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Nice joint ann out today by OEL/IPM
Turkey Gas assets looking good & the drilling prospects do too
OEL has all the promise & leverage that say BOW has, plus some monster deep water targets for 2009 & beyond.
OEL lurking in the low 30's is an absolute bargin, refer my earlier posts in this thread.
PS. Good call Yogi!
DYOR
Last edited by shasta; 14-01-2008 at 10:35 PM.
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Otto Energy barrels in with a potential 'elephant' field
Nigel Wilson, Energy writer | January 21, 2008
IN year-end stock tips, the name Otto Energy came up trumps and as one to watch this year.
Not bad for a company that has no production, and its areas of interest are unknown to most Australian energy sector investors - Italy, Turkey, the Philippines and Argentina.
But for chief executive Alex Parks the backing was not surprising. This year will be the year Otto turns its vision into reality.
It will begin production in the Philippines and in Italy and Turkey and will soon confirm the award of exploration acreage in Argentina.
First oil is expected from its Galoc project in the Philippines in April, which has proven and probable reserves of 23 million barrels, while the Calauit field is appraised with initial oil, expected late in the year.
Calauit's proved and probable reserves are 5.9 million barrels gross. Otto has three other prospects in the Philippines, which it expects to assess for drilling this year, including a potential "elephant" that has a resource potential for several billion barrels of oil or many trillion cubic feet of gas in a new exploration area, offshore from Palawan.
Elephant fields are rare and are generally defined as containing recoverable reserves of 100 million barrels of oil equivalent.
Mr Parks says Otto has used a strategy in the Philippines of taking a large equity interest in acreage and selling down that interest to farm-in partners to fund progress.
It's worked well and this year Otto should receive substantial income from Galoc, which it will use to further assess its other properties. Elsewhere, Otto has three non-operated interests, a low-cost gas field in Turkey close to industrial customers with production slated for later this year, a position in a Po Valley gas field in northern Italy with drilling in September to target more than 100 billion cubic feet of gas, and Argentina, where Otto awaits a permit in an area with a possible 200 million barrels of oil.
Otto says Galoc and Calauit are worth 27c a share and could provide about $70 million net cash this year. For a company with a market capitalisation of about $150 million, that's more than a little encouraging.
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Junior Member
More Media Coverage
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 Originally Posted by ADB
OEL starting to move albeit on light volume in anticipation of the Turkish Gas exploration drills (x 4 or 5) commencing this month (along with JV partner IPM).
Remembering they already have gas discoveries from last year ready to go into production late 2008?
Anyone holding OEL or IPM, should view these links...
http://www.ottoenergy.com/media/ASX1...20Campaign.pdf
http://www.ottoenergy.com/media/Petr...%20delight.pdf
OEL also has Galoc oil field (JV with NDO) to come online late March/April, with 2P reserves around 23mmbo expected flow rates to be 15-18,000 bopd, OEL has an 18.28% beneficial interest (approx 4mmbo)
Add to the above the many large O&G targets (Italy, Phillipines & Argentina) that OEL has for drilling in the 2nd half of 2008, & we should see the SP track along nicely into the 40's prior to Galoc coming online.
Peter Strachan picked OEL as one of his two picks for 2008 (source: AFR)
He knows a thing or two about the O&G game!
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Hey Shasta
Why does Nido post this info and Otto don't 
6 February 2008
Company Announcements Office
Australian Stock Exchange Limited
Level 10, Exchange Centre
20 Bond Street
SYDNEY NSW 2000 Galoc Weekly Project Update 30 January to 5 February 2008 Nido Petroleum Ltd (Nido) is pleased to provide this weekly update on the development of the Galoc oil field, offshore Palawan Basin, The Philippines.
Current Operations The Operator has advised that the technical issues encountered in the completion of the Galoc 3 well have been resolved and the 4.5 inch production tubing has been successfully installed in the well. As per the programme the Galoc 3 well was temporarily plugged on 4 February to allow work to commence on completing the Galoc 4 well.
The Galoc 4 well has been re-entered, internal cleaning of the casing has been completed and preparations are now being made to run the 4.5 inch production tubing.
Forward Plan The Galoc 4 well completion will be installed as per the programme. This will be followed by the commencement of the cleanup and flow testing programme around 15th February with Galoc 3 following a few days later.
Two Months to First Oil Following the delay caused to the project during the Galoc 3 completion installation, the project is slightly behind the anticipated schedule. However, the impact has been minimised by the Operator and Nido’s current expectation is for first oil to the FPSO between 28 March and 18 April.
"With the flow tests within the next two weeks and first oil approximately two months away, we are nearing the end of the project development phase with Nido’s first significant production just around the corner."
