Update: Hawkeye-1 uncommercial
The Hawkeye-1 well has been completed and declared uncommercial. While encountering hydrocarbons, the volumes were at the very low end of expectations and were mostly water wet. The results will be built into the SC55 model and next moves there are being considered. Otto was fully carried for the well and so cash balances remain strong to develop the Tanzania and Alaska exploration prospects. Our core NAV remains A$0.04/share and RENAV, removing Hawkeye-1, adjusts to A$0.06/share from A$0.15/share.Otto Energy is engaged in investment in oil and gas exploration and development in Turkey, the Philippines, Italy and Argentina.
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