Bivouac Peak

Map of Bivouac Peak
Click to enlarge 

 

Ownership: Otto Energy 45%. Earning via staged farm-in with Byron Energy Limited (Operator)
Status: Development
Location: Offshore Gulf of Mexico
Area: 11.04 km2

Otto has the option to earn a 45% working interest in the Bivouac Peak lease, which covers approximately 2,800 acres of highly prospective acreage in the transitional zone inshore southern Louisiana. The Operator has identified multiple prospects at both the Middle and Lower Miocene levels demonstrating stacked amplitude and AVO (amplitude versus offset) support.  Follow-up drilling options have been identified at the Lower Miocene level that could increase the scale of the overall opportunity. 

An independent resource estimate for Bivouac Peak was prepared by Collarini Associates, which assigned a Prospective Resource at Otto’s proposed 45% working interest (33.525% net revenue interest) of 7,196 Mbbl of oil and 79.950 Bcf of gas.

Significant production exists in the adjacent Miocene sequence at the Little Bay field (greater than 45 Bcf gas and 5 MMbbl condensate) and the Atchafalaya Bay field (greater than 100 Bcf gas and 0.6 MMbbl condensate).

With nearby production infrastructure already in place, any successful well at Bivouac Peak would be capable of being brought into production within 6-12 months of discovery.

Otto has the ability to earn a 45% working interest (33.525% net revenue interest) through the funding of 60% of the cost of the first well drilled at Bivouac Peak. Any costs above US$6 million (Otto share) in respect of the first well and all future expenditure will be in accordance with Otto’s participating interest (45%).

 

Permitting and well planning activities on Bivouac Peak are progressing as planned with anticipated approvals currently expected in the second half of 2018.  The process is ongoing and has included site specific survey work, pre-application geologic review, and the submission of the joint application coastal use permit to the Louisiana Coastal Management and the US Army Corps of Engineers for review.

Otto is awaiting a well proposal from Operator prior to committing to participate in the first exploration well.

 

GROSS

OTTO 45% WI

OTTO 45% WI

Oil (Mbbl)

Gas (MMcf)

Oil (Mbbl)

Gas (MMscf)

MBOE (6:1)

15,990

177,666

7,196

79,950

20,520