Otto Energy provides an update on the farm-in negotiations for two permits within the Po Valley, onshore Italy, where Otto is set to acquire a 50% holding in two Bastiglia-Cento Exploration Permits from Ascent Resources Plc.
Highlights:
• Otto will hold a 50% working interest in each of the two permits, subject to the terms of the agreement.
• The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective and have multiple hydrocarbon prospects and leads already identified from previous seismic data.
• The first well, Gazzata-1, will be drilled around September 2008, targeting prospective gas resources of over 100bscf.
Otto Energy has finalised negotiations to farm-in the full 50% option to the Bastiglia-Cento Exploration Permits in the Po Valley, Italy from Ascent Resources Plc. Otto will acquire the full 50% interest as a result of Deltana Energy choosing not to exercise their option to acquire a 15% working interest from Otto before 31 March 2008.
Otto’s CEO Alex Parks said, “Otto is pleased to be earning the full 50% interest in the Permits. We believe the chance of success is relatively good and thus the resulting risk, cost, and reward balance compliments our portfolio of assets. By earning the full 50% there is considerable upside for Otto to materially benefit from any discovery made and we look forward to the start of the drilling program later this year.”
Advanced Geophysics
London, 14th October
Remain on top of the latest technical developments by attending this free forum.
Seats are strictly limited, so don't miss out!
Presenters
CGGVeritas, RXT, ION, Ikon Science, Paras Ltd and more to be announced!
|