.

How correct this is who knows, but its worth throwing into the information ring at this stage with depth of 2219m earlier on Tuesday evening.

http://www.ottoenergy.com/IRM/Company/ShowPage.aspx?CPID=1318&EID=10000000&PageName=StockAnalysis Special Report - OEL

...................Otto is embarking on an active exploration phase, with the first cab off the rank being an A$8 million well in Italy’s Po Valley, where the Gazzata well is set to target an estimated 150 Bcf of gas during late May and June. Otto will fund 100% of this well as part of a programme to earn a 50% interest in the permit. Drilling at Gazzata has a main target zone at around 1,800 metres and if it has success at that level, drilling will continue to 3,000 metres to test a secondary target. StockAnalysis estimates that discovery of 130 Bcf of gas would be worth 20 cps to Otto and would open up further opportunities for the company at additional prospects on its permit. The gas price in Italy remains high, but
the slow pace of development approvals can make this region a frustrating place for oil & gas companies. Otto is well positioned in the Po Valley, with several operating gas fields surrounding its permit, excellent infrastructure and strong gas prices............

pp if they have found gas it is only a question of how much.

But they may not have too.

I will be happier when its 6pm and there has been no RNS today and speculation swings from negative (its a duster) to positive (their drilling deeper and logs have looked good).

Time will tell. I wish I knew, but nobody knows and the market also does not know, which is why volume is tiny and we are just seeing the short term traders selling ahead of the weekend (so far)

Read final results RNS.

Final results out.

http://www.investegate.co.uk/article.aspx?id=200906121330018324T


.

Unlikely perhaps they would release Finals and then P&A Gazatta. They could easily have waited until next week and released the final results with any Gazatta P&A.

So things are looking more positive I think. Good luck all. Lets hope Gazatta is the "company maker" that it could be.

Having acknowledged to myself I have been lazy and making mistakes listening to others I have gone over the Gazatta stuff in detail, and made a post on TMF.

http://boards.fool.co.uk/Message.asp?mid=11581968

.

I think next news is Otto on Wednesday, as per the near final paragraph of this post, but then I am long and have rose tinted specs on with regards to AST, do DYOR !

Top post Proselenes. Let's just hope that this is going to be a week to remember - for all the right reasons.

We can only hope so, but sadly in the O&G business failure is much easier to find than success.

So we can never forget that a bad result is more likely than good most of the time.

Proselenes, you sound like "Eeyore" out of Winnie Pooh.... go and eat some more thistle's and sound more positive..:))

pp is it time to get out?

Why on earth would you want to get out ? I am here for the long term and will see Ascent though Anagni-2 drilling, Switzerland drilling, Bajsca drilling and everything else.

Gazatta would be a company maker if it comes in, but it will also not be the end if it does not.

Its a P&A. News out from Otto this morning. Thats the end of Gazatta then. Ascent is no one trick pony, but the next "biggie" is Anagni-2 oil well during the summer.


http://www.ottoenergy.com/irm/Company/ShowPage.aspx?CPID=1345&EID=95889276

Italy – Cento‐Bastiglia Permits

The Gazzata‐1 exploration well intersected a series of sand/shale sequences below 2,300 m and was drilled to a total depth of 2,840m. Wireline logs have been run and the interpretation of the log data does not indicate any commercial gas zones.
The well will be plugged and abandoned as a dry hole.

You do have to raise questions over the quality of the seismic. No mention of the primary zone and only mentions the secondary shales/sands from 2300m which were the secondary targets. The primary target must have been a complete washout ? or perhaps we will hear more details from Ascent in their release later today.

Although the well was paid 100% by Otto and so no effect on Ascent in cash terms, its a big lump of their potential blue sky now gone. The remaining high impact projects are Anagni-2, Switzerland and Bajsca.

Anyway, at least people will no longer be saying the GEM placing was a bad idea, it was a very good one and the company got cashed up at over 7p.

Next up are a couple of small wells in Hungary to increase gas production output at the PEN fields and then the next "high impact" event in the summer when they drill Anagni-2 for up to 50MMBO of oil.

Focus now returns to more mundane issues with increasing Hungarian production, Jolly Ranch progress, further SS deals and the like until excitment returns with Anagni-2 sometime this summer.

Hawk has pulled the plug on Jolly Ranch deal, this will pull AST back as well.

Perhaps AST should employ VIY!

This offer for A 20% share of HAWK's Jolly Ranch is turning out to be a bit of a farce, with SS saying they couldn't raise the cash due to their failure to realise assets. Is the whole thing a game being played by DB AND JE? Note how the HAWK sp rose after the potential sale was announced, what is going on?

It's crap and Market Makers having a field day!

What's odd is that, so close to a Placing (at 7.4p, see RNS), the company implodes with ten's millions shares sold. Presumably the rats will spernd this "placing" money on better prospects and maybe some oil Execs (er, would be nice) - - -
EDIT(1Jy09), Down Lots and UP 10% today. Buy=3.5p-ish

Dreams of riches beyond avarice delayed again! Story of my life.