Otto Energy Limited (ASX: OEL) Announces Completion of F5-ST Bypass Well
Well Completion and Initial Production
Otto Energy Limited (ASX: OEL) has successfully completed operations for the F5-ST Bypass well, located in the South Marsh Island 71 lease in the Gulf of Mexico. The Enterprise 264 jack-up rig has been released from the site. The well is now in the process of being connected to the SM 71 F Platform’s processing facilities.
First production from the well is anticipated before the end of November 2024 or early December, pending confirmation of a stabilised production rate.
Operational Achievements
Following prior updates, the well was drilled to 7,219 feet Measured Depth, and various completion operations were executed, including perforating a 100-foot D5 sand interval. A formation pressure reading of 1,017 psi suggests that the F5-ST Bypass well may be interfaced with the F1 well located approximately 1,025 feet away.
Safety measures during operations included addressing logistics challenges posed by Hurricane Rafael and rough sea conditions, which delayed some equipment offloading.
CEO Comments
Phil Trajanovich, Acting CEO of Otto Energy, expressed satisfaction with the completion operations, stating, “We are pleased that completion operations at the F5-ST-BP well have been finalised, and we are now awaiting production data from the well. We look forward to providing the market with a further update once the well has achieved a stabilised production rate.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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