Otto Energy Limited (ASX:OEL), an oil and gas exploration and production company focused on the US Gulf Coast with a high-quality production base comprising of five producing assets, has released its annual reserves and resources statement as of June 30, 2025. The report highlights a net proved reserves (1P) of 1.8 MMboe, a 10% decrease from the previous year, aligning with production during the period. Proved plus probable reserves (2P) are reported at 2.5 MMboe, a 24% decline year-over-year, primarily due to production and reclassifications, particularly at the Lightning field. The proved plus probable plus possible reserves (3P) stand at 5.8 MMboe, a slight decrease of 3% from the prior year.
The company also noted contingent and prospective resources of 0.8 MMbbl of oil and 7.3 Bcf of gas, totaling 2.0 MMboe, which represents a decrease due to the relinquishment of the ST 48 lease. However, Otto Energy reported an increase in proved reserves of 167 Mboe at Lightning and 45 Mboe at GC 21, attributed to strong field performance. Production remains steady at 1,320 boe/d (Otto WI) with 49% liquids as of June 30, 2025.
Otto Energy’s producing fields include South Marsh Island 71 (SM 71), Lightning in Matagorda County, Texas, Green Canyon 21 (GC 21), Mosquito Bay West, and Oyster Bayou South. The reserves were independently assessed by Ryder Scott Company. As of June 30, 2025, Otto Energy maintains a strong cash position of US$14.9 million. The company’s total contingent and prospective resources are estimated at 2.0 MMboe.
