Otto Energy Completes Well Operations in Gulf of Mexico; Shares Rise 4%

MT Newswires Live14:45

Otto Energy (ASX:OEL) has completed well operations on the F5-ST Bypass well in the Gulf of Mexico's South Marsh Island 71 (SM 71) lease, operated by Byron Energy (ASX:BYE), according to a Monday filing with the Australian bourse.

The Enterprise 264 jack-up rig was released from location on Nov. 24, the filing said.

Despite the impact on well operations due to Hurricane Rafael and the high seas, the well is now being hooked up to production facilities with the first production expected by late November to early December.

Otto Energy and Byron each hold a 50% working interest in SM 71, as per the filing.

The company shares rose 4% on market close.

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