VR 232

Location:                  Offshore Gulf of Mexico

Area:                        18.31 km2

Otto’s Interest:        100.00% 

As announced on 9 May 2019, Otto acquired Byron Energy's 50% interest and operatorship in VR 232 at no cost. The lease is subject to a 12.5% Federal Government royalty. VR 232 is adjacent to Otto's 50% owned South Marsh Island 71 oilfield and production platform. 

Otto has recently acquired a modern, high quality 3D seismic data set over the SM 71 area (including VR 232) and part of the work being done will focus on the prospectivity of VR 232 given its proximity to SM 71. Cumulative production of 2 Bcf of gas and 30 Mbbls of oil has been recovered from VR 232 between 1995 and 1997.