Otto revealed Thursday it had exercised the option following the success of the SM-71-1 exploration well on South Marsh Island Block 71.
The lease covers 2500 acres e in the transitional zone onshore southern Louisiana and contains multiple prospects at both the Middle and Lower Miocene levels already identified by operator Byron.
"The joint venture expects to be in a position to drill the first well in early 2017 after our technical teams finalise additional geological and geophysical work,” Otto managing director Matthew Allen said.
“Otto
