Thursday, April 21, 2016



Otto Energy announces Gulf of Mexico discovery
WEST PERTH -- Otto Energy Ltd has announced that it has been advised by Operator Byron Energy, that the SM-71 #1 well, located at the South Marsh Island Block 71, has completed drilling to the final target measured depth of 6,843 ft (2,086 m) or 6,477 ft (1,974 m) TVD.
During drilling a number of discrete hydrocarbon bearing sands have been intersected and preliminary evaluation completed using Logging While Drilling (LWD) tools. The following hydrocarbon indications have been observed to date:
I3 Sand - a hydrocarbon saturated gross sand thickness of approximately 20 ft (6 m)
J Sand - a hydrocarbon saturated gross sand thickness of approximately 30 ft (9 m)
D5 sand - a hydrocarbon saturated gross sand thickness of approximately 100 ft (3 m)
Indications of oil were seen on cuttings from the D5 sand interval and all hydrocarbon bearing zones demonstrated elevated wet gas readings.
Based on preliminary interpretation of these results it appears that a significant proportion of these hydrocarbon bearing sands will result in net hydrocarbon pay, however net pay counts cannot be determined until a porosity log is run and may be determined to be less than the gross sand amounts reported here.
The D5 Sand, which was the primary target of this well, exhibits excellent quality, is within the range of predrill expectations, and confirms the RTM technology used to delineate the prospect. The J Sand, which was a secondary target, was found within predrill expectations and was intersected 220 ft (67 m) up-dip of the highest productive well in the J Sand interval. The I3 sand interval does not appear to have been produced in offset wells on SM 71.
Current operation is to run in to the hole with a bit to address excess wall-cake build up and verify the hole's condition prior to running porosity logs. Whilst drilling to total depth below the D5 Sand, a pressure transition was intersected which required an increase in mud weight to control the well. The higher mud weight suppressed gas ingress, but will require additional conditioning of the wellbore.
The preliminary results from these three discrete hydrocarbon intervals are considered of commercial value to warrant the completion and ultimate production of the well. This will be done by running a 7 5/8' production liner and suspension of the well for future production. The joint venture will now move forward with development planning and has already initiated discussions with an offset operator to cost effectively produce the hydrocarbons from this well.
The preliminary results from these three discrete hydrocarbon intervals are considered of commercial value to warrant the completion and ultimate production of the well. This will be done by running a 7 5/8' production liner and suspension of the well for future production. The joint venture will now move forward with development planning and has already initiated discussions with an offset operator to cost effectively produce the hydrocarbons from this well.

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