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.
As at 18 May 2018 production from the two D5 sand (F1 & F3) wells is consistent, averaging 4,200 bopd for May (100%). The F2 well production from the B65 was fluctuating between 300 and 500 bopd which on top of the 4200 bopd from the D5 sand takes total production close to the facility limit. The F2 well has experienced a pressure decline indicating the well may be accessing only a portion of the total mapped B65 reservoir.