Australian oil and gas company Otto Energy Ltd. is adding to its position along the Texas Gulf Coast.
According to recent company release, Otto agreed to participate in two exploration prospects located onshore Texas in Colorado and Lavaca counties. Participation in the two prospects, which will tests the regionally proven Wilcox play, is expected to cost Otto roughly $1.1 million, both to be funded from Otto’s existing cash reserves.
“Otto is excited to be participating in these two onshore prospects, which deliver limited cost exposure but excellent potential leverage to the current strong gas price environment,” Otto Energy Executive Chairman Mike Utsler commented in the release on Oct. 14. “Both prospects have strong associated liquids, and significant upside.”