- Otto Energy (OEL) has given an update on the Talitha Unit in Alaska, where it holds a 10.8 per cent working interest
- The operator of the well, Pantheon, has secured all the necessary approvals to commence the construction of the ice road to the Talitha #A drill site
- Essentially, this means, the ice road is now being built
- Additionally, Pantheon is also on track in securing the remaining permits, contracts and services to commence the drilling of the Talitha #A well, which is estimated to spud this month
- Notably, Otto is fully funded and is ready to participate in the well
- On market close, Otto is in the grey and trading for 0.9 cents per share
Otto Energy (OEL) has given an update on the Talitha Unit in Alaska.
The oil company holds a 10.8 per cent working interest in the 44,463 acres Talitha Unit, which is located in the central Alaska North Slope area.
Pantheon, operator of Talitha, has now secured all the necessary permits and authorisations to commence the construction of the ice road to the Talitha #A drill site. Essentially, this means, the ice road is now being built.
Additionally, Pantheon is now on track in securing the remaining permits, contracts and services to commence the drilling of the Talitha #A well, which is predicted to spud this month.
The Talitha #A well will target four distinct geological objectives, which Pantheon believes has potential.
Notably, Otto is fully funded and is ready to participate in the well once it is permitted.
“Otto is very supportive of the work Pantheon has done to advance the Talitha Unit over the last six months and the Talitha #A well has enormous potential. Otto is fully funded and ready to participate in the well,” Executive Chairman Mike Utsler said.
Last week, Otto provided an update on its three producing fields: South Marsh Island 71 (SM71) and Green Canyon 21 (GC21) in the Gulf of Mexico, and Lightning onshore in Texas.
SM71 continues to be consistent and is currently producing 2651 barrels of oil per day and 2.2 million standard cubic feet of gas per day.
The Lightning Field is producing as expected, with high flowing tubing head pressure and low-pressure decline. Meanwhile, GC21 is producing at a current gross rate of around 1100 barrels of oil per day while it is being monitored.
On market close, Otto is in the grey and trading for 0.9 cents per share.