Aquila Centre Level 3, 1 Preston Street Como WA 6152 P :+61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au 3rd Floor Paseo de Roxas Building 111 Paseo de Roxas Street Legaspi Village, Makati City MC 3117 Philippines 1229 P: +63 2 817 1681 F: +63 2 817 9978 ASX Code: NDO
A link to the daily drilling updates is provided on the Nido home page www.nido.com.au. Nido will provide the market with a weekly drilling summary each Wednesday and will continue to notify the market immediately of material events throughout the Galoc drilling programme.
Yours sincerely
Joanne Williams
Deputy Managing Director
For more information please contact: Ms. Joanne Williams
Deputy Managing Director
Ph: +61 8 9474 0000
F: +61 8 9474 0099 Aquila Centre Level 3, 1 Preston Street Como WA 6152 P :+61 8 9474 0000 F: +61 8 9474 0099 www.nido.com.au 3rd Floor Paseo de Roxas Building 111 Paseo de Roxas Street Legaspi Village, Makati City MC 3117 Philippines 1229 P: +63 2 817 1681 F: +63 2 817 9978 ASX Code: NDO
Completing Galoc Development Wells... A Step-by-Step Guide
- ��Drill wellscompleted
- ��Galoc 3: Install (run) production completioncompleted
- ��Galoc 4: Install (run) production completionunderway7 days
- 3.Galoc 4: Install and test subsea trees and controls3 days
- 4.Galoc 4: Clean-up and flow test; prepare well for production2 days
- 5.Galoc 3: Install and test subsea trees and controls2 days
- 6.Galoc 3: Clean-up and flow test; prepare well for production2 days
- 7.Release rig1 day
Drill Ship ‘Energy Searcher’ 5 & 7 4 1 Oil-Water Contact Gas-Oil Contact Seabed (~290m) Galoc Reservoir (~2,200m) 6 1 2 Galoc 3 Galoc 4 3 Est. Time
Galoc Oil Field… Discovered 1981… Development 2007
- ��Working Interests:��Nido Petroleum Ltd22.28%
- ��Galoc Production Company (Operator)58.29%
- ��Oriental/LOGPOCOR7.57%
- ��Philodrill Corporation7.02%
- ��Forum Energy2.27%
- ��Alcorn Gold Resources1.53%
- ��Petroenergy Resources Corp.1.03%
Galoc FACT SHEET - ��Location:SC14 Block C, Philippines
- ��Water Depth:290m
- ��Discovered:1981
- ��Geological Setting:Tertiary turbidite sandstone with 57+moil column
- ��Past Drilling:Two wells plus two sidetracks drilledinto the structure
- ��Testing:5 month extended well test (1988),produced 385,000 bbl, 35º API oil
- ��Seismic:3D seismic coverage over field
- ��Estimated project cost:US$104 million including contingency
- ��Scheduled First Oil:1Q 2008
- ��Estimate Initial Production Rate:17,500 bopd
GCA Certified Reservesfor Galoc* 1 stPhase
2 ndPhase
1P 9.7MMstb
3P 41.9MMstb
2P 23.5MMstb
* Certified by Gaffney Cline & Associates for Nido Petroleum Ltd in November 2006 Drillship ‘Energy Searcher’ on location at Galoc
FPSO
FPSO Mooring Tether
Flowlines&
Umbilicals
Trees 30m
500m
Water Depth 290m Riser Base
Mooring Base 228m Courtesy of the Galoc Production Company Up to 1600m horizontal producing section
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Tricha
Galoc Production Company "GPC" is a non ASX listed company (although listed on the Phillipines stock exchange) & OEL own 31.38% of it.
It has an 18.28% beneficial interest in the JV via it's shareholding in GPC.
Thus it does not have to comply with the ASX disclosure rules in regards to this project.
Agree though, smart management could leverage some more publicity for OEL instead of shareholders having to read NDO anns.
Last edited by shasta; 20-02-2008 at 03:03 PM.
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Another great ann out today (under NDO ticker)
OEL/NDO look set to run with the Galoc oil project looking good to start production once the 4th well has been flow tested.
http://sa.iguana2.com/cache/fb77e057...NDO-396430.pdf
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Originally Posted by shasta
OEL ann (similar to NDO's)
http://sa.iguana2.com/cache/c3784c9e...OEL-396471.pdf
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Originally Posted by shasta
When you think about all the things that could go wrong in a project like that, you would think that now we are flowing oil, a lot of the risk would be removed, am surprised that this announcement only lead to a 1 cent price increase.
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Originally Posted by kura
When you think about all the things that could go wrong in a project like that, you would think that now we are flowing oil, a lot of the risk would be removed, am surprised that this announcement only lead to a 1 cent price increase.
We did hit 33c (+10%) earlier but the same ann sees NDO up 15%
NDO has around 22% of the Galoc project to OEL's 18% in the JV, but surely OEL has the better leverage, less shares & more potential IMO.
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