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.
The forward plan is to further evaluate and integrate the valuable data acquired at Winx and reprocess the Nanuq 3D seismic (2004) in order to evaluate the remaining prospectivity on the Western Leases including the Nanushuk Fairway potential.
ALASKA - CENTRAL BLOCKS
Ownership: 8%-10.8%, Operator Great Bear Petroleum
Location: Onshore North Slope Alaska
Area: 1,064 km2
Through its agreements with Great Bear Petroleum Operating ("Great Bear") in 2015, Otto has between an 8% and 10.8% working interest in 73 leases (covering 263,156 gross acres) held by Pantheon Resources plc (AIM:PANR) on the Alaskan North Slope (“Central Blocks”).
Pantheon acquired Great Bear Petroleum Ventures I LLC and Great Bear Petroleum Ventures II LLC (collectively: Great Bear) in 2018.
The leases are in a major play fairway south of the Prudhoe Bay and Kuparuk giant oil fields.
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.
The 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.
In March 2019 Pantheon announced its Alkaid well to be a discovery in the Brookian zone of interest, following successful flow testing which exceeded expectations. This was an excellent result for Pantheon, with positive implications for Pantheon’s other Brookian prospects, in particular upgrading the adjacent and analogous Phecda prospect.