Australia's Otto Energy jumps on Gulf of Mexico drilling update

Otto Energy

09/02/2023 04:15

** Shares of Otto Energy  OEL.AX  jump as much as 16.7% to
A$0.014, posting their biggest intraday pct gain since Aug 18,
2022
    ** Oil explorer says drilling rig back on the Green Canyon
21 lease in the Gulf of Mexico and preparing to recommence sand
recompletion
    ** Co had earlier said it temporarily suspended the rig due
to operational challenges related to loop currents and Hurricane
Ian 
    ** Says recompletion and first production continue to be
expected during calendar Q1 2023
    ** Says other five producing assets continue to perform
equal to or better than expected against FY23 budget
expectations
    ** Stock had fallen 7.7% YTD, as of last close
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))