Proactive Investors - Run By Investors For Investors

Otto Energy completes seismic survey over Tanzania oil and gas block

Otto Energy completes seismic survey over Tanzania oil and gas block

Otto Energy (ASX:OEL) and its partner Swala Energy (ASX:SWE) have completed a 430 kilometre 2D seismic program over the Kilombero Basin in central Tanzania.

This data is being processed ahead of detailed interpretation to map additional potential drilling targets for the forthcoming drilling campaign.

The joint venture will carry out basin modelling and seismic amplitude studies to help rank the prospect portfolio ahead of these planned drilling activities.

It has already identified the Kito Prospect as a potential drilling target for 2015.

In December, Otto executed an agreement to sell wholly-owned subsidiary Galoc Production Company, which held its 33% interest in the producing Galoc oil field, to Nido Petroleum (ASX:NDO) for US$108 million.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

View full OEL profile View Profile

Otto Energy Ltd Timeline

December 10 2015
October 02 2015
July 19 2015

Related Articles

Iofina plant
March 18 2019
In early January, Iofina reported a record-breaking year in 2018 in terms of crystalline iodine production following a strong performance in the second half
January 17 2019
An independent evaluation confirming the potential of the Ortoire block is a “significant milestone”, according to analysts at SP Angel
oil and gas operations
July 09 2018
Greka highlighted improved revenues which boosted gross profit despite the challenges experienced in India and China through 2017.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use