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Otto Energy (ASX: OEL) Reportes “Excellent” Net Gas Payment Results in Mosquito Bay West, Louisiana – The Market Herald

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  • OttOtto Energy (OEL) reports “excellent” net gas payments from the Point Au Fer LLC 1 well in the exploration outlook in western Mosquito Bay, Terrebonne Parish, Louisiana.
  • The well is one other possible or possible, in addition to a proven net gas payment of 111 feet true vertical thickness (TVT) over five separate Miocene intervals. Encounter another 10ft TVT potential payment in the sand
  • According to Otto, the results represent significantly higher net payments than the company had made in the midcase on a pre-drill basis.
  • According to the company, construction of the facility and pipeline will begin shortly, with initial production scheduled for the third quarter of 2022.
  • Otto Energy shares are trading gray at 12:45 pm AEST at 1.3 cents per share.

Otto Energy (OEL) reported “excellent” net gas payments from the Point Au Fer LLC 1 well in the exploration outlook in western Mosquito Bay, Terrebonne Parish, Louisiana.

Otto successfully drilled a well to a target measurement depth of nearly 15,000 feet, followed by a proven net gas payment of 111 feet in true vertical thickness (TVT) at five separate Miocene intervals. In addition, I encountered another 10 feet of potential TVT payments in another sand. It is considered likely or likely.

According to Otto, this result represents a significantly higher net payment than the company had made in the midcase on a pre-drill basis.

Executive Chairman Mike Atsler said this was a “great result” in the Mosquito Bay West region and the company was looking forward to the completion of the well and the construction of the facility and pipeline.

“The development of Mosquito Bay West is expected to have a significant positive impact on Otto’s free cash flow in the second half of 2022. It is also a powerful technological force for the successful application of Otto’s capital investment. And provide commercial evidence
A framework for potential new opportunities. ”

“Following the completion of the Mosquito Bay West Well, the drill rig will move to the spud.
Geologically dependent outlook for Oyster by You South. It has multiple payment goals and access to existing infrastructure, enabling rapid market engagement. ”

The company added that it will soon release an updated resource quote.

Otto will soon begin construction of the facility and pipeline, with initial production scheduled for the third quarter of 2022.

This is the second successful exploration in the last six months since Otto’s discovery of Eaves, and the eruption of the Oyster by You South exploration will begin shortly thereafter.

Otto Energy shares were trading gray at 12:45 pm AEST at 1.3 cents per share.



Otto Energy (ASX: OEL) Reportes “Excellent” Net Gas Payment Results in Mosquito Bay West, Louisiana – The Market Herald

Source link Otto Energy (ASX: OEL) Reportes “Excellent” Net Gas Payment Results in Mosquito Bay West, Louisiana – The Market Herald

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