Otto Energy Limited (ASX:OEL)
Perth, July 22, 2009 AEST (ABN Newswire) - Otto Energy Limited (ASX:OEL)(PINK:OTTEF) provides an update on its drilling and testing program in Turkey and exploration drilling program in Argentina.
Turkey - Edirne Licence
The Kuzey Ikihoyuk-1 exploration well reached a total depth of 390 metres (m). Six perforation intervals from 231 to 295m were tested over the past week. Gross perforated thickness was 12.2m.
Initially, the two lower zones from 288.3 to 295m flowed at 0.38 MMscf/day with no water. The four upper zones were then added, and all zones were flowed together. The flow rate for this combined test over two hours was 0.12 MMscf/day with a Water to Gas Ratio of 100 bbl/MMscf (11 bwpd). The well has been suspended.
This brings to an end the current drilling and testing program in Turkey.
Name of well Kuzey Ikihoyuk-1Spud date 1 July 2009Depth of well 390mOEL beneficial interest 35%
Argentina - Santa Rosa Licence
The exploration well 'OLE.MD.SRE X-2001' spudded on Wednesday 15 July 2009 at
approximately 1pm Mendoza time (4am 16 July 2009, Perth time). Surface casing
has been set and cemented at 409m. Current operation is drilling ahead at 580m
in the upper Marino Formation.
Name of well OLE.MD.SRE X-2001 (Santa Rosa)Spud date 15 July 2009Depth of well ~1,300mOEL beneficial interest 32.5%
Otto will continue to update the market on a weekly basis during its exploration
drilling programs.
Contact
INVESTOR / MEDIA INQUIRIES
Jill Thomas, Investor Relations Mgr
Tel: +61-8-6467-8803
Email: thomas@ottoenergy.com
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