South Marsh Island 71 (SM 71)
Ownership: 50.00% with Byron Energy Inc (50% and Operator)
Location: Offshore Gulf of Mexico
Area: 12.16 km2
Otto owns a 50% Working Interest (“WI”) and a 40.625% Net Revenue Interest (“NRI”) in the South Marsh Island block 71 (“SM 71”), with Byron Energy Limited (“Byron”) the operator, holding an equivalent WI and NRI. Water depth in the area is approximately 137 feet. Production commenced from two wells (F1 and F2) in March 2018 and the F3 well on 6 April 2018.
On 14 January 2019 production and sales from the SM 71 facility passed the benchmark of 1 million barrels of oil (gross) since initial production began on 23 March 2018. To date the facility has yet to see any produced water and continues to operate in accordance with the last production update (ASX release dated 21 December 2018). The facility has also produced over 1.3 billion cubic feet of gas which is approximately equivalent, on a revenue basis, to an additional 70,000 barrels of oil.