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Byron Spuds SM 71 Development Well

Source: www.gulfoilandgas.com 12/4/2017, Location: North America

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Otto Energy Limited is pleased to announce that the Ensco 68 jack-up rig has commenced drilling the OCS G-34266 #F-2 well (‘SM 71 F2’) within the South Marsh Island 71 (‘SM 71’) lease in the Gulf Of Mexico shelf.

The Operator advised overnight that the SM 71 F2 well had spudded and as at 9.45 pm on 3 December USA Central Standard Time current operations are drilling ahead at 564 ft (172 metres) Measured Depth (“MD”). 16-inch conductor pipe will be set at 800 ft (244m) MD. The rig is located over the platform to allow the F1 and F2 wells to be completed for production.

The SM 71 F2 well has two targets: the D5 Sand and the B65 Sand. The primary target in the F2 well is the D5 Sand which will serve as an additional D5 take point and extend the D5 proven reserves down-dip from the F1 well. The second target, the highly prospective B65 Sand, has the potential to double the current field size of SM 71 and will be tested first before drilling ahead to the D5 sand.

The well is expected to take around one month to drill and evaluate. The rig will then be skidded over to the SM 71 F1 well in order to complete the well for production.

First production from the SM 71 F platform is currently expected in late January 2018 following well completion operations.

Otto holds a 50% working interest (40.625% net revenue interest) in South Marsh Island Block 71. The operator, Byron Energy Limited, holds the remaining 50% working interest. Otto intends to report on well progress as material milestones are achieved.

Otto’s Managing Director, Matthew Allen, commented: “We are very pleased to have commenced drilling and look forward to testing the highly prospective B65 exploration target.”

“The commencement of first production from the field remains on schedule for the end of January 2018. These important milestones in the coming short period of time provide opportunities for significant value upside for Otto’s shareholders.”

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