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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.
Maybe it has a little of AED stigma attached, people are waiting to see the pudding so to speak.
And to be fair, the company isn't ramping it, so there is going to more upside.
Has to be one of the cheapest oilers in the market. We will all find out in April 
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Originally Posted by tricha
Maybe it has a little of AED stigma attached, people are waiting to see the pudding so to speak.
And to be fair, the company isn't ramping it, so there is going to more upside.
Has to be one of the cheapest oilers in the market. We will all find out in April
We seem to be having a hard time holding/breaching 32c at present
3 relatively heavy days trading, well above normal turnover.
Support building for a run next week, or accummulation phase going on?
Hopefully some good flow rates from the Galoc-4 well next week will stimulate some activity.
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Originally Posted by shasta
We seem to be having a hard time holding/breaching 32c at present
3 relatively heavy days trading, well above normal turnover.
Support building for a run next week, or accummulation phase going on?
Hopefully some good flow rates from the Galoc-4 well next week will stimulate some activity.
Looking at the depth at the of trade, yes, support building quite nicely.
Buyers queing up and great turnover.
Last edited by tricha; 23-02-2008 at 12:16 AM.
Reason: Some things u copy come out quite horrible.
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Originally Posted by tricha
Looking at the depth at the of trade, yes, support building quite nicely.
Buyers queing up and great turnover.
Latest weekly Galoc update re Galoc-4
http://sa.iguana2.com/cache/7003ca93...OEL-396733.pdf
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Bingo
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 Shorted
So is Otto on the Short list  Shasta
It does not really matter, the good thing today is 6.5 million shares got cleaned out.
And the news out today is outstanding.
ASX / Media Announcement
26th February 2008 Galoc Oil Field Development Update, Philippines.
Galoc-4 successfully flows oil at over 6,000 bopd. • Galoc-4 well has been flow tested at a stabilised rate of
approximately 6,150 barrels of oil per day (bopd)
• The well is now ready for connection to the FPSO for first
commercial oil production in April 2008
Otto has an indirect 18.28% interest in the Galoc field via a 31.38%
shareholding in Galoc Production Company W.L.L. (“GPC”) which holds
a 58.29% working interest in the Galoc Oil Field. A subsidiary of the
Vitol Group (“Vitol”) owning the remaining stake (68.62 %)
The Galoc-4 well has now been cleaned up at dry oil flow rates of up to
6,150, bopd on a 52/64” inch (20.6mm) choke. This rate was
deliberately constrained to optimise data gathering and sampling.
The
expected initial rate from Galoc-4 when the field comes on full
production is expected to be higher than this test rate.
CEO of Otto Energy Alex Parks, said: “Otto is extremely pleased with the results from both Galoc wells.
Analysis of the clean up flow from the Galoc-4 well has shown it is the
best of the two development wells and both are at the high end of the
pre drill expectations”
There have been some weather and operational related delays during
the drilling, but nothing particularly out of the ordinary for development
projects of this nature. The cost of the delays to Otto should be less
than US$2 million, which is a testament to GPC running a well managed
operation.
For Otto Energy shareholders who would like to remain informed of the
progress of the Galoc Project on a daily basis, please refer to the GPC
website and the regular releases on the Philippines Stock Exchange at and www.pse.org.ph/ respectively.
Yours faithfully
_________________
Alex Parks
CEO
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Originally Posted by tricha
So is Otto on the Short list Shasta
It does not really matter, the good thing today is 6.5 million shares got cleaned out.
And the news out today is outstanding.
ASX / Media Announcement
26th February 2008
Galoc Oil Field Development Update, Philippines.
Galoc-4 successfully flows oil at over 6,000 bopd.
•
Galoc-4 well has been flow tested at a stabilised rate of
approximately 6,150 barrels of oil per day (bopd)
•
The well is now ready for connection to the FPSO for first
commercial oil production in April 2008
Otto has an indirect 18.28% interest in the Galoc field via a 31.38%
shareholding in Galoc Production Company W.L.L. (“GPC”) which holds
a 58.29% working interest in the Galoc Oil Field. A subsidiary of the
Vitol Group (“Vitol”) owning the remaining stake (68.62 %)
The Galoc-4 well has now been cleaned up at dry oil flow rates of up to
6,150, bopd on a 52/64” inch (20.6mm) choke. This rate was
deliberately constrained to optimise data gathering and sampling.
