OEL - (Otto) Multi based, Gambling Stock.

[jdg]

i contacted the co regarding BHP deadline. i was told that there is a deadline but it is covered by the confidentiality agreement.

i was also told that the interpretation of the seismic data is "coming along nicely" as noted in recent presentation and the AGM regarding Hawkeye and they "are receiving encouragement with the remainder of the block".

-j

[boysy]

Thats the reply i got seems as though things are being kept under the lid by the confidentiality agreement ie otto cant release too much good info if you know what i mean. The stars certainly are aligning just taking a while to do so. Matt certain is good at responding to emails id encourage anyone with questions to go stright to the source.

[shasta]

Thats the reply i got seems as though things are being kept under the lid by the confidentiality agreement ie otto cant release too much good info if you know what i mean. The stars certainly are aligning just taking a while to do so. Matt certain is good at responding to emails id encourage anyone with questions to go stright to the source.

Being the eternal optimist, i've drawn a rather long bow here, but maybe just maybe OEL fits into there plans...

DEUTSCHE Bank analyst Paul Young remains certain BHP Billiton is still running the ruler over oil and gas targets, and has outlined some potential options.

http://www.theaustralian.com.au/busi...-1226007532285

Ok, the Phillipines is a far cry from the Gulf of Mexico, but given that area has been drilled more comprehensively than a $2 whore - hitting a 100mmbo+ oil field would certainly interest them, even though OEL's project wouldn't come anywhere near BHP's "Tier 1" criteria (no matter how much we like OEL!)

But...

OEL is already dealing with BHP, & if they are looking to oil to expand there activities overseas, surely they will look to there existing projects before embarking on new ones...

[boysy]

Looks like Duhat has received all the necessary approvals so drilling should start in the coming few days/weeks

Otto unit’s oil exploration project OK’d

TACLOBAN CITY -- Australian firm Otto Energy Ltd., through unit NorAsian Energy Philippines, has finally secured clearance from the Leyte provincial government for its exploration activities.
Leyte third district board member Rolando C. Piamonte said NorAsian Energy can proceed with the drilling of the Duhat-1 exploratory well in San Isidro town.

Residents of Sitio Kalunasan had withdrawn a petition to prevent the company from exploring the area.

?Officials from NorAsian Energy Philippines have explained to the residents the benefits of the oil exploration and they were made to understand the advantages to the community should a full-scale oil extraction start,? Mr. Piamonte said.

?We don?t have problems anymore, so the company may proceed with its oil exploration by March,? he added.

NorAsian Energy?s concession covered by Service Contract No. 51 encompasses around 332,000 hectares over the northwest Leyte basin.

According to Otto Energy, drilling is scheduled to start in March and could cost $2.5 million to $3 million.

The drilling of the Duhat-1 exploratory well is part of the current sub-phase of the contract.

The Department of Energy earlier approved the extension of the sub-phase until July to allow the well to be drilled.

Leyte first district board member Roque A. Tiu said NorAsian Energy representatives appeared before the provincial board to present their company profile as well as plans to conduct oil exploration in the province.

?Barring any unforeseen delays, drilling is expected to start by early March and will take approximately 27 days to complete,? Mr. Tiu said.

?If enough oil can be found in San Isidro to merit full-scale oil extraction, it won?t just benefit Leyte, but the entire country,? he added.

Meanwhile, San Isidro town Mayor Allan P. Ang said that if NorAsian Energy?s oil exploration project is successful, it will boost the economy of the fourth-class municipality.

?Even if the exploration has not yet started, the villages have already benefited from it because the company had to pave roads for the smooth transportation of their heavy equipment,? Mr. Ang said in a phone interview.

He said the local government has thrown its full support to the oil exploration project.

?With the price of oil skyrocketing, we actually need all efforts in hopefully sourcing our own supply of oil,? Mr. Ang said. -- Reyan L. Arinto

http://www.bworldonline.com/content....0%99d&id=26904

[boysy]

Another local article with a bit more information on drilling and timeline

http://www.evmailnews.com/oil-and-ga...icials-hopeful

ORMOC CITY – An oil and gas exploration project is currently ongoing at San Isidro, Leyte and local officials led by Mayor Allan Ang are upbeat that if it will turn out positive, this could be the town’s turning point from being a 4th class municipality to a progressive industrial town.
Mayor Ang, in a phone interview, said that the drilling is being done by the Philippine subsidiary of the Australian firm NorAsian Energy, Ltd. He said that seismic surveys done on the site shows that it had the highest potential, so far, of all sites tested in the country. The site is estimated to have 62-million barrels of oil, if the seismic surveys hold true.
The drilling is “in-land”, he said, at Barangay Bant-i of his town. He added that even as exploration is still being done, the barangay have already benefited from it because the company had to concrete the road for the smooth transport of their equipment.
Meanwhile, it was learned from a PIA newsfeed that NorAsian’s exploration project is covered by Service Contract No. 51 issued by the Department of Energy on July 8, 2005 yet.
Company representatives and the DOE, including representatives from the Dept. of Environment and Natural Resources, also faced the provincial board last February 8 during its regular session, to answer queries from the board members, including alleged complaints from the locals of Barangay Bant-i.
Board Member Roque Tiu, chairman of the Committee on Environment of the Sangguniang Panlalawigan of Leyte, led the discussions to shed light on the alleged complaints and for the body to be more informed of what the project is all about.
Representing NorAsian were chief operating officer Ruben Gaw, exploration advisor Freddie Rilleza, and the drilling manager Bert Garcia. From the DOE were Roland Meneses and Russ Mark Gamallo.
It was learned from NorAsian’s presentation that the company already started site preparation in November 2010 yet and that actual drilling starts on the 3rd week of March 2011. The drilling is expected to last for three weeks.
“Barring any unforeseen delays, drilling is expected to commence by early March of 2011 and will take approximately 27 days to complete,” the representatives of the NorAsian Energy said.
It was also explained that their service contract spans two areas – onshore Leyte in the north and the islands of Cebu and Bohol in the south.
It was further learned that NorAsian have already commissioned Desco, Inc. to deploy a land rig to be used for the exploration drilling. Desco will drill the Duhat-1 exploratory well in Northwest Leyte on the northern block of the service contract.
Desco is a local service provider of energy related businesses. The Duhat-1 well is designed to reach a total vertical depth of 1,000 meters.
The well will test the hydrocarbon potential of the San Isidro anticline “primarily in Miocene Tagnacot Formation limestone and sandstone targets” where a resource potential of up to 62 million barrels recoverable oil has been identified.
Meanwhile, the DOE and DENR officials present in the committee meeting assured the committee members that oil drilling is safe to our environment. They said it is just like drilling for water as the pipe is only small.
It was also learned that a dialogue-consultation is scheduled on February 15 at the affected barangay itself to be attended by NorAsian bigwigs and DOE representatives. Requested to attend the consultation are Board Member Rolando Piamonte and Joel Balano, OIC Leyte environment and natural resources officer. The SP will be informed of the result of the said consultation, Board Member Tiu said.
For his part, Mayor Allan Ang said that NorAsian has already been conducting a series of information and education seminars on the project all around town. By L. M. Jimenea with reports from PIA 8

[shasta]

Another local article with a bit more information on drilling and timeline

http://www.evmailnews.com/oil-and-ga...icials-hopeful

ORMOC CITY – An oil and gas exploration project is currently ongoing at San Isidro, Leyte and local officials led by Mayor Allan Ang are upbeat that if it will turn out positive, this could be the town’s turning point from being a 4th class municipality to a progressive industrial town.
Mayor Ang, in a phone interview, said that the drilling is being done by the Philippine subsidiary of the Australian firm NorAsian Energy, Ltd. He said that seismic surveys done on the site shows that it had the highest potential, so far, of all sites tested in the country. The site is estimated to have 62-million barrels of oil, if the seismic surveys hold true.
The drilling is “in-land”, he said, at Barangay Bant-i of his town. He added that even as exploration is still being done, the barangay have already benefited from it because the company had to concrete the road for the smooth transport of their equipment.
Meanwhile, it was learned from a PIA newsfeed that NorAsian’s exploration project is covered by Service Contract No. 51 issued by the Department of Energy on July 8, 2005 yet.
Company representatives and the DOE, including representatives from the Dept. of Environment and Natural Resources, also faced the provincial board last February 8 during its regular session, to answer queries from the board members, including alleged complaints from the locals of Barangay Bant-i.
Board Member Roque Tiu, chairman of the Committee on Environment of the Sangguniang Panlalawigan of Leyte, led the discussions to shed light on the alleged complaints and for the body to be more informed of what the project is all about.
Representing NorAsian were chief operating officer Ruben Gaw, exploration advisor Freddie Rilleza, and the drilling manager Bert Garcia. From the DOE were Roland Meneses and Russ Mark Gamallo.
It was learned from NorAsian’s presentation that the company already started site preparation in November 2010 yet and that actual drilling starts on the 3rd week of March 2011. The drilling is expected to last for three weeks.
“Barring any unforeseen delays, drilling is expected to commence by early March of 2011 and will take approximately 27 days to complete,” the representatives of the NorAsian Energy said.
It was also explained that their service contract spans two areas – onshore Leyte in the north and the islands of Cebu and Bohol in the south.
It was further learned that NorAsian have already commissioned Desco, Inc. to deploy a land rig to be used for the exploration drilling. Desco will drill the Duhat-1 exploratory well in Northwest Leyte on the northern block of the service contract.
Desco is a local service provider of energy related businesses. The Duhat-1 well is designed to reach a total vertical depth of 1,000 meters.
The well will test the hydrocarbon potential of the San Isidro anticline “primarily in Miocene Tagnacot Formation limestone and sandstone targets” where a resource potential of up to 62 million barrels recoverable oil has been identified.
Meanwhile, the DOE and DENR officials present in the committee meeting assured the committee members that oil drilling is safe to our environment. They said it is just like drilling for water as the pipe is only small.
It was also learned that a dialogue-consultation is scheduled on February 15 at the affected barangay itself to be attended by NorAsian bigwigs and DOE representatives. Requested to attend the consultation are Board Member Rolando Piamonte and Joel Balano, OIC Leyte environment and natural resources officer. The SP will be informed of the result of the said consultation, Board Member Tiu said.
For his part, Mayor Allan Ang said that NorAsian has already been conducting a series of information and education seminars on the project all around town. By L. M. Jimenea with reports from PIA 8

So we won't know if they strike hydrocarbons til the 3rd week of April, so no update this quarter...

62mmbo would be nice, another potential "Galoc"

Another quiet quarter with the cash rolling in

[boysy]

Yes one would think with cash coming through from oil sold last quarter + swans 1.5 million + Turkey sale the cash balance should be looking very healthy indeed. The In the article their is a slight contradiction norasia mentions early march while the locals mention not before the 3rd week of march i guess we will find out soon enough what one it is. GM on Monday so hopefully we will get some sort of update or presentation

[boysy]

Interesting update bioprospect buys 75% of Frontier gasfields LTD which has a 5% back in right to SC 55 and 15% to sc 69

http://www.asx.com.au/asxpdf/2011030...h64jwdj1mc.pdf

They certainly see SC 55 as a major play in a major new oil play things certainly looking better and better for BHP farm in. Well worth a read interesting to see mention of the multiple billion barrel Maranto reef complex which clearly hasnt been the major focus of late in sc 55.

[Rabbi]

Yes, these prospects are exciting and a company maker for OEL if they strike oil at any one of them. Always seems to be a lot of resistance at around 9.5. A farmin is uncertain enough that I see 15cents+ on confirmation of a farminee, as it can't be factored in.

OEL would have to be is one of the most boring junior oilers to hold but boring can be good, as it tends to conserve cash. If BHP jump on board there is no guarantee they will drill a prospect any time soon as they might take time to review the seismic, then there is rig mobilisation which could take months. Nevetheless, the mere fact one of these elelphants is going to be drilled should create hugh anticipation, speculation, hype, and expectation.

Meanwhile the cash rolls in. (oil $100+)

[boysy]

Yes Rabbi its a funny one as you mention cash continues to build but we have serious catalysts such as farm in by bhp and not to the same extent drilling onshore about to start. Others clearly are wanting to get a piece of the action will be interesting to see if we get some news out about how the siesmic is progressing also expecting galoc phase #2 news