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MENAFN - ProactiveInvestors - Australia - 09/10/2012

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(MENAFN - ProactiveInvestors - Australia) Otis Energy (ASX: OTE) is participating in a new well at the Charro Oil Exploration Project in New Mexico that targets oil in the Paddock and Blinebry formations.

The Paddy 23 State-1 well is currently drilling ahead at a depth of 476 metres and is expected to take about two weeks to reach its target depth. The Paddock/Blinebry formations are expected at a depth of about 2,286 metres.

Additional reserve potential may be present in the Abo, Wolfcamp, Cisco, Atoka and Morrow formations below the Paddock/Blinebry formations.

Dry hole costs attributable to Otis are US70,257 with completion costs to put the well into production estimated at another US38,211.

Otis has a 5.5% working interest in Charro, which is located along the North-Western Shelf of the Delaware Basin in a prolific oil and gas producing region of Lea County, New Mexico.

 






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