Otto Energy Limited (AU:OEL) has released an update.
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Otto Energy Limited is set to boost production at the SM 71 oil field with the drilling of the F5-ST well, targeting the high-yielding D5 sand. The well, a collaboration between Otto and Byron Energy, expects to produce oil at a rate of 500-1,500 barrels per day with a 60% chance of success. The operation will utilize existing infrastructure to optimize costs, funded by Otto’s cash reserves.
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