Otto Energy reports drilling on South Marsh Island Block, in the Gulf of Mexico

1/22/2018

PERTH -- Otto Energy Limited has advised that the OCS G-34266 #F-3 well (F3) on South Marsh Island Block 71 (SM 71), was drilled to a depth of 3,539 ft MD on Jan. 15, 2018, where 10 3/4-in. casing was set and cemented in place. SM 71 F3 well is currently (4 p.m. USA Central Time, Jan. 21, 2018) drilling ahead at 4,969 ft MD in 9 7/8-in. hole. It is anticipated that the well will be drilled to TD and evaluated by early February.

The SM 71 F3 development well will be drilled to a planned total depth of 7,624 ft/2,324 m MD, equivalent to 7,423 ft/2,263 m true vertical depth (TVD). Completion operations on all three SM 71 wells, F1, F2 and F3, will commence sequentially once drilling of the F3 is finished.

The SM 71 F3 well is designed to intersect the D5 Sand very near the point that the F2 well intersected the D5 Sand, which logged 117 ft of True Vertical Thickness (TVT) oil pay. The F3 well will provide a second take point in the D5 Sand reservoir in addition to the F1 well (91 ft TVT oil pay), which was drilled in 2016.

Otto holds a 50% working interest (40.625% net revenue interest) in South Marsh Island Block 71 through a wholly owned subsidiary Otto Energy (Louisiana) Inc.. The operator, Byron, holds the remaining 50% working interest.

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