OTTO FARMS INTO SOUTH TIMBALIER

Otto Energy Limited announced it has farmed into Houston Energy’s South Timbalier 224 (ST 224) lease in the Gulf Of Mexico shelf, for a 25% working interest. ST 224 contains a large, amplitude supported, high CGR, gas condensate exploration prospect located in the prolific Bul. 1 trend which is expected to be drilled in Q4 2017. The prospect is surrounded by analogue high CGR discoveries which present a similar amplitude expression on 3D seismic data making this a very attractive low risk exploration opportunity. Otto intends to release further information on the prospect, including prospect volumetrics, closer to the drilling date. The prospect sits in approximately 170 feet of water and has a relatively shallow target depth. Several existing production platforms fall within tie-back distance of the proposed well, enhancing economics and making development of any discovered hydrocarbons both quick and cost effective. Additional follow up drilling potential exists on the lease. A rig will be contracted shortly with drilling by operator, W&T Offshore, expected to commence in Q4 2017. (Source: Otto Energy)