ALASKA – WESTERN BLOCKS
Onshore North Slope Alaska
Area: 92 km2
22.5% – Great Bear Petroleum Operating (Operator of record)
Otto holds a working interest in four leases totalling over 22,710 acres located in the heart of the prolific Nanushuk oil fairway. The Horseshoe-1 well, which discovered oil in 2017, is located less than one mile to the west of Otto’s Western Blocks. Horseshoe-1 extended the Nanushuk play fairway by well over 20 miles to the south of previous drilling. Repsol reports** that since 2011 the Company has drilled multiple consecutive discoveries on the North Slope along with partner Armstrong.
Industry sources have indicated contingent recoverable resources discovered to date in the trend could contain over 1.2 billion barrels of oil*. This places the trend as one of the most significant emerging plays on the Alaska North Slope. With ongoing drilling in 2018 it is expected that additional discoveries will be made in this emerging play trend.
ALASKA - CENTRAL BLOCKS
Ownership: 8%-10.8%, Operator Great Bear Petroleum
Location: Onshore North Slope Alaska
Area: 1,163 km2
Through its agreements with Great Bear Petroleum Operating ("Great Bear") in 2015, Otto has between an 8% and 10.8% working interest in 90 leases (covering 287,425 gross acres) held by Great Bear on the Alaskan North Slope (“Central Blocks”).
Great Bear is a private exploration company focused exclusively on exploring and developing conventional and unconventional resources in this highly prospective basin. The leases are in a major play fairway south of the Prudhoe Bay and Kuparuk giant oil fields.
Great Bear has undertaken significant exploration work on the acreage since 2011 including:
- Acquisition and processing of approximately 2,970 km2 of 3D seismic data (1,170 km2 in 2016);
- Drilling of two unconventional stratigraphic test wells which cored three primary unconventional targets; and
- Drilling of a conventional exploration well (Alkaid-1) which specifically targeted a 3D defined Brookian reservoir. The Alkaid well results are under evaluation.
The extensive, modern 3D seismic coverage, existing well control and proximity to the all-weather Dalton Highway and Trans-Alaskan Pipeline System (TAPS) means the acreage is well positioned for exploration.
Existing 3D seismic has allowed development of an extensive prospect portfolio which includes at least 4 well locations.
Otto’s exposure on the first two wells is limited to US$2.6m/well.