Otto Energy (OEL)

Shares / Stock Code

OEl

Stock Exchange / Sharemarket

Australian Securities Exchange

Otto Energy (OEL) focuses on oil and gas exploration in Turkey and the Philippines. The company has two major areas of investment, the gas prospective onshore Thrace basin of Turkey and the oil prospective offshore Palawan and Visayan basins of the Philippines.

Otto Energy was originally named Kanini Investments Ltd and in November 2004 changed its name to Ottoman Energy Ltd. The company was listed on the Australian stockmarket ASX in December 2004. Its head office is situated in West Perth. Otto Energy has diversified its operations by undertaking exploration activities in both the Philippines and Turkey. OEL has assembled a balanced portfolio of projects, with various degrees of risk and prospectivity.

Most oil is sold to the nearest refinery at the spot price, whilst gas is typically sold under long-term contracts with price escalators linked to inflation. Because of the global nature of the oil market, every oil producer is a competitor. For gas producers, competition is much more localised and depends on pipeline access to markets. Key competitors include Rio Tinto, BHP, CH4 Gas Ltd (CHX) and Bounty Oil & Gas (BUY).

The Company has operations in Australia, Turkey, Philippines, Argentina and Italy. Its wholly owned subsidiaries include Edirne Energy Ltd, Ottoman (Philippines) Pty Ltd, NorAsian Energy Limited, NorAsian Energy Phils. Inc., Colag UK Limited and Colag (BVI) Limited. During the fiscal year ended June 30, 2009 (fiscal 2009), it earned 50% interest in the onshore Cento-Bastiglia Permits located near Bologna in the Po Valley region of northern Italy. During fiscal 2009, it earned 32.48% interest in Cynthia Holdings Limited. On May 18, 2009, Otto Energy (Europe) Limited, a wholly owned subsidiary of Otto Energy, acquired Otto Energy (Italy) S.r.L.

Otto Energy (OEL) Products and Services

  • Oil and gas exploration.

Otto Energy (OEL) Locations and Subsidiaries

Otto Energy Head Office
32 Delhi Street, WEST PERTH,WA,
AUSTRALIA, 6005
Phone: 08 6467 8800
Fax: 08 6467 8801

Otto Energy (OEL) Share Price

Submitted by ASX Listed Company on 17 May, 2010 - 20:56

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