Monday, May 16, 2011
Otto Energy Ltd.
Otto provided the following update on the progress of the Duhat-1 well. Since the last update, the well was drilled to 325m TVD (True Vertical Depth) in the 12 ¼" section before becoming stuck due to unstable hole conditions (similar to those experienced at this depth in the nearest offset well).
The well was subsequently plugged back to 224 meters TVD and successfully sidetracked. The well is currently drilling ahead at 295 meters TVD.
Geological prognosis is unchanged and rig performance is satisfactory to execute the work program.
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