- Otto Energy (OEL) fortunately sees no impact to its Gulf Coast operations from Hurricane Ida
- In late August, Otto’s offshore production was shut-in and facilities evacuated as a precautionary measure due to the oncoming Hurricane Ida
- Following the hurricane, the facilities were inspected and the company was fortunate to have no damage or injuries reported
- Both wells are now back to production
- Otto closed the trading day flat at 0.9 cents per share
Otto Energy (OEL) has fortunately seen no impact to its Gulf Coast operations from Hurricane Ida.
In late August, Otto’s offshore production was shut in and facilities evacuated as a precautionary measure due to the oncoming Hurricane Ida.
Following the hurricane, the facilities were inspected and the company was fortunate to have no damage or injuries reported.
The wells remained shut in until regional oil and gas offtake pipelines were able to complete damage assessments, tests and restart of operations.
However the wells, SM71 and GC21, have now recommenced production.
Otto Executive Chairman Mike Utsler commented on the news.
“After the devasting impacts of Hurricane Ida to so many, and across such a broad area of the Southern and Eastern US, Otto is fortunate to not have sustained any damage to our offshore assets at SM 71 or GC 21,” Mr Utsler said.
“It has taken multiple days for offshore and onshore operators, combined with
the incredible efforts of so many, to assess the impacts and restore power, utilities and services. Otto’s Lightning asset continued to produce over this time and was not affected by Hurricane Ida and its subsequent impacts. All of Otto’s assets are now back in production.”
Otto closed the trading day flat at 0.9 cents per share.