Otto Energy (ASX:OEL) has requested a trading halt on its securities starting from 17 October 2024. The halt is in preparation for an announcement about drilling results from the F5-ST Well at SM 71. Otto Energy holds a 50% working interest and a 40.625% net revenue interest in the well. The trading halt will last until the announcement is made or trading resumes on 21 October 2024.
Otto Energy has initiated a trading halt in anticipation of significant drilling results from the F5-ST Well at SM 71. With substantial stakes in the well, the company is poised to release potentially impactful information. The halt will ensure that the market receives this information promptly and transparently, adhering to regulatory requirements. Otto Energy's strategic focus remains on effectively communicating key developments to its stakeholders.
The trading halt is necessary pending an announcement on drilling results, which are expected to be significant.