maersk Venturer position, page-12

Car27 an sharpeye and all.

Re position of drill ship.
A cut and paste of info with a 1 day to sail to site.

Take a look board our Maersk Venturer ultra-deepwater drillship which will drill Hawkeye-1 exploration well for us. She was completed & launched September 2014. Presently she's at anchour offshore in Labuan Anchorage an area which is designated by authorities for laying-up ships in Brunei Bay for around 40 – 70 vessels depending on size. Here Mearsk Venturer is waiting now for ships orders to complete 1 days sailing over to Hawkeye-1 drill site offshore, Palawan Island, Philippines.

As for my self and my Otto holdings.
I have frequently spoken with Mathew in the past and the latest quarter report says nothing of the proposed Tanzania drilling programe except for the one well by Feb 2016.
I think the future events will be a extension of time for that well .

The Hawkeye potential is great as per Sharpeyes's comments.
But the costs to develop that well into a producing assett that gives income to Otto are at least one or two years away if the well is successful.
And it will mean many millions of dollars far behind any capability of Otto which will require a farmin with big pockets.
In the next 12 months I think Otto will have that huge spike as did CVN if Hawkeye is successful and then a decline as reality of future development costs of the field become apparent.
Unless a takeover happens Otto is not going to have any income for a long time and the future of this company will depend on a new farmin partner as far as the Phillipines go..

Africa is the best possibility for something affordable to Otto in a drilling programe and a income but I don't think that will happen for maybe 12 months.
I am just attempting to give all long term otto holders a be aware if you like of the future events that may occur.
As always time will tell.
Just a heads up if you are interested of the risks and rewards,
The risk is a duster and down to the current cash value about 4 cents.
The reward is a initial spike to perhaps 24cents.
All the best to all who hold or sell on any initial success.
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