- Otto Energy (OEL) and its partners are preparing for production from the Vick #1 well, within the Eaves Prospect in Lavaca County, Texas
- The well is operated by Texan company, Forza Operating with OEL earning a 10.3 per cent working interest
- With drilling complete, the well encountered gas and condensate pay in the shallower Yegua objective, as well as across three separate sands in the Wilcox formation
- As a result, the partners agreed to run production casing and have begun preparations to complete the well as a producer in the Wilcox formation
- Shares have been trading grey at 1.4 cents
Otto Energy (OEL) and its partners are preparing for production from the Vick #1 well, within the Eaves Prospect in Lavaca County, Texas.
The well is operated by Forza Operating with OEL to earn a 10.3 per cent working interest / 7.7 per cent net revenue interest, in a 160 acre unit by paying 12.5 per cent of the Eaves Well costs.
Upon drilling at the end of December, the well encountered gas and condensate pay in the shallower Yegua objective, as well as across three separate sands in the Wilcox formation, as expected.
Following logging and evaluation, the partners decided to run production casing and have begun preparations to complete the well as a producer in the Wilcox formation.
Otto Energy Executive Chairman, Mike Utsler said this is a satisfying result for the company as it seeks to better understand the Wilcox play.
“By taking part in wells like Vick #1 we continue to build important relationships with companies who have access to quality opportunities within this play type,” he said.
Completion is expected to cost Otto US $100,000 (approx A$138,966) in total, and production is estimated to start early in the first quarter of this year.
Shares were trading grey at 1.4 cents at 10:06am AEDT.