The
expected initial rate from Galoc-4 when the field comes on full
production is expected to be higher than this test rate.
CEO of Otto Energy Alex Parks, said:
“Otto is extremely pleased with the results from both Galoc wells.
Analysis of the clean up flow from the Galoc-4 well has shown it is the
best of the two development wells and both are at the high end of the
pre drill expectations”
There have been some weather and operational related delays during
the drilling, but nothing particularly out of the ordinary for development
projects of this nature. The cost of the delays to Otto should be less
than US$2 million, which is a testament to GPC running a well managed
operation.
For Otto Energy shareholders who would like to remain informed of the
progress of the Galoc Project on a daily basis, please refer to the GPC
website and the regular releases on the Philippines Stock Exchange at
www.galoc.com
and www.pse.org.ph/ respectively.
Yours faithfully
_________________
Alex Parks
CEO
Appers not, although i see NDO is!
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Serious stuff happening here
When a director buys this amount of shares at this price, he must be pretty sure of where Otto is heading.
4 March 2008 Change in Director’s Interest Please find attached Appendix 3Y Change in Director’s Interest Notice for
Mr John Jetter.
Yours faithfully Emma McCormack
Company Secretary Appendix 3Y
Change of Director’s Interest Notice + See chapter 19 for defined terms.
30/9/2001 Appendix 3Y Page 1 Rule 3.19A.2 Appendix 3Y Change of Director’s Interest Notice Information or documents not available now must be given to ASX as soon as available. Information and
documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001. Name of entity OTTO ENERGY LIMITED
ABN 56 107 555 046 We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the
director for the purposes of section 205G of the Corporations Act. Name of Director John Jetter
Date of last notice 31 January 2008
Part 1 - Change of director’s relevant interests in securities In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust Direct or indirect interest Indirect
Nature of indirect interest
(including registered holder) Note: Provide details of the circumstances giving rise to
the relevant interest .
JB Jetter Consultants Limited - Director and
Shareholder
HSBC Custody Nominees (Australia) Ltd – Beneficiary
JP Morgan Chase Bank -Nominee Account- Beneficiary Date of change 29 February 2008
No. of securities held prior to change JB Jetter Consultants Limited
3,000,000 ordinary fully paid shares; and
6,000,000 Director Options (30 cents, 25 Jan 2011) HSBC Custody Nominees (Australia) Ltd 300,000 ordinary fully paid shares Class Ordinary fully paid shares
Number acquired 2,500,000 ordinary fully paid shares
Number disposed Nil
Value/Consideration Note: If consideration is non-cash, provide details and
estimated valuation On-market acquisition at $0.3297 per share. Appendix 3Y
Change of Director’s Interest Notice + See chapter 19 for defined terms.
Appendix 3Y Page 2 30/9/2001 No. of securities held after change JB Jetter Consultants Limited
3,000,000 ordinary fully paid shares; and
6,000,000 Director Options (30 cents, 25 Jan 2011) HSBC Custody Nominees (Australia) Ltd 300,000 ordinary fully paid shares JP Morgan Chase Bank – Nominee Account 2,500,000 ordinary fully paid shares Nature of change Example: on-market trade, off-market trade, exercise of
options, issue of securities under dividend reinvestment
plan, participation in buy-back On-market trade Part 2 – Change of director’s interests in contracts Detail of contract N/A
Nature of interest N/A Name of registered holder
(if issued securities) N/A Date of change N/A
No. and class of securities to which
interest related prior to change Note: Details are only required for a contract in
relation to which the interest has changed N/A Interest acquired N/A
Interest disposed N/A
Value/Consideration Note: If consideration is non-cash, provide details
and an estimated valuation N/A Interest after change N/A
Date of this Notice: 4 March 2008
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