 is continuing to produce strongly and is consistent from the F1 to F3 wells. It is currently producing 2651 barrels of oil per day and 2.2 million standard cubic feet per day of gas on a gross basis.
Notably, Otto holds a 50 per cent working interest in the F5 wellbore, which is potentially a future sidetrack candidate.
SM71 is located on the Gulf of Mexico Shelf.
The Bulleit field in GC21 is currently producing 516 barrels of oil per day and 3.7 million standard cubic feet of gas per day.
Currently, this well is being monitored as it continues to be assessed for future well interventions or recompletion plans.
Over in Matagorda Country, Texas, the Lightning Field also continues to be consistent from the Green #1 and Green #2 wells.
Current gross production in the area is 660 barrels of oil per day and 21.4 million standard cubic feet of gas per day.
Otto says it will continue to work with the respective operators at the wells to optimise the performance of these assets.
"Otto’s share of production from SM 71, Lightning and GC 21 continues to generate strong cash flow for the company during a period of improving oil price," Executive Chairman Mike Utsler said.
"We look forward to providing further updates in Q1 2021 with respect to the
evaluation work currently being undertaken on GC 21, and potential intervention or recompletion plans to drive the performance of this asset," he added.
Otto is in the grey this afternoon and is trading at 0.9 cents per share at 1:57 pm AEDT.