Otto Energy Limited (AU:OEL) has released an update.
Otto Energy Limited is set to drill a new side-track well, F5-ST, at SM 71, aiming to boost production with a potential output between 500-1,500 barrels of oil per day. The well targets the D5 sand that has previously yielded over 5 million barrels, and Otto Energy is optimistic about its 60% chance of commercial success. Drilling from the existing F5 well bore will cut costs, with all expenses to be covered by Otto’s existing cash reserves.
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