Otto Energy

Otto Energy has provided updated information on the SM-71 # 1 discovery well on South Marsh Island Block 71 in the US Gulf of Mexico. Using the initial results of quad-combo porosity logging, the company has made these preliminary estimates of net true vertical thickness (TVT) oil pay counts for the well: I3 Sand, 17 ft TVT pay; J Sand, 24 ft TVT pay; and D5 Sand, 91 ft TVT pay. The well will be deepened by 600 ft to the original permitted measured depth of 7,452 ft to extend the evaluation of targeted sands. By bearing certain project costs, Otto will earn a 50% interest in the well through a farm-in agreement with operator Byron Energy, which will retain a 50% share.