Lightning strikes for Otto Energy with significant Gulf Coast discovery
Otto Energy shareholders had reason to celebrate yesterday after the ASX-listed exploration and production company announced a ‘Lightning strike’ in the Gulf that spiked its share price 69 per cent, to $0.071, before closing at $0.060 yesterday.
The West Perth-headquartered company, which is already producing shallow oil from its SM 71 well, Louisiana, revealed that exploration well Green 1, which is testing the Lightning prospect in Matagorda County, Texas, had reached total depth of...