Otto Energy Limited (ASX:OEL) has successfully finalised recompletion activities at its Green Canyon 21 ‘Bulleit’ well in the Gulf of Mexico.

The work was completed within previously advised cost estimates.

The Bulleit well is to unload through a 10-mile subsea pipeline back to the host facility at Green Canyon 18, with a sustained production rate expected early in the second quarter of this year.

Otto Energy Executive Chairman Mike Utsler said: “We are pleased that the GC 21 recompletion has been successfully finalized and production from both upper and lower DTR‐10 zones is expected shortly.

“We expect to update the market when we have a representative flowback rate to disclose and look forward to the incremental oil and associated gas production from this asset going forward.

“With zero hedging and no debt, Otto is well positioned to fully capitalize on the production lift delivered by these growth activities, as we continue to seek participation in quality prospects and potential acquisitions to further expand and diversify our portfolio.”