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Otto Energy Limited (ASX:OEL)

ALERT: Price-sensitive ASX Announcement for OEL
Current share price for OEL : $0.006 0.002 (50%)+
Announcement
Release
14 Aug 2025 12:23PM
Price at Release
$0.004
Full Release
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Summary
Otto Energy Limited released its Annual Reserves and Resources Statement, providing an update on its oil and gas reserves and resources as at 31 December 2022. The report details Otto's net reserves, including proved (1P), proved plus probable (2P), and proved plus probable plus possible (3P) reserves, and contingent resources, particularly focusing on its US Gulf of Mexico assets. The statement discusses changes in reserves compared to the prior year, driven by production, technical revisions, acquisitions, and economic factors. It also outlines the methodology employed for reserve estimation, adhering to international standards such as SPE-PRMS. Otto confirms that the reserves and resources estimates have been independently audited. The report also discusses material oil and gas interests, explorations, and development activities during the period, as well as the regulatory compliance and corporate governance relevant to reserves reporting.
Key Points
  • Otto Energy Limited released its Annual Reserves and Resources Statement as at 31 December 2022.
  • The statement reports on proved (1P), proved plus probable (2P), and proved plus probable plus possible (3P) oil and gas reserves.
  • Focuses on Otto's assets in the US Gulf of Mexico, detailing net reserves and contingent resources.
  • Explains movements in reserves due to production, technical revisions, acquisitions, economic factors, and exploration results.
  • Estimation methodologies comply with standards such as the SPE Petroleum Resources Management System (PRMS).
  • Reserves and resources have been subject to independent audit and verification.
  • Details the company's material oil and gas interests, including exploration and development activities.
  • Confirms that the report aligns with Australian regulatory and corporate governance requirements.
  • Summarizes year-on-year changes in reserves and provides relevant tables and technical notes.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.