Otto Energy (ASX:OEL) has initiated a trading halt on its shares starting 28 October 2024. The halt is pending an upcoming announcement regarding the drilling and casing results of the F5-ST Bypass Well at SM 71, where the company holds a 50% working interest and a 40.625% net revenue interest. This trading pause will last until the announcement is made or normal trading resumes on 30 October 2024.
Otto Energy has requested a trading halt as it awaits critical drilling results from the F5-ST Bypass Well at SM 71. The company, holding a significant stake in this project, anticipates that these results will have a substantial impact on its operations. The trading halt is in compliance with ASX Listing Rule 17.1 and will remain in place until the announcement is released or trading resumes on 30 October 2024. This decision underscores the importance of the SM 71 project in Otto Energy's portfolio, potentially affecting its future strategies and market positioning.
The request for the trading halt was submitted by the Company's Board and authorized by the Company Secretary, Kaitlin Smith.