South Marsh Island 70/71 (SMI-70/71)

South Marsh Island 70/71
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Ownership: 50.00% - Earning via staged farm-in with Byron Energy
Status: Exploration
Location: Offshore Gulf of Mexico
Area: 34.29 km2

Otto has exercised its option to participate in the drilling of one well in SMI-70/71. SMI-70/71 lies to the south of SMI-6 in a water depth of 131 feet and combined production from the blocks totals 5.9mmbo and 16Bcf of gas.

Through the drilling of the SM-71 #1 well which was spudded on 3 April 2016, Otto has earned a 50% participating interest (equal to a 40.625% revenue interest) in the licences with net 2P reported reserves of 2,271 Mboe to Otto.
Drilling of SM-71 #1 intersected four separate hydrocarbon bearing sand intervals that have been completed and suspended awaiting tie-in to nearby production infrastructure. Otto expects that first production will be delivered in mid-2017 from SMI-71. Additional follow-up opportunities around this salt dome will now be progressed.