Search results for: otto

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  • 7 November 2013

    Otto Energy Limited today announced that it has been verbally advised by BHP Billiton Petroleum (Philippines) Corporation (BHPB), the Operator of Service Contract 55 (SC55) offshore the Philippines, that it has decided not to participate in the drilling of the Cinco-1 prospect and to withdraw from the SC55 licence. The company said that BHPB had provided no previous indication to […]

  • 22 September 2014
    Business & Finance, Project & Tenders

    Otto Energy Limited, the Australian exchange-listed oil company, has sold its stake in the Galoc field, in the Philippines, to Risco Energy Investments for $101.4 million.

  • 11 February 2016
    Exploration & Production, Project & Tenders

    Byron Energy, the operator of several blocks in the Gulf of Mexico, has mobilised Hercules Offshore’s drilling rig Hercules 205 to the SM-6 #2 well location in the U.S. Gulf of Mexico.  The rig was recently released by its previous operator, Renaissance, and it will operate for Byron under a dayrate between $49,000 and $51,000. According to Otto Energy, […]

  • 22 September 2014
    Business & Finance, Project & Tenders

    Otto Energy Limited has executed a sale and purchase agreement (SPA) to divest 100% of the shares in Galoc Production Company WLL (GPC), the holder of Otto’s 33% interest in the Galoc oil field located in Service Contract 14C, to Risco Energy Investments Pte Ltd, a Singapore-based energy investment company. Under the SPA, Risco has […]

  • 5 May 2015
    Exploration & Production, Project & Tenders

    Otto Energy Ltd has executed a binding contract with Maersk Drilling to secure the Maersk Venturer ultra-deep water drillship for the Hawkeye-1 exploration well offshore the Philippines.  The Gross Prospective Resource Best Estimate for the Hawkeye Prospect is 112mmbo (74mmbo net to Otto). Otto says that success at Hawkeye will unlock a significant new hydrocarbon play […]

  • 1 July 2014
    Business & Finance

    Otto Energy Ltd has fully repaid the BNP Paribas financing facility, which was put in place in December 2012 to fund Otto’s share of the Galoc Phase II development.

  • 24 February 2014
    Business & Finance

    Otto Energy Ltd appoints Mr Matthew Allen to the position of Chief Executive Officer (CEO) effective immediately, following the mutually agreed resignation of Mr Gregor McNab due to personal reasons. Since joining Otto as Chief Financial Officer in November 2009, Matthew has played an integral role in implementing Otto’s strategy to build a successful international […]

  • 16 February 2016
    Exploration & Production

    Byron Energy has spudded the SM-6 #2 well in the U.S. Gulf of Mexico using the Hercules 205 jack-up drilling rig. The well is being drilled in water depth of approximately 20 meters/65 feet, with a planned total measured depth of approximately 2,900 metres/9,516 feet and total vertical depth of 2,785 metres/9,138 feet. It is anticipated that the […]

  • 11 September 2019
    Business & Finance

    Australia-based oil and gas company Otto Energy has made changes to its board as part of a renewal process in support of its current U.S. Gulf of Mexico strategy.

  • 11 May 2011
    Business & Finance

      Otto Energy Ltd  pleased to announced today that BHP Billiton has exercised the option to farm-in to Service Contract 55 (SC55). Subject to joint venture and regulatory approval, BHP Billiton will earn up to 60% participating interest and assume operatorship of the block by reimbursing Otto’s past costs and funding one offshore deepwater well […]

  • 2 October 2015
    Business & Finance

    Otto Energy Limited has received $21.3 million due from BHP Billiton Petroleum in relation to the recently completed Hawkeye-1 well drilling offshore the Philippines. According to Otto Energy’s press release issued on Thursday, the initial payment represents the bulk of the contribution by BHP Billiton of up to $24.5 million towards the cost of the Hawkeye-1 well. […]

  • 11 March 2011
    Business & Finance

      Otto Energy Ltd  provides an update on its 2011 Philippines exploration activities to investors. Otto acquired over 2,400 km2 of 3D and 760 kilometres of 2D seismic during 2010 in campaigns run in the first quarter. Otto has now commenced a significant exploration campaign for 2011. Interpretation of the extensive 3D seismic data acquired […]

  • 21 January 2014

    Otto Energy Limited has executed final binding agreements with BHP Billiton Petroleum to terminate the farm-out agreement between the two parties over Service Contract 55 (SC55), offshore the Philippines.   Otto has submitted a request to the Philippines Department of Energy (DOE) for re-assignment of BHPB’s 60% working interest to Otto, taking Otto’s working interest in SC55 to 93.18%. The […]

  • 14 March 2014

    Otto Energy Limited (Otto) has informed that the Philippines Department of Energy (DOE)  has approved the reassignment of 60% equity in SC55 offshore block from BHP Billiton Petroleum (Philippines) Corporation (BHPB) to Otto, taking Otto’s interest to 93.18%. A separate announcement on revisions to the work commitment timing is expected to be released shortly once correspondence is […]

  • 31 July 2018
    Business & Finance

    Otto Energy has entered into a joint venture with Hilcorp Energy which will see it earn a 37.5% working interest in an eight-well portfolio of prospects in the Onshore/Near Shore USA Gulf Coast (Gulf of Mexico).

  • 29 May 2017
    Project & Tenders

    The Australian-listed oil and gas explorer Otto Energy Limited is raising cash for its U.S. Gulf of Mexico oil project. The company said on Monday it would raise $8.2 million through an issue of secured convertible notes. Otto has signed a binding deal under which Molton Holdings Limited, a major Otto shareholder, will subscribe for […]

  • 12 December 2014
    Business & Finance, Project & Tenders

    Otto Energy has executed a deal with Nido Petroleum to sell Galoc Production Company (GPC),  the holder of Otto’s 33% stake in the Galoc oil field, located in Service Contract 14 C1 offshore the Philippines. To remind, Otto Energy on September 22, 2014 said it had executed a sale and purchase agreement to divest 100% of the […]

  • 27 December 2017
    Exploration & Production, Project & Tenders

    Byron Energy has encountered four discrete hydrocarbon bearing sands in the SM 71 F2 well within the South Marsh Island 71 (SM 71) lease in the Gulf of Mexico. 

  • 30 September 2011
    Business & Finance

    Otto Energy Ltd announces that it has now completed the transaction with Vitol previously announced on 12 August 2011. Otto has increased its stake in the Galoc Oil Field to a 33% direct working interest by acquiring 100% of the equity in the Operator, Galoc Production Company WLL.  “Otto would like to thank Vitol for […]

  • 17 June 2016
    Project & Tenders

    Otto Energy has received approval from the Philippines Department of Energy for a two-year moratorium, until December 23, 2017, on required work activity under Service Contract 55 (SC 55), offshore Palawan Basin in the Philippines. Otto Energy informed in January 2016 of its plans to exit the Block SC 55 as part of a strategy to focus […]

  • 10 March 2014
    Business & Finance, Project & Tenders

    Otto Energy Ltd provides an update on the Galoc oil field reserves in the Philippines as at 1 January 2014. The operator of the Galoc oil field, Galoc Production Company WLL, a wholly owned subsidiary of Otto, has commissioned an annual review of remaining oil reserves from RISC, an independent consulting firm. The annual review […]

  • 10 March 2014
    Business & Finance, Operations & Maintenance

    Otto Energy Ltd (Otto) provides an update on the Galoc oil field reserves in the Philippines as at 1 January 2014. The operator of the Galoc oil field, Galoc Production Company WLL, a wholly owned subsidiary of Otto, has commissioned an annual review of remaining oil reserves from RISC, an independent consulting firm. The annual […]