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Otto Energy Limited: 1 director maiden bought
A director at Otto Energy Limited maiden bought 5,000,000 shares at 0.009AUD and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Elaine Reynolds
Exploration watch: 2019 exploration wells
Worldwide exploration continued to be dominated by ExxonMobil’s ongoing success offshore Guyana, with five discovery wells and the opening up of two new plays. In 2019, this activity will continue, but will be joined by two separate efforts led by Tullow Oil and Repsol that will look to extend this success to the inboard Orinduik and Kanuku blocks. In Latin America attention will also be focused on Mexico, as drilling extends into deeper waters alongside further exploration of the shallower Su...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Focused on 2016
In 2015 Otto transformed from producer to pure explorer. With the drop in commodity prices, this was perfect timing. The first well under the new strategy was not successful – its fully carried Hawkeye-1 exploration well (offshore the Philippines) was declared uncommercial in October and it is seeking to exit the area. However, Otto has added to the portfolio with entry into the Alaskan North Slope, a recent deal in Louisiana and drilling in Tanzania in 2016, pointing to an exciting year ahead...
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/sha...
Update: More American pie
Otto’s A$1.2m in a share acquisition of 100% of Borealis follows swiftly on the recent further farm-out of Hawkeye-1 to Pryce Gases and rapid drilling of the initial stages of the well. Crucially, the acquisition gives Otto, in stages, a greater exposure to the Alaskan Great Bear exploration acreage and development. We see these moves as value accretive, with Otto utilising its cash wisely, giving shareholders exposure to a potentially very rewarding play.
Update: Northern lights
With the spudding of the Hawkeye-1 well in the Philippines due imminently, Otto has announced a departure from its historic core operating areas to take a small working interest in the highly prospective North Slope of Alaska. Otto has signed an LOI and taken an equity stake (40%) with private Australian company Borealis Petroleum, which is currently farming into Great Bear Petroleum’s acreage. At the equivalent of US$342/acre and with three wells to be drilled in early 2016, newsflow over com...
Update: All clear for Hawkeye well spud in Q3
Otto Energy (OEL) has announced a farm-out deal with independent E&P Red Emperor Resources (RMP) for a 15% working interest in the offshore Philippine block SC55. Otto is now fully funded to drill the Hawkeye-1 exploration well, has retained operator control and significantly reduced its financial exposure to the well. Otto has now contracted a deepwater rig at attractive day rates, and is on track to spud Hawkeye-1 in early Q3. The next catalysts after Hawkeye should be two frontier exploration...
Initiation: Exploration pure play in Philippines and Tanzania
After completing the sale of its Galoc oil field in the Philippines for US$108m, Otto Energy’s (OEL) investment case has shifted from a production-driven story to a pure exploration play in the Philippines and Tanzania. It plans to return US$58m to shareholders, leaving enough cash to fund planned exploration activities over the next 18-24 months, a luxurious position for a small-cap E&P in this environment. Otto has farmed down part of its Philippine interests to mitigate risks and fund explo...
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