Well its official SR is dry. It would have been nice but SR was always gravy .. on a big helping of gold ..

i think some stops got triggered today and i bet some more will be hit tomorrow, but i do know there is money on the sidelines waiting to buy if we see a selloff.

I dont expect that there was too much built in to the price at this point. Otto is trading down about 7% oromin was off 12% today so i hope that is the end of this decade long distraction for me and oromin.

Many here are right, now we move forward as a gold company with 2.3 million in resources and with the PF hundreds thousands to a million in reserves.

onward and upward?..

ASX ANNOUNCEMENT 
28 July 2009 
DRILLING UPDATE 
Otto Energy Limited (“the Company” or “Otto”) (ASX: OEL) provides an update on 
its exploration drilling program in Argentina. 
Argentina – Santa Rosa Licence 
On  26  July  2009,  the  exploration  well  ‘OLE.MD.SRE  X‐2001’  reached  a  total  depth 
of 1,270 m in basement.  
An  initial  electric  logging  evaluation  confirms  that  the  well  has  not  encountered 
hydrocarbons.  The  results  suggest  that  the  target  reservoir  zones  are  not  present 
at this crestal well location.  
The  Joint  Venture  will  now  study  the  well  data  and  incorporate  this  in  a  regional 
data base to determine whether potential stratigraphic traps on the western flank 
of the Santa Rosa dome warrant further investigation. 
The well will be plugged and abandoned as a dry hole. 
 
This  concludes  the  current  exploration  drilling  programs  for  Otto’s  non  operated 
assets. 
 
Yours faithfully, 
 
Paul Moore 
Chief Executive Officer 
Name of well  OLE.MD.SRE X‐2001 (Santa Rosa)
Spud date  15 July 2009 
Depth of well  1,270m 
OEL beneficial interest  32.5% 
 
 

July 27th, 2009
Categories: General . Author: